Frequently Asked Questions
Fund VI refers to the Non-Interest Fund (based on Islamic Shari’ ah Principles) created to cater to the needs of RSA holders who would like their pensions managed in accordance with Islamic Shari’ ah Principles.
The term non-Interest does not mean zero return on investment.
All businesses/ventures are designed for profit. In Non-Interest Investing, the means by which the profits are earned is even more important. Its earning philosophy focuses on profit or loss sharing, not the outright charge of interests as in conventional investing.
Fund VI is the Non-Interest Fund established by the National Pension Commission (PenCom) for contributors who wish to have their pension savings invested in accordance with non-interest (Shariah-compliant) investment principles.
Unlike Funds I–V, which may invest in both interest-bearing and non-interest financial instruments in line with PenCom's investment regulations, Fund VI invests only in eligible non-interest financial instruments that comply with Islamic Shariah principles.
Accordingly, Fund VI does not invest in activities or businesses involving alcohol, gambling or betting, pornography, conventional interest-based financial services, weapons manufacturing, or other investments that are not permissible under Shariah principles.
Fund VI is divided into two categories to cater to both active contributors and retirees:
- Active Fund VI (Active Non-Interest Fund): This fund is for active RSA contributors who wish to have their pension savings invested in accordance with non-interest (Shariah-compliant) principles. Eligible contributors may transfer their RSA balances from Funds I, II, or III into Active Fund VI, subject to PenCom's guidelines.
- Retiree Fund VI (Retiree Non-Interest Fund): This fund is for retirees who choose to receive their retirement benefits under the non-interest fund arrangement. It is available to contributors transferring from Fund IV or those moving from Active Fund VI upon retirement.
Contributors in Fund III who elect the non-interest option at retirement may transfer their RSA balances directly to Retiree Fund VI, subject to PenCom's guidelines.
There is no guarantee that the returns on Fund VI will be higher or lower than those of the other pension funds. Like all investment funds, the performance of Fund VI depends on prevailing market conditions and the performance of the underlying eligible investments.
Fund VI is managed in accordance with non-interest (Shariah-compliant) investment principles and invests only in eligible non-interest financial instruments approved under PenCom's investment guidelines. As with all investments, returns are commensurate with the level of investment risk and may vary over time.
The following categories of contributors are eligible to participate in Fund VI:
- RSA holders currently in Funds I, II, or III may transfer their Retirement Savings Account (RSA) balances to Active Fund VI, subject to PenCom's guidelines.
- Retirees currently in Fund IV may transfer their RSA balances to Retiree Fund VI.
- New entrants into the Contributory Pension Scheme (CPS) who wish to participate in the non-interest fund may be enrolled directly into Active Fund VI.
- The participation of contributors under the Personal Pension Plan (Fund V) in Fund VI shall be subject to the guidelines issued by the National Pension Commission (PenCom).
Yes. Fund VI is open to all eligible Retirement Savings Account (RSA) holders, regardless of their religious beliefs.
The Fund is designed for contributors who wish to have their pension savings invested in accordance with non-interest (Shariah-compliant) investment principles. It provides an ethical investment option for individuals who prefer investments that avoid interest-based transactions and sectors that are not permissible under Shariah principles.
Participation in Fund VI is entirely voluntary and is available to both Muslims and non-Muslims, subject to PenCom's guidelines.
Eligible RSA holders who wish to transfer to Fund VI may do so in accordance with the National Pension Commission's (PenCom) guidelines on active choice.
To initiate the transfer, simply contact us at Access Pensions. Our team will guide you through the application process, advise you on the required documentation, and support you until the transfer is completed.
RSA holders who are already enrolled in Fund VI and wish to transfer back to any of the Active RSA Funds (Funds I, II, or III), or to Fund IV where applicable, may also do so in accordance with PenCom's guidelines by contacting Access Pensions for assistance.
No. The monthly pension payment structure for retirees in Retiree Fund VI is the same as that of retirees in Fund IV.
If you transfer to Retiree Fund VI, your pension will continue to be paid in accordance with PenCom's guidelines. The transition process is designed to be seamless and will not interrupt your scheduled pension payments.
In accordance with the National Pension Commission's (PenCom) investment guidelines, Fund VI invests only in eligible non-interest (Shariah-compliant) financial instruments. These include:
- Government Sukuk, including Islamic Treasury Bills (T-Bills), Euro Sukuk, and Infrastructure Sukuk issued or guaranteed by the Federal Government of Nigeria (FGN), the Central Bank of Nigeria (CBN), or their agencies.
- Corporate Sukuk, including Shariah-compliant Asset-Backed Securities (ABS), Mortgage-Backed Securities (MBS), Global Depository Notes (GDNs), Euro Sukuk, and Infrastructure Sukuk.
- Supranational Sukuk.
- Shariah-compliant money market instruments.
- Shariah-compliant ordinary shares (including Global Depositary Receipts (GDRs)).
- Shariah-compliant infrastructure funds.
- Shariah-compliant private equity funds.
- Shariah-compliant open-ended, closed-ended, and hybrid investment funds.
- Shariah-compliant real estate funds.
All investments under Fund VI are made in accordance with PenCom's investment regulations and must comply with approved non-interest (Shariah-compliant) investment principles.
Fund VI is designed to invest primarily in eligible non-interest (Shariah-compliant) financial instruments approved under the National Pension Commission's (PenCom) investment guidelines.
However, where sufficient approved non-interest investment instruments are not available, PenCom may permit limited investments in certain conventional financial instruments as a transitional measure. Such investments are subject to PenCom's guidelines and are intended to be phased out as more eligible non-interest investment opportunities become available.
Irrespective of this transitional arrangement, Fund VI will not invest in businesses or activities whose underlying products or services are inconsistent with Shariah principles, including those involving alcohol, gambling or betting, pornography, weapons manufacturing, or other prohibited activities.
Fund VI will primarily comprise eligible non-interest (Shariah-compliant) investment instruments in accordance with the National Pension Commission's (PenCom) investment guidelines.
Where sufficient approved non-interest investment instruments are not available, PenCom may permit Pension Fund Administrators (PFAs) to hold limited conventional investments as a temporary measure to ensure prudent portfolio management. PFAs are required to justify such holdings to PenCom in line with its regulatory requirements.
As the market for non-interest financial instruments continues to develop, any conventional investments held in Fund VI will be progressively replaced with eligible Shariah-compliant investment instruments, subject to market conditions and the availability of suitable investment opportunities.
Fund VI may invest up to 55% of its portfolio in variable income instruments, with investments focused on eligible non-interest (Shariah-compliant) assets. These include Government and Corporate Sukuk, Islamic Treasury Bills, Shariah-compliant money market instruments, equities, infrastructure funds, real estate funds, and private equity funds.
The asset allocation limits are designed to ensure prudent diversification, effective risk management, and compliance with non-interest (Shariah-compliant) investment principles while seeking to deliver sustainable long-term returns for contributors.
The National Pension Commission (PenCom) works with the Financial Regulation Advisory Council of Experts (FRACE), an advisory body established by the Central Bank of Nigeria (CBN), to provide guidance on Islamic finance matters relating to Fund VI.
In addition, a Committee of Resident Shariah Advisors has been established for the pension industry to conduct ongoing Shariah compliance reviews and audits of Fund VI investments. The Committee also oversees the identification and appropriate treatment of any non-permissible income that may arise in accordance with PenCom's guidelines and Shariah principles
Yes. Where any non-permissible income arises from investments held in Fund VI, it will be identified and purified in accordance with Shariah principles and PenCom's guidelines.
The purification process involves removing any non-permissible income from the Fund through an approved charitable disposal process. A Committee of Resident Shariah Advisors oversees the continuous Shariah audit of Fund VI investments and is responsible for the identification, purification, and disposal of such income in line with the applicable regulatory requirements.
The fees applicable to Fund VI are prescribed by the National Pension Commission (PenCom) under its Regulation on Fees Structure.
For Active Fund VI, management fees are charged as a percentage of the Fund's Net Asset Value (NAV). For Retiree Fund VI, management fees are income-based in accordance with PenCom's guidelines.
In addition, Pension Fund Administrators (PFAs) charge an administration fee per RSA holder to cover the cost of registering and administering Retirement Savings Accounts (RSAs), as approved by PenCom.
Penny is Access Pensions' WhatsApp chatbot, designed to provide existing and prospective Retirement Savings Account (RSA) holders with quick, convenient, and real-time access to pension information and services through the WhatsApp platform.
Penny enables you to conveniently access a range of pension services through WhatsApp. You can:
- Learn how to open a Retirement Savings Account (RSA) with Access Pensions.
- Express your interest in opening an RSA.
- View your RSA PIN and biodata.
- Check your RSA balance and the unit price of your subscribed fund.
- View your most recent pension contribution.
- Check the latest funding period.
- Track the status of your benefits application.
- Learn about other Access Pensions products, services, and customer service channels.
Getting started with Penny is easy:
- Save +234 812 185 9148 to your phone's contact list.
- Open WhatsApp and send "Hi" to start a conversation.
- Follow the on-screen prompts to access the information or service you need.
There are no charges for chatting with Penny. This service is absolutely free!
Yes. Penny is available to both existing and prospective customers. If you are not yet an Access Pensions customer, you can use the service to learn how to open a Retirement Savings Account (RSA), explore our products and services, and access our customer service channels for enquiries and assistance.
Yes. You will need an active internet connection or mobile data subscription to chat with Penny and access her services on WhatsApp.
The RSA Transfer Window is a platform established by the National Pension Commission (PenCom) that enables eligible Retirement Savings Account (RSA) holders to transfer their RSA from one Pension Fund Administrator (PFA) to another through the RSA Transfer System (RTS).
To initiate RSA transfer, you must ensure that you have completed the data recapture exercise with your current PFA and then you must provide the following to your preferred PFA:
- Surname
- RSA PIN
- Current Telephone Number
- Email address
- RSA Transfer Form
An eligible RSA holder may transfer their Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another once every 365 days, in accordance with the National Pension Commission's (PenCom) RSA Transfer Guidelines.
RSA transfers are free of charge. No fee is payable by the RSA holder to transfer their Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another.
RSA transfer requests are processed in accordance with the National Pension Commission's (PenCom) RSA Transfer Guidelines.
Once your transfer request has been successfully submitted, verified, and approved, your preferred Pension Fund Administrator (PFA) will process the transfer through the RSA Transfer System (RTS). The processing time depends on the successful validation of your request and the timelines prescribed by PenCom.
You will be notified once your RSA transfer has been successfully completed.
No. Transferring your Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another does not affect your RSA balance or your accrued pension benefits.
Once the transfer has been completed, you should confirm with your new PFA that your RSA balance and personal details have been correctly reflected in your account.
Send an email to info@accesspensions.ng
After your RSA transfer has been completed, you should notify your employer of your new Pension Fund Administrator (PFA) to ensure that your subsequent monthly pension contributions are remitted to the correct Retirement Savings Account (RSA).
You will be notified by your new Pension Fund Administrator (PFA) once your RSA transfer has been successfully completed. You may also confirm the transfer by checking your Retirement Savings Account (RSA) details with your new PFA.
Yes. A retiree receiving pension through the Programmed Withdrawal (PW) arrangement is eligible to transfer their Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another in accordance with the National Pension Commission's (PenCom) RSA Transfer Guidelines.
Yes. If you have a fingerprint impairment, you may still initiate an RSA transfer.
Simply submit your RSA transfer application together with acceptable documentary evidence of the impairment. The supporting document should be uploaded along with your application for verification and processing.
Every Retirement Savings Account (RSA) holder has the right to transfer their RSA from one Pension Fund Administrator (PFA) to another, subject to the National Pension Commission's (PenCom) RSA Transfer Guidelines.
PenCom has established the RSA Transfer System (RTS) to ensure that eligible transfer requests are processed fairly and in accordance with the applicable regulations. A PFA cannot prevent an eligible RSA holder from exercising their right to transfer.
No, the RSA transfer request cannot be cancelled after its initiation.
Once your Retirement Savings Account (RSA) has been successfully registered, you will be issued a Personal Identification Number (PIN). You should provide your RSA PIN to your employer to enable the remittance of your monthly pension contributions into your RSA.
If your employer deducts pension contributions from your salary but fails to remit them into your RSA, you should first notify your employer's Human Resources, Payroll, or Pension Desk Officer.
If the issue is not resolved, please contact Access Pensions through any of our customer service channels so that we can guide you on the appropriate steps in line with PenCom's guidelines.
Your RSA PIN is unique and remains valid for life. If you change jobs, simply provide your RSA PIN to your new employer to enable the continued remittance of your pension contributions into the same RSA.
You should first contact your previous employer to confirm that your pension contributions were correctly captured in the remittance schedule submitted to your Pension Fund Administrator (PFA).
If you require further assistance, please send an email to info@accesspensions.ng, and a Relationship Manager will assist you with the resolution process.
You can access your RSA balance through any of the following channels:
- Automated Voice Response (AVR) System: Call +234 (0)2 09 4613333 and follow the voice prompts.
- Access Pensions Customer Portal: Visit www.accesspensions.ng, enter your username and password, and click Login. If you are logging in for the first time, click New User Sign-on to register.
- Penny: Access your RSA information through Penny, the Access Pensions WhatsApp chatbot.
- Customer Service: Visit any Access Pensions branch or contact our Customer Experience Centre for assistance.
Access to your RSA before retirement is permitted only under circumstances provided for by the Pension Reform Act and PenCom's guidelines
Eligible contributors may withdraw up to 25% of their RSA balance if they have been out of employment for at least four (4) months and meet the applicable conditions. Additional Voluntary Contributions (AVCs) may also be accessed in accordance with PenCom's guidelines.
You may make Additional Voluntary Contributions (AVCs) to your RSA to enhance your retirement savings.
Where you are an employee under the Contributory Pension Scheme (CPS), AVCs are typically remitted through your employer together with your mandatory pension contributions. The withdrawal of AVCs is subject to the applicable provisions of the Pension Reform Act and PenCom's guidelines.
Your pension contributions are remitted by your employer to a Pension Fund Custodian (PFC) and managed by your chosen Pension Fund Administrator (PFA). The PFA invests your retirement savings in accordance with the Pension Reform Act 2014 and the investment guidelines issued by the National Pension Commission (PenCom).
The National Pension Commission (PenCom) is responsible for regulating and supervising the Contributory Pension Scheme (CPS) in accordance with the Pension Reform Act 2014.
Your Retirement Savings Account (RSA) PIN remains the same throughout your working life. If you change jobs, simply provide your RSA PIN to your new employer so that your pension contributions can continue to be remitted into the same RSA.
A Pension Fund Custodian (PFC) is a financial institution licensed by PenCom to hold pension assets in safe custody on behalf of contributors. The PFC receives pension contributions and holds the assets, while the PFA manages and invests them.
A Pension Fund Administrator (PFA) manages and invests pension contributions, while a Pension Fund Custodian (PFC) safeguards the pension assets and settles investment transactions on behalf of the PFA. This separation of responsibilities provides an additional layer of security for contributors' pension funds.
Yes. Eligible contributors may transfer their Retirement Savings Account (RSA) from one PFA to another once every 365 days, in accordance with PenCom's RSA Transfer Guidelines.
Yes. Pension Fund Administrators charge fees approved by PenCom for the management and administration of Retirement Savings Accounts. These fees are regulated and are not determined at the discretion of individual PFAs.
PenCom regulates and supervises the Contributory Pension Scheme, licenses Pension Fund Administrators and Pension Fund Custodians, issues regulations and guidelines, and protects the interests of pension contributors and retirees.
A Pension Fund Administrator (PFA) is a company licensed by PenCom to manage and invest pension contributions held in contributors' Retirement Savings Accounts (RSAs).
You may choose any Pension Fund Administrator licensed by PenCom. When selecting a PFA, you may wish to consider factors such as customer service, investment performance, digital capabilities, branch network, and value-added services.
No. A PFA cannot withdraw or use the money in your RSA for its own purposes. Pension assets are held separately in custody by a Pension Fund Custodian (PFC), providing an additional layer of protection for contributors' retirement savings.
The Contributory Pension Scheme (CPS) applies to employees in the public service of the Federation, the Federal Capital Territory, States that have adopted the CPS, and private sector organisations in accordance with the Pension Reform Act 2014.
Yes. Under the Pension Reform Act 2014, both the employer and the employee are required to contribute to the employee's Retirement Savings Account (RSA). The employer contributes a minimum of 10% of the employee's monthly emoluments, while the employee contributes a minimum of 8%.
Yes. An employer may elect to bear the full pension contribution on behalf of the employee, provided the total contribution is not less than 18% of the employee's monthly emoluments.
The employee's contribution forms part of the statutory pension contribution deducted from salary and credited to the employee's RSA. Together with the employer's contribution, these savings are invested to provide retirement benefits
No. Pension contributions are remitted to a licensed Pension Fund Custodian (PFC), which holds the pension assets in custody on behalf of contributors. The Pension Fund Administrator (PFA) manages and invests the funds in accordance with PenCom's guidelines.
A Retirement Savings Account (RSA) is an individual pension account opened with a Pension Fund Administrator (PFA). All mandatory pension contributions, Additional Voluntary Contributions (where applicable), and investment returns are credited to the RSA.
No. Although an RSA is a personal account, it is not operated like a regular bank account. Withdrawals are only permitted under the conditions prescribed by the Pension Reform Act and PenCom's guidelines. Contributors receive periodic statements showing their RSA balance and investment performance.
The RSA is similar to a bank account except that no contributor can withdraw money from the RSA before his/her retirement. The PFA is required to invest the money and issue statements of account at least once every quarter to the contributor.
Yes. Participation in the CPS is mandatory for employers and employees covered by the Pension Reform Act 2014.
The CPS is designed to ensure that employees save consistently towards retirement and receive their retirement benefits as and when due through a secure, sustainable, and professionally managed pension system.
Unlike the previous pension system, which was largely employer-funded and often faced funding challenges, the CPS is a fully funded, defined contribution scheme. Pension contributions are credited into each contributor's individual RSA and invested throughout their working life to provide retirement benefits.
Retirement planning helps you maintain financial independence and your desired lifestyle after you stop working. As life expectancy increases, many people will spend several decades in retirement, making it essential to build sufficient savings during their working years.
The Contributory Pension Scheme (CPS) provides a structured way to save for retirement. By contributing consistently to your Retirement Savings Account (RSA) and allowing your savings to grow through investment returns, you can build a more secure financial future.
Maintaining your lifestyle in retirement depends on the financial resources you have accumulated during your working years. Your retirement income should be sufficient to cover your living expenses, healthcare, and other financial commitments.
The benefits you receive at retirement are influenced by your pension contributions, investment returns, and any Additional Voluntary Contributions (AVCs) you make during your career. Planning early and contributing consistently can significantly improve your retirement income.
The best time to start saving for retirement is as early as possible. Starting early gives your pension savings more time to benefit from long-term investment growth.
In addition to your mandatory pension contributions, you may make Additional Voluntary Contributions (AVCs) to your RSA to increase your retirement savings. Employees who wish to make AVCs should notify their employer so that the additional contributions can be remitted together with their mandatory pension contributions.
Yes. If you retire but continue to earn income through contract employment or other eligible employment, you may continue making Additional Voluntary Contributions (AVCs) to your Retirement Savings Account (RSA), subject to PenCom's guidelines.
Continuing to save after retirement can help strengthen your financial position and may increase your retirement income over time.
Access Pensions invests pension assets in accordance with the Pension Reform Act 2014 and the investment guidelines issued by the National Pension Commission (PenCom).
Our investment philosophy is centred on preserving contributors' retirement savings while seeking sustainable long-term returns through prudent portfolio diversification and disciplined risk management. We continuously monitor market conditions and
Eligible contributors with pension contributions previously remitted to the Nigeria Social Insurance Trust Fund (NSITF) before the commencement of the Contributory Pension Scheme (CPS) may apply for the transfer of such contributions into their Retirement Savings Account (RSA), subject to the National Pension Commission's (PenCom) guidelines.
To facilitate a smooth transfer process, contributors should ensure that:
- The NSITF Transfer Application Form is duly completed and signed.
- A valid means of identification is attached to the application.
- The original NSITF Membership Certificate, where applicable, is submitted together with the application.
- The name on the application form exactly matches the name on the NSITF Membership Certificate and the means of identification. Where there is a discrepancy, the contributor may be required to provide a Letter of Indemnity and Identity or other supporting legal documentation, including a court affidavit, as applicable.
- The NSITF Membership Number is correctly stated on all supporting documents.
Upon receipt of the completed application, Access Pensions will verify the documentation and process the request in accordance with PenCom's approved procedures. Where additional information or documentation is required, the contributor will be contacted.
Once the transfer has been approved and completed, the transferred contributions will be credited to the contributor's Retirement Savings Account (RSA), and the contributor will be notified accordingly.
Where an employer submits applications on behalf of employees, the applications should be accompanied by the prescribed schedule and all required supporting documents.
An eligible Retirement Savings Account (RSA) holder who has been out of employment for a minimum of four (4) months may apply to withdraw up to 25% of their RSA balance, subject to the National Pension Commission's (PenCom) guidelines.
Required Documents
- Duly signed application for a 25% RSA withdrawal
- Birth Certificate or Declaration of Age
- Letter of redundancy, disengagement, termination, or dismissal from the employer (showing that the applicant has been out of employment for at least four (4) months)
- Recent passport photograph
- Recent bank statement
- Accrued rights letter from the former employer (where applicable)
Upon receipt of all required documents and the necessary approvals, the eligible amount will be paid to the applicant in accordance with PenCom's guidelines.
Please Note: This benefit does not apply to employees in the Treasury-funded Public Sector.
Required Documents
- Duly signed application for the refund of Pre-Scheme Contributions
- Birth Certificate or Declaration of Age
- Letter of redundancy, disengagement, or termination from the employer
- One recent passport photograph
- Bank account details, including the account number and sort code (the prescribed Bank Details Form must be completed and endorsed by the applicant's bank)
- Recent bank statement
- Letter from the employer confirming:
- Whether all terminal benefits have been paid directly to the applicant;
- That the applicant made pension contributions prior to the commencement of the Contributory Pension Scheme (CPS); and
- The amount of Pre-Scheme Contributions credited to the applicant's Retirement Savings Account (RSA).
Upon receipt of the required documents, Access Pensions will submit the application to the National Pension Commission (PenCom) for approval.
Payment of the approved Pre-Scheme Contributions will be made upon receipt of PenCom's approval, and the applicant will be notified once the payment has been processed.
Contributors who have made Additional Voluntary Contributions (AVCs) may apply for a withdrawal in accordance with the National Pension Commission's (PenCom) Guidelines.
Required Documents
- Duly completed AVC Withdrawal Request Form
Bank Details Form
- Recent bank statement
Important Information
- Active contributors may withdraw up to 50% of their Additional Voluntary Contributions after the contributions have been retained in their Retirement Savings Account (RSA) for at least one (1) year, in accordance with PenCom's guidelines.
- The remaining balance will form part of the contributor's retirement benefits and may be accessed upon retirement.
- Subsequent withdrawals may be made in line with the applicable PenCom guidelines.
- Where a withdrawal is made within five (5) years from the date the Additional Voluntary Contribution was credited into the RSA, any investment income earned on the contribution shall be subject to the applicable tax.
- Payments will only be made into the contributor's personal bank account.
Upon receipt of all required documents, Access Pensions will process the application in accordance with PenCom's guidelines. The contributor will be notified once the withdrawal has been processed.
Upon the death of a Retirement Savings Account (RSA) holder, the Next of Kin (NOK), personal representative, or beneficiary should notify Access Pensions and submit the required documentation for the processing of death benefits in accordance with the National Pension Commission's (PenCom) guidelines.
- Treasury-Funded Public Sector
Documents Required for Accrued Rights
- Death Notification Form
- Death Certificate or Registration of Death issued by the National Population Commission
- Declaration of Age or Birth Certificate of the deceased
- Medical Certificate stating the cause of death
- Police Report (where death resulted from an accident)
- Declaration of Wish or evidence of nomination of Next of Kin
- Letter of First Appointment
- Pay Slip as at 30 June 2004
- Last Pay Slip before death
- Two recent passport photographs of the deceased
- Last Promotion Letter
- Letter of Introduction from the Ministry, Department or Agency (MDA) confirming:
- Date of Birth
- Date of First Appointment
- Date of Death
- Grade Level and Step as at June 2004
- Grade Level and Step at the time of death
- Name of the Next of Kin
All documents must be duly signed and authenticated where applicable.
Documents Required for Payment
- Payment Request Form completed by the Next of Kin
- Bank Details Form duly completed and endorsed by the beneficiary's bank
- Recent bank statement of the Next of Kin
- Original Nomination Letter (where applicable)
- Letter of Administration (where applicable)
For Treasury-funded public sector employees, claims relating to Group Life Insurance should be processed through the appropriate supervising authority in accordance with PenCom's guidelines.
- Private Sector and Self-Funded Public Sector Organisations
Documents Required
- Recent passport photograph of the deceased
- Letter of Administration or evidence of nomination of the Next of Kin
- Letter confirming Accrued Benefits (where applicable)
- Death Certificate or Registration of Death issued by the National Population Commission
- Medical Certificate stating the cause of death
- Police Report (where death resulted from an accident)
Where the deceased's Group Life Insurance benefit has already been paid directly to the beneficiary, a confirmation letter from the employer should be provided.
Documents Required for Payment
- Payment Request Form completed by the Next of Kin
- Bank Details Form duly completed and endorsed by the beneficiary's bank
- Recent bank statement of the Next of Kin
- Nomination Letter (where applicable)
- Letter of Administration (where applicable)
Upon receipt of all required documents and the necessary approvals, Access Pensions will process the payment of the death benefits in accordance with PenCom's guidelines, and the beneficiary will be notified once payment has been made.
Prior to retirement, employees in Treasury-funded Public Sector organisations are required to participate in the pre-retirement verification exercise conducted by the National Pension Commission (PenCom). The verification exercise is designed to confirm contributors' records and facilitate the processing of retirement benefits.
Following retirement, all retirees, regardless of sector, are required to complete a retirement documentation exercise with Access Pensions. This exercise may be completed at our Head Office or any Access Pensions branch nationwide.
PenCom announces the dates and venues for the verification exercise through its official communication channels.
For more information, please refer to the following:
Documents Required for the PenCom Verification Exercise – Click here
Upon retirement, eligible Retirement Savings Account (RSA) holders may choose either of the following retirement benefit options:
- Programmed Withdrawal – A periodic pension payment administered by Access Pensions in accordance with the National Pension Commission's (PenCom) guidelines.
- Retiree Life Annuity – A periodic pension purchased from a life insurance company licensed by the National Insurance Commission (NAICOM).
The amount payable as a lump sum and the periodic pension will be determined in accordance with PenCom's guidelines and the retiree's RSA balance.
Your pension contributions are protected under the Pension Reform Act 2014. Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) are licensed, regulated, and supervised by the National Pension Commission (PenCom) to ensure the safety and proper management of pension assets.
The Pension Reform Act 2014 clearly defines the responsibilities of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs). Pension assets are held separately by licensed Custodians, while PFAs manage the investments in accordance with PenCom's regulations. This separation of responsibilities provides an additional layer of protection against misuse.
The Contributory Pension Scheme (CPS) promotes transparency and accountability through strict regulatory oversight by PenCom. Contributors have the right to choose their Pension Fund Administrator (PFA) and receive periodic statements showing their pension contributions, investment returns, and RSA balance.
The liquidation or closure of a PFA does not affect the pension assets in contributors' Retirement Savings Accounts (RSAs). Pension assets are held in safe custody by licensed Pension Fund Custodians (PFCs), while PenCom ensures that appropriate arrangements are made to protect contributors' interests.
You should first lodge your complaint with your Pension Fund Administrator (PFA). If the issue is not satisfactorily resolved, you may escalate the complaint to the National Pension Commission (PenCom) in accordance with its complaints resolution process.
The Federal Government established the National Pension Commission (PenCom) to regulate and supervise the Contributory Pension Scheme (CPS), issue regulations and guidelines, license pension operators, and protect the interests of contributors and retirees.
No. The Government cannot access or use the money in your Retirement Savings Account (RSA). Pension assets are held in custody by licensed Pension Fund Custodians (PFCs) and are managed by Pension Fund Administrators (PFAs) under PenCom's regulatory oversight.
Access Pensions manages pension assets through a diversified investment strategy in accordance with PenCom's investment regulations. While inflation and market conditions may affect investment performance, pension funds are invested with the objective of preserving capital and generating sustainable long-term returns.
Yes. A contributor who retires before the age of 50 on medical grounds, due to permanent disability, or under the terms and conditions of employment may be eligible to access their retirement benefits in accordance with the Pension Reform Act 2014 and PenCom's guidelines.
Yes. The minimum pension payable under the Contributory Pension Scheme is determined by the National Pension Commission (PenCom) in accordance with the Pension Reform Act 2014 and other applicable regulations.
The tax treatment of pension contributions and investment returns is governed by the Pension Reform Act 2014 and applicable tax laws. Where applicable, taxes are deducted in accordance with the relevant provisions of the law and the National Pension Commission's (PenCom) guidelines.
The Contributory Pension Scheme (CPS) enables you to build retirement savings throughout your working life, providing financial security in retirement. Your pension contributions are professionally managed and invested, helping you accumulate funds to support your desired lifestyle after retirement.
You can monitor your RSA through the various channels provided by Access Pensions, including periodic account statements, the customer portal, Penny (our WhatsApp chatbot), and other approved customer service channels. These services enable you to view your contributions, RSA balance, and investment performance.
The Contributory Pension Scheme mobilises long-term savings that are invested in approved asset classes in accordance with PenCom's investment regulations. These investments support economic growth by providing funding for government securities, corporate organisations, infrastructure projects, and other productive sectors of the economy, while safeguarding contributors' retirement savings.