Voluntary or Mandatory Retirement (Retirement Benefit)
Upon attaining the age of 50 years or upon completion of 35 years in active public service, an RSA holder may retire from active employment. On retirement, you may access your benefits through any of the following options…
- A Lump Sum: On Retirement, a retiree can withdraw a lumpsum from the balance in his/her RSA. This is subject to the balance after withdrawal being sufficient to enable him/her purchase annuity or receive monthly payments which would not be less than 50% of his/her monthly pay at retirement
- Programmed Withdrawal: This is a regular monthly or quarterly payment to the RSA holder made over an estimated life span. i.e. guaranteed pension period.
- En-bloc Payment: Where an RSA holder’s balance falls below N550,000, the remainder balance must be transferred into an account provided by the RSA holder or his/her beneficiary
- Annuity: On retirement or attaining the age of 50, an RSA holder may decide to purchase annuity from a Life Insurance Company (licensed by the National Insurance Commission). Just like the Programmed Withdrawal, this is also in monthly or quarterly payments
Requirements for Accessing Benefits at Voluntary or Mandatory Retirement
Note: All original documents must be sighted at the time of submission of withdrawal application.
- Notice of retirement/exit from last employer
- 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.
- Confirmation of any contributions owed by employer (Private Sector/Self-Funding MDA retirees)
- Evidence of the terms and conditions of employment (Private sector)
- A duly completed Retirement Withdrawal Form
- Completed Programmed Withdrawal Agreement and Retiree Indemnity Form (deposed to before a Commissioner of oath or Notary Public)
- Certified true copy of the retirement bond certificate in the case of Public Sector Retirees.
- Evidence of any accrued pension entitlements not remitted into the RSA (Private Sector/Self-Funding MDA retirees)
- Birth Certificate/Age Declaration (Private Sector/Self-Funding MDA retirees)
- Photocopy of form of identification (i.e. Driver’s license, National ID etc.).
- Two passport photographs of the RSA holder