These are the payments received by an RSA Holder/Retiree. These payments consist of contributions made into the RSA (Mandatory and Voluntary) as well as returns on investment which have accrued over time.
Benefit payments may also come in the form of en-bloc payment, pre-Scheme/Legacy withdrawal, Voluntary contribution (VC) withdrawals, 25% of RSA balance among others. We provide benefit payment services for more than 20,000 members of Defined Benefits (DB) schemes as well as Define Contributions
We ensure that the payment process is tailored to the needs of our customers by ensuring that the process is flexible, accurate and efficient.
The payment request types are detailed below, you can apply for any payment type by reading the details of the payment and see if you are eligible for payment. If you are eligible, click on submit payment request, fill the form and you will be contacted by our team.
To streamline the application process and guarantee the precision of our records, it is obligatory for all clients seeking the benefits payment to have successfully undergone the Data Recapture Exercise. This exercise is a vital step to update and verify your personal information in our system.
Where an employee disengages or is compulsorily retired from employment before attaining the age of 50, they are expected to secure another employment and continue making pension contributions into their Retirement Savings Account (RSA).
However, if the individual is unable to secure another employment after four (4) months from the date of disengagement, they may apply to access up to 25% of the balance in their RSA, subject to PenCom's guidelines.
Upon attaining the age of 50 or retiring thereafter, the contributor becomes eligible to access the balance in their RSA in accordance with the retirement benefits provisions under the Contributory Pension Scheme.
Required Documents:
- Handwritten application for 25% withdrawal
- Age declaration/ birth certificate
- Redundancy/Termination letter from your employer (must be at least 4 months old)
- Accrued Letter/ Confirmation of Remittances Letter
- Recent passport photograph
- Bank account details
Please note that from the day of submission, the receipt of approval from PenCom, and the actual crediting of your account should take an average of 2 working days. You will be notified once the payment has been made.
Every retiree is entitled to choose to receive a lump sum from their Retirement Savings Account (RSA) upon retirement. The lump sum is determined based on factors such as the retiree's age, final salary before retirement, and the balance in their RSA. Using the standard template prescribed by PenCom, the retiree's lump sum and periodic programmed withdrawal are calculated and submitted to PenCom for approval.
The lump sum payable is subject to PenCom's guidelines and is determined to ensure that the remaining RSA balance is sufficient to provide the retiree with the prescribed periodic pension under the Programmed Withdrawal arrangement.
Upon receiving PenCom's approval, Access Pensions and the retiree execute a Programmed Withdrawal Agreement, which sets out the terms and conditions governing the retiree's periodic pension payments. Execution of this agreement is a prerequisite for the commencement of programmed withdrawal payments.
Required Documents:
- Handwritten Application for lump sum (Private sector)
- Letter of accrued benefit from former employer
- Retirement letter or letter confirming exit in accordance with terms of employment
- Appointment letter or affidavit in lieu (compulsory)
- Age declaration/Birth certificate
- Bank statement
- Recent passport photograph
- PENCOM verification slip (public sector)
- Indemnity form, if public sector
- Last 3 months pay slips (all info visible, dated within last 3 months of retirement)
- NIN
An annuity is a retirement income arrangement purchased from a life insurance company, under which a retiree receives regular pension payments over an agreed period or for life, depending on the terms of the annuity contract.
Upon retirement or attainment of the age of 50 years (whichever is later), an RSA holder may choose to purchase a Retiree Life Annuity from a life insurance company licensed by the National Insurance Commission (NAICOM). The annuity provides regular pension payments, which may be made monthly or quarterly, in accordance with the terms of the annuity contract.
Required Documents:
- Application for transfer to annuity
- Annuity plan
- Letter of accrued benefit (private sector)
- Retirement letter or letter confirming exit in accordance with terms of employment
- Age declaration/declaration of age
- Appointment letter or affidavit in lieu (compulsory if public sector and fresh annuity)
- Bank statement
- Recent passport photograph
- PENCOM verification slip (public sector)
- Last 3 months' pay slips (all info visible, dated within last 3 months of retirement)
- NIN
Where an RSA holder dies, the employer, next of kin, or the personal representative of the deceased should notify Access Pensions and provide evidence of death.
Upon receipt of the required documentation and subject to PenCom's guidelines, all benefits due to the deceased, including any applicable life insurance proceeds, accrued pension benefits, and accumulated pension contributions (together with any investment income thereon) will be processed and paid to the duly appointed Executor or Administrator of the deceased's estate through the designated bank account.
Required Documents:
- CTC Letter of Administration or Will (beneficiary must be specified)
- Medical certification / evidence of death
- Registration of death (NPC certificate)
- Police report (if by accident)
- Passport photograph of deceased
- Declaration of age (deceased)
- Recent passport photograph of NOK
- Means of I.D for NOK (nimc slip/ valid int’l passport/valid driver’s license)
- Bank statement/Banker’s confirmation of signatories
- First appointment letter
- Letter of last promotion (public sector)
- Letter of first appointment (public sector)
- Payslips (with grade level / step) as at Jun 2004, Jan 2007 and June 2010 (public sector)
- Payslip (with grade level / step) as at death (public sector)
- Letter of introduction from MDA (public sector)
- Transfer of service letter (for public sector if applicable)
When an employee retires from active service, the balance standing to the credit of their Retirement Savings Account (RSA) is used to determine and pay retirement benefits throughout retirement.
However, where the monthly or quarterly pension payable under a Programmed Withdrawal or Retiree Life Annuity is less than ₦23,333.33, representing one-third of the current national minimum wage of ₦70,000, the retiree may be eligible to receive the entire balance in their RSA as an en bloc payment, subject to PenCom's guidelines.
An en bloc payment allows the retiree to receive the full RSA balance as a one-time lump-sum payment instead of periodic pension payments, providing greater flexibility in meeting their financial needs during retirement.
Required Documents:
- Letter of accrued benefit (from former employer)
- Recent passport photograph
- Appointment letter
- Age declaration/Birth certificate
- Retirement /Redundancy/Termination letter
- Recent bank statement of account
Application for lumpsum
Please note that this does not apply to Employees of the Public Sector.
Required Documents:
- Application for the refund of Pre- Scheme Contributions
- Age declaration/ birth certificate
- Redundancy/Termination letter from your employer
- Passport photograph (1)
- Bank account details including the sort code and documents supporting ownership (attached form should be filled by your bank).
- Statement of account from your bank
- Letter from Employer, stating whether all terminal benefits have been paid directly to you or not and must clearly state that the applicant made contributions prior to the Contributory Scheme
- Letter from Employer stating/ confirming Pre- Scheme amount paid into RSA
Upon receipt of the required documents, Access Pensions will make a submission to the National Pension Commission (PenCom) to obtain an approval for the payment of the amount due.
Please note that from the day of submission, the receipt of approval from PenCom, and the actual crediting of your account may take a number of weeks due to the volume of requests. You will be called and notified once the payment has been made.
An RSA holder seeking to retire on medical grounds is required to provide the following documents:
- Application for lump sum
- Letter of accrued benefit (from former employer)
- Retirement letter or disengagement letter on medical grounds
- Appointment letter or affidavit in lieu (compulsory)
- Age declaration/Birth certificate
- Bank statement
- One passport photograph
- Medical certificate (stating that the client is not fit to work)
Where a Retirement Savings Account (RSA) holder is reported missing, the employer or the Next of Kin (NOK) shall notify the Pension Fund Administrator (PFA) after the individual has been missing for a minimum period of twelve (12) months.
Upon notification, the National Pension Commission (PenCom) shall constitute a Board of Inquiry to investigate the circumstances surrounding the disappearance, in accordance with its guidelines.
Where the Board of Inquiry concludes that the individual should be treated as missing and all applicable legal and regulatory requirements have been satisfied, the RSA
balance may be paid to the deceased's beneficiary or to any other person as directed by a court of competent jurisdiction, upon presentation of a Will admitted to Probate or Letters of Administration, as applicable.
Required Documents
- Means of I.D for NOK (NIMC slip/ valid int’l passport/valid driver’s license)
- Letter of last promotion (public sector)
- Declaration of age (deceased)
- Letter of first appointment (public sector)
- Letter of introduction from MDA (public sector)
- Bank statement/banker’s confirmation of signatories
- Police report on disappearance
- Newspaper publication of missing person
- Letter of administration/will (certified true copy)
- Retirement letter (retiree)
- Passport photograph (deceased)
- Passport photograph of NOK
When a contributor ceases to make pension contributions as a result of mandatory retirement, compulsory retirement, retirement on medical grounds, or death, the balance in their Retirement Savings Account (RSA) becomes available for the payment of retirement or death benefits, in accordance with PenCom's guidelines.
Upon retirement on attaining the retirement age or completing the required years of service under the terms of employment, and upon attaining the age of 50 years (whichever is later), the retiree may choose either a Programmed Withdrawal administered by Access Pensions or a Retiree Life Annuity purchased from a life insurance company licensed by the National Insurance Commission (NAICOM).
Where the retiree elects the Programmed Withdrawal option, the RSA balance is transferred to the Retiree Fund to facilitate the payment of periodic pension benefits. Where the retiree opts for a Retiree Life Annuity, the RSA balance is transferred to the licensed life insurance company selected by the retiree for the purchase of the annuity.
In line with the National Pension Commission (PenCom) Guidelines on Voluntary Contributions under the Contributory Pension Scheme (CPS), the withdrawal of Voluntary Contributions is subject to the following conditions:
1. Active (Mandatory) Contributors
This category comprises employees who are active participants in the Contributory Pension Scheme (CPS), are below the statutory retirement age of 50 years, or remain in active employment.
Active contributors may withdraw up to 50% of their Voluntary Contributions (VCs), provided the contributions have been retained in their Retirement Savings Account (RSA) for a minimum period of two (2) years.
The remaining 50% shall be preserved in the RSA and will form part of the retirement benefits payable as a lump sum and periodic pension under a Programmed Withdrawal arrangement or used to purchase a Retiree Life Annuity upon retirement.
Subsequent withdrawals may only be made once every two (2) years and shall apply only to the additional Voluntary Contributions made after the last approved withdrawal.
Where a withdrawal is made within five (5) years from the date the Voluntary Contribution was credited into the RSA, any investment income earned on the contribution shall be subject to applicable tax in accordance with the Pension Reform Act and relevant tax laws.
2. Retirees under the Contributory Pension Scheme
This category comprises retirees already receiving pension through either a Programmed Withdrawal arrangement or a Retiree Life Annuity.
Where Voluntary Contributions were made from earnings received during post-retirement contract employment, the retiree may withdraw the entire Voluntary Contribution upon the expiration of the contract or elect to consolidate part or all of the Voluntary Contribution into their retirement benefits to enhance their periodic pension.
Where the withdrawal is made within five (5) years from the date the Voluntary Contribution was credited into the RSA, both the principal amount and the investment income shall be subject to applicable tax.
Required Documents
- Duly signed application letter stating the contributor's Tax Identification Number (TIN)
- Recent bank statement
- Recent passport photograph
NSITF Transfer Guidelines and Process
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 PenCom's Guidelines.
To facilitate the transfer process, contributors should ensure that:
- The NSITF Transfer Application Form is duly completed and signed.
- A valid means of identification is attached.
- 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 in names, 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.