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.
3 STEPS TO RETIREMENT WITHDAWALS:
Step 1
6 MONTHS BEFORE RETIREMENT
6 months before retirement, visit any Stanbic IBTC Bank or Stanbic IBTC Pension Office and submit the following documents:
A letter of notification of retirement issued by your employer.
A document confirming that the retirement is in accordance with terms and conditions of employment.
Pay slip or evidence of total annual remuneration.
Evidence of any accrued pension rights/acknowledgement of indebtedness (if an employee in the private sector), as well as any outstanding pension contribution.
Within 5 days you will receive confirmation that we have gotten the documents via telephone, email and sms. At the same time, we are required to get confirmation from your employer that all your accrued rights and benefits have been paid into your RSA.
Within 5 days of receipt, your documents will be verified and we will notify you that they have been processed and sent to PenCom.
Wait till we notify you of PenCom's approval of your payments including the amount approved for both lump sum and programmed withdrawals, where applicable.
Step 3
SIT BACK AND RELAX - ENJOY YOUR RETIREMENT
We will notify you free of charge via email and sms of all payments made into your bank account
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