Our objective is to ensure that all our clients, including beneficiaries of deceased/missing persons, have access to their benefits as and when due in compliance with the Pension Reform Act 2014, as well as the rules and regulations guiding the Administration of Retirement and Terminal Benefits issued by the National Pension Commission.

Accessing Benefits on Temporary Loss or Exit from work

An RSA holder whose employment has been terminated or who has been disengaged and has not been in any form of paid/gainful employment for a minimum period of four (4) months is qualified to apply for 25% of the balance in his/her Retirement Savings Account in line with the Regulations for the Administration of Retirement and Terminal Benefits.

Requirements for Accessing 25% lump sum after four months of unemployment/loss of Job:

  • Application letter from the RSA holder
  • Birth Certificate or Age Declaration
  • Letter of Termination/Dismissal from the employer.
  • Letter from employer accepting resignation.
  • Photocopy of a form of identification (i.e. Driver’s license, National ID etc.).
  • 2 passport photographs of the RSA holder
  • A duly completed ARM Pension Retirement Withdrawal Form

Accessing Benefits on Voluntary or Mandatory Retirement

An RSA holder can retire upon attaining the age of 50 years old in the Federal Public Service or Private sector organisation, and can opt for any or a combination of the following benefit options as allowed under the Act or in line with the Regulations for the Administration of Retirement and Terminal Benefits:

  • En-bloc Payment – where RSA balance is less than N550,000.00.
  • A lump sum – the amount payable after sufficient provision have been made to procure a programmed withdrawal or an annuity that will produce an amount that should not be less than 50 percent of his/her annual salary as at the date of retirement.
  • Programmed Withdrawal – a series of regular payment (monthly or quarterly) based on the retiree’s expected life span (otherwise known as guaranteed pension period).
  • Annuity purchased from a licensed Life Insurance Company.

Requirements for Accessing Benefits at Voluntary or Mandatory Retirement

  • Official notice of retirement/exit from last employer
  • Last pay-slip not less than three (3) months from the date of retirement (stamped and signed by employer) or any evidence of last annual remuneration.
  • Certified true copy of the retirement bond certificate (Public Sector Retiree).
  • Evidence of any accrued pension entitlements not remitted into the RSA (Private Sector/Self Funding MDA retirees)
  • Confirmation of any contributions owed by employer (Private Sector/Self Funding MDA retirees)
  • Official evidence of the terms and conditions of employment (Private sector)
  • A duly completed ARM Retirement Withdrawal Form
  • Two passport photographs of the RSA holder.
  • Completed Programmed Withdrawal Agreement and Retiree Indemnity Form (deposed to before a Commissioner of oath or Notary Public)
  • Birth Certificate/Age Declaration (Private Sector/Self Funding MDA retirees)
  • Photocopy of form of identification (i.e. Driver’s license, National ID etc.).

All original documents will be sighted at the time of submission of withdrawal application.

Accessing Benefits on Retirement due to Medical Reasons

An RSA holder who is retired on medical ground i.e. due to total or permanent disability either of mind or body will qualify to access full retirement benefits not considering his/her age and can opt for any or a combination of the following benefit options as allowed under the Act or in line with the Regulations for the Administration of Retirement and Terminal Benefits:

  • En-bloc Payment – where RSA balance is less than N550, 000.
  • A lump sum – the amount payable after sufficient provision have been made to procure a programmed withdrawal or an annuity that will produce an amount that should not be less than 50 percent of his/her annual salary as at the date of retirement.
  • Programmed Withdrawal – a series of regular payment (monthly or quarterly) based on retiree’s expected life span (otherwise known as guaranteed pension period).
  • Annuity purchased from a licensed Life Insurance Company.

Requirements for Accessing Benefits on Retirement for Medical Reasons

  • Certified true copy of a medical certificate issued by a properly constituted Medical Board or a suitably qualified physician;
  • Letter of notification of retirement issued by the employer also authenticating the medical certificate
  • Last pay-slip not less than three (3) months after retirement (stamped and signed by the employer) or any evidence of last annual remuneration.
  • Certified true copy of the retirement bond certificate (Public Sector Retiree).
  • Evidence of any accrued pension entitlements not remitted into the RSA (Private Sector/Self Funding MDA retirees)
  • Confirmation of any contributions owed by the employer (Private Sector/Self Funding MDA retirees)
  • A duly completed ARM Retirement Withdrawal Form
  • Two passport photographs of RSA holder
  • Completed Programmed Withdrawal Agreement and Retiree Indemnity Form (deposed to before a Commissioner for Oaths or a Notary Public)
  • Photocopy of form of identification (i.e. Driver’s license, National ID etc.).

Accessing Benefits of a Deceased RSA Holder

A Beneficiary under a Will or an Administrator appointed under a Letter of Administration can access the deceased RSA in line with the PRA 2014 or the Regulations for the Administration of Retirement and Terminal Benefits for:

  • En-bloc payment of the RSA balance which may also include Accumulated contributions (if any) and Accrued Pension Benefits. Group Life Insurance will be paid in line with Section 8(1) of the PRA 2014.

A Missing RSA Holder (Presumed Dead)
The employer and/or Next-of-Kin shall notify the PFA of the disappearance of the RSA holder after a minimum period of 12 months. The Next-of-Kin shall provide a satisfactory means of identification which can be any of following:

  • Current International passport
  • National Identity Card or
  • Letter of confirmation of identity from his/her bank or Notary Public.

Upon satisfactory identification of the Next-of-Kin, the PFA shall request for items (i) and (ii) and, if available, item (iii) listed below, which shall serve as adequate evidence that the RSA holder is missing:

  1. A Police Report confirming that the person has been missing with effect from the reported date, the circumstance of the disappearance and that the person has not been found after more than 12 months.
  2. Letter of confirmation of disappearance from the employer (if in active employment at the time of disappearance) bearing the passport photograph of the missing person.
  3. Newspaper publication announcing the disappearance of the person.

Upon completion of sitting, the Board of Enquiry may declare the missing RSA holder as presumed dead. Subsequently, the Beneficiary/Next-of Kin (NOK) will be required to provide documentation for processing the deceased RSA holder’s benefits in line with documentation requirements for accessing the benefits of a deceased RSA holder.