Benefit Administration
Benefits Administration involves managing and administering payments to RSA holders who qualify under the Pension Reform Act (PRA) 2014 to withdraw from their Retirement Savings Accounts (RSAs).
These payments consist of contributions (mandatory and voluntary), accrued rights or bonds (where applicable) and returns on investment accrued over time.
The available application types are outlined below. Please review the payment options to determine your eligibility. Once you’ve identified the appropriate option, click on ‘Submit Payment Request,’ complete the form and our Customer Support Team will get in touch with you.
Applicants must undergo a successful Data Recapture Exercise before applying for benefit payments.
Normal Retirement
Normal Retirement
This applies to retirees who either retire in accordance with the terms and conditions of their employment or reach the age of 50, whichever comes later.
This category includes three payment options:
- Programmed Withdrawal
Programmed Withdrawal involves regular payments (monthly or quarterly) based on RSA balance, final salary, age and gender, computed using templates provided by PenCom. A lump sum and monthly pension are determined and paid over the retiree’s expected lifespan.
- Annuity
An annuity is a series of fixed payments made at regular intervals over a specified period. Upon retirement or reaching the age of 50 (whichever comes later), an RSA holder may purchase an annuity from a Life Insurance Company licensed by the National Insurance Commission. Payments are typically made on a monthly or quarterly basis.
- Enbloc Payment
Enbloc payment applies to retirees who either retire according to the terms and conditions of their employment or reach the age of 50, whichever comes later but have RSA balances insufficient to provide (1/3) one-third of the prevailing National Minimum Wage. In this case, the retiree will receive their entire RSA balance as a lump sum payment.
Loss of Job
RSA holders who lose their job and remain unemployed for at least four months may withdraw 25% of their RSA balance once in their lifetime. The remaining balance becomes accessible upon retirement or when reaching the retirement age, whichever comes later.
Retirement on Health Grounds
RSA holders certified by a qualified medical board or physician as physically or mentally unfit to work may access their RSA balance upon exiting employment on health grounds.
Death Benefit
In the event of the RSA holder’s death, the legal beneficiary(ies) may process and access the RSA balance of the deceased.
NSITF
This applies to members of the former NSITF scheme who transitioned to the Contributory Pension Scheme (CPS) and accrued benefits are payable.
Residential Mortgage
RSA holders may access up to 25% of their Retirement Savings Account (RSA) balance to fund the equity contribution for a residential mortgage.
Voluntary Contribution (VC): For Active Contributors
Active contributors can access the contingent portion of their voluntary contributions—whether mandatory or non-mandatory—after one year from the date of the contribution. Please note that such withdrawals are subject to tax if made within 5 years of the last contribution.
Voluntary Contribution (VC): For Contract Employees
Retirees, foreign nationals, exempted contributors and political office holders may withdraw up to 50% of their voluntary contributions as a contingent withdrawal before their employment or contract expires.
Micro Pension
The Micro Pension plan is designed to provide pensions to the self-employed and individuals in the informal sector. Micro Pension contributors are eligible to access the contingent portion of their RSA on a weekly basis.