Compulsory Retirement

Compulsory retirement occurs when an employee is being disengaged or terminated from active service in accordance with the terms and conditions of service, before attaining the age of 50 years.

Benefits Accessible

This category of retiree can only access up to 25% of the balance in their RSA account 6 months after disengagement; the remaining balance can only be accessed after the retiree attains 50years of age.

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Medical Grounds

Retirement on medical grounds shall be when an employee disengages from active service based on the advice of a suitably qualified physician or medical board certifying that the employee is no longer mentally or physically capable of carrying out the functions of his/her office due to total or permanent disability either of mind or body.

Benefits Accessible

An RSA holder retiring on medical ground can access the balance in his/her RSA account.

Requirements to be fulfilled by the RSA Holder

An RSA holder retiring on medical grounds or his/her representative or employer shall provide the original copies of the following documents:

• A medical certificate issued by a properly constituted Medical Board or a suitably qualified physician; (The Commission shall advise operators in this regard after due consultation with the Medical Association of Nigeria).
• Letter of notification of retirement issued by his/her employer also authenticating the medical certificate; and
• Pay slip or evidence of total annual remuneration.
• Evidence of any accrued pension rights/acknowledgement of indebtedness (if an employee in the private sector).
• Official notice of retirement. Click to download [PDF Size:21kb].
  

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Beneficiaries of Deceased RSA Holders

The employer or Next-of-Kin or the representative of the deceased shall notify any Stanbic IBTC Bank Branch or Stanbic IBTC Pensions Office of the death of the employee/retiree. Click to download form [PDF size:16kb].

Note: Beneficiaries of Deceased RSA holders with zero balances are expected to fill the Death Notification Form [PDF size:26kb] and send to the last known employer of the deceased. The Managing Director (or any qualified person) is expected to fill and forward the form to PenCom for the processing of the deceased's benefits.

Benefits Accessible

The Next-of-Kin of the deceased shall upon confirmation be entitled to the balance in the account of the deceased.

Requirements to be fulfilled by the Next-of-Kin

The Next-of-Kin shall provide a satisfactory means of identification such as current International Traveling Passport, National Identity Card or letter of confirmation of identity from his/her bank or a Notary Public.

Upon confirmation, Stanbic IBTC Pension Managers Limited will demand a combination of any of items (ii) - (vii) below, which shall serve as adequate evidence of death of the employee/retiree, while item (viii) is optional:

1. Letter of Administration or Will admitted to Probate
2. Certificate of Death/Cause of Death
3. Certificate of Registration of Death
4. Police Report (if death is by accident)
5. Burial Warrant issued by a Local Government Council
6. Evidence of Death/Burial issued by an Islamic Community Head or Judge of a Sharia Court.
7. Evidence of Death/Burial issued by a Leader of a registered church.
   Copy of obituary poster (if any)

 

We, Stanbic IBTC Pension Managers Limited, will confirm the validity of the Letter of Administration or Will admitted to Probate and sight the originals of other documents

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Beneficiaries of Missing Persons

The employer and/or Next-of-Kin shall notify any Stanbic IBTC Bank Branch or Stanbic IBTC Pensions Office of the death of the employee/retiree, or the disappearance of the employee/retiree. Such notification shall be after a minimum period of 12 months following the disappearance of the missing person. Download the missing person's form here .[PDF size:16kb].

Benefits Accessible

This will depend on the decision of the Board of Inquiry conveyed by The Commission.

Requirements to be fulfilled by the Next-of-Kin

The Next-of-Kin shall provide a satisfactory means of identification such as

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

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Related Links

• Understand the approved payment types
• Be familiar with the Pension Industry
• We invest according to the Regulatory Guidelines