Benefit Payment Type
Benefits Administration is the process of managing and administering benefits to RSA holders who are qualified under the PRA 2014 to withdraw from their RSAs
These are the payments received by an RSA Holder/Retiree. These payments consist of contributions made into the RSA (Mandatory and Voluntary), Accrued right/Bond (where applicable) as well as returns on investment which have been accrued over time.
The application types are detailed below, kindly go through the payment types and see what you are eligible for payment. Click on submit payment request, fill the form and you will be contacted by our Customer Support Service team.
It is mandatory for all customers seeking the benefits payment to have successfully undergo the Data Recapture Exercise.
Normal Retirement
- Normal Retirement: This is for retirees who have retired according to the terms and conditions of their employment or have attained the age of 50 whichever comes later. This category can be grouped into three:
- Programmed Withdrawal: Programmed withdrawals refers to withdrawals of funds on a regular basis, which may be monthly, quarterly. A retiree who chooses programmed withdrawal option, his/her details such as gender, RSA balance, Final salary and Age at retirement will be inputted into the computation template provided by PenCom to generate his/her and lumpsum and the corresponding monthly pension. This is payable over an expected life span.
- Annuity: An annuity is a series of fixed payments paid at regular intervals over the specified period of the annuity. An RSA holder may upon retirement or attaining the age of 50 years (whichever is later), purchase an annuity from a Life Insurance Company licensed by the National Insurance Commission with monthly or quarterly payments.
- Enbloc Payment: This is for retirees who have retired according to the terms and conditions of their employment or attained the age of 50, whichever comes later but have RSA balances that could not provide 1/3 of prevailing National minimum wage. For this category, their entire RSA balances will be paid to them.
- Loss Of Job: This is when an RSA holder loses his/her job and is unable to secure another job 4 months after the loss. He/She is entitled to process 25% of his RSA balance once in his lifetime and the remaining balance shall be accessible upon attaining the retirement age or retired whichever is later.
- Retirement On Health Grounds: This is when an RSA holder exits job after being certified to be physically or mentally unfit to work by a qualified medical
board or physician.
- Death Benefit: This is processed by the legal beneficiary(ies) of a deceased RSA holder.
- NSITF: This is payable to member of the old NSITF scheme who transited to the Contributory Pension Scheme (CPS).
- Residential Mortgage: This allows RSA holders to access up to 25% of their retirement savings account balance, towards payment of equity contribution for residential mortgage.
- Voluntary Contribution (VC): for active contributor, all voluntary contribution by mandatory or non-mandatory contributors may access the contingent portion of their VC after one year from the date the voluntary contribution was made subject to Tax if withdrawal is made within 5 years of the last contribution.
- Voluntary Contribution: for contract employees i.e Retirees, Foreigners, Exempted Contributors, Political office holder’s may withdraw 50% of the voluntary contributions as contingent withdrawal before their employment /contract expires.
- Micro Pension: Micro Pension plan refers to an arrangement for the provision of pension to the self-employed and persons operating in the informal sector. Micro pension contributor is eligible to access the contingent portion of the RSA weekly.