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Benefits Application
When an RSA holder retires from active service, he/she may access the balance in the RSA. Upon attaining the age of 50 years, the Retiree is at liberty to choose between Programmed Withdrawal offered by CardinalStone Pensions or Annuity offered by a licensed Insurance Company.
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Where a Retiree opts for programmed withdrawal, the RSA balance must have been transferred to the Retiree Fund Account Lump Sum/Programmed withdrawal. Where the Retiree opts for Annuity as against Programmed Withdrawal, Lump Sum is to be paid from the Retiree fund account and the RSA Balance (premium), transferred to an Insurance Company of choice.
An employee may access his/her RSA when the individual ceases to make further contributions into the RSA as a result of the following;
Early retirement occurs when an employee disengages from active service in accordance with the terms and conditions of service, before attaining the age of 50 years.
Benefit Accessible
An RSA holder in this category shall be entitled to 25% of the RSA balance, upon request, provided that the individual has been out of job over a period of 4 months.
The RSA holder will be required to submit the following documents
- Letter of request addressed to the Managing Director of CardinalStone Pensions
- A copy of Applicant’s employment and disengagement/Exit letter from the employer
- Birth Certificate or Sworn Declaration of Age
- Benefit Application Forms {(i) Personal Data Form and (ii) Bank Account Form}, both forms should be obtained from the PFA
- Letter of Confirmation of account details from the Applicant’s Bank
- Valid Means of Identification:- Any of these {National ID Card, Driver’s License, Valid international Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public}
- Letter of Confirmation of Accrued Pension remittance/Acknowledgement of Indebtedness from the employer
- Two (2) Passport Photographs
Mandatory retirement occurs when an employee disengages from active service at the retirement age or completion of the length of service (whichever is later) based on the terms of his/her employment, after attaining the age of 50 years.
Benefit Accessible
A Retiree in this category shall be entitled to the balance in his/her RSA. The balance can be accessed by;
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.
Benefit Accessible
RSA Holder in this category can access the balance in his/ her RSA either through an Enbloc payment (if the RSA balance is less than NI,600,000.00) or through a Lumpsum and Programmed withdrawal/Annuity payment.
Requirements
An employee retiring on medical grounds or his/her representative or the employer shall be requested to 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).
- The letter of notification of retirement issued by the employer also authenticating the medical certificate;
- Payslip or evidence of total annual remuneration.
- Evidence of any accrued pension rights/acknowledgment of indebtedness (if an employee in the private sector).
In line with the Pension Regulation, the retiree may re-enter the Scheme if he/she obtains a medical certification of fitness from a properly constituted Medical Board or a suitably qualified physician and upon securing employment. Such re-entry automatically ends the withdrawal option and empowers the employee to resume contributions into the RSA.
The employer or Next-of-Kin or the representative of the deceased shall notify any CardinalStone Pensions offices of the death of the employee/retiree. Download Death Notification Form for CardinalStone Pensions.
Note: Beneficiaries of Deceased RSA holders with zero balances are expected to fill the Death Notification Form from PenCom 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.
Benefit 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, CardinalStone Pensions will demand a combination of any of items (ii) – (vii) below, which shall serve as adequate evidence of the death of the employee/retiree, while item (viii) is optional:
- Letter of Admission or Will admitted to probate
- Certificate of Death/Cause of Death
- Certificate of Registration of Death
- Police Report (if death is by accident)
- Burial Warrant issued by a Local Government Council
- Evidence of Death/Burial issued by an Islamic Community Head or Judge of a Sharia Court.
- Evidence of Death/Burial issued by a Leader of a registered church.
- Copy of obituary poster (if any)
We, CardinalStone Pensions, will confirm the validity of the Letter of Administration or Will admitted to Probate and sight the originals of other documents.
The employer and/or Next-of-Kin shall notify any CardinalStone 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 Dead/Missing Persons Notification Form
Benefit 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.
Upon confirmation, CardinalStone Pensions will demand following documents for processing of payment of the Missing Person Benefits
- A Police Report confirming that the person has been missing with effect from the reported date, the circumstances of the disappearance and that the person has not been found after 12 months.
- Letter of confirmation of disappearance from the employer (if in active employment at the time of disappearance) also bearing the passport photograph of the missing person.
- Newspaper publication announcing the disappearance of the person.
- Birth certificate or sworn declaration of the age of the missing person
- Two (2) passport photographs of the missing person
- Letter of Administration or Will admitted to probate
- Means of identification of the Next of Kin. Current International Traveling Passport, National Identity Card, Driver’s License or a letter of confirmation of identity from his/her bank or a Notary Public.
- Banker’s Confirmation of Bank Account of Next of Kin
- Dead/Missing Person Notification Form
Expatriates working in Nigeria can access the funds in their Retirement Savings Accounts (RSAs) upon relocating to their home countries.
Benefit Accessible
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Requirements
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The National Pension Commission (PenCom) has officially approved guidelines allowing RSA holders to use a portion of their retirement savings to contribute to the equity payment for a residential mortgage. This new initiative aligns with Section 89 (2) of the Pension Reform Act 2014 (PRA 2014).
Eligibility
RSA holders with less than three years until retirement and Micro Pension contributors with fewer than 60 months of contributions prior to application are ineligible.
RSA Record Updates
RSA holders registered before July 1, 2019, must update their records through the RSA Data Recapture Exercise.
Property Offer Letter:
A signed and validated offer letter from the property owner and mortgage lender is required.
Maximum RSA Contribution
Only 25% of the total required RSA balance can be used for the mortgage, regardless of the lender’s requirements.
Mortgage Lender Requirements:
Lenders must participate in the Contributor Pension Scheme, hold a current Pension clearance certificate, and be licensed by the Central Bank of Nigeria (CBN).
For more details on accessing your RSA balance for mortgage purposes, please click here.
An Enbloc payment is administered where the RSA balance is less than or equal to N550,000.00. A Lump Sum/Programmed Withdrawal or Annuity is administered where the RSA balance is above N550,000.00. For EnBloc payment, the retiree will be required to submit the following documents
Required Documents;
- Letter of request addressed to the Managing Director of Radix Pension Managers Limited
- A copy of the Applicant’s employment and disengagement/Exit letter from the employer
- Birth Certificate or Sworn Declaration of Age
- Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form (iii) Notice of Retirement Form (iv) Retiree Indemnity Form}, all forms should be obtained from the PFA
- Letter of Confirmation of account details from the Applicant’s Bank
- Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public)
- Letter of Confirmation of Accrued Pension remittance/ Acknowledgement of Indebtedness from the employer
- Two (2) Passport Photographs
Upon attaining the age of retirement, every RSA holder is entitled to a lump sum withdrawal provided the amount left in the RSA after withdrawal of the lump sum, will be sufficient to fund programmed withdrawals over the expected life span or Annuity.
Required Documents;
- Letter of request addressed to the Managing Director of CardinalStone Pensions
- A copy of the Applicant’s employment and disengagement/Exit letter from the employer
- Birth Certificate or Sworn Declaration of Age
- Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form (iii) Notice of Retirement Form (iv) Retiree Indemnity Form (v) Pensioner’s Life Certificate}, all forms should be obtained from the PFA
- Letter of Confirmation of account details from the Applicant’s Bank
- Last Pay-slip from the employer
- Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public )
- Letter of Confirmation of Accrued Pension remittance/Acknowledgement of Indebtedness from the employer
- Four (4) Passport Photographs
- Retiree Consent Form (Should be Obtained from the PFA)
- Programmed Withdrawal Agreement (for Lumpsum/Programmed Withdrawal) or the Provisional Annuity Agreement (for Lumpsum/Annuity), Agreements should be obtained from either the PFA or Life Insurance Company depending on the choice of the Retiree
Programmed withdrawal refers to a periodic withdrawal of Pension which may be monthly or quarterly depending on the retiree’s choice.
As an RSA holder upon attaining retirement age or age 50 (whichever is later), you can request for the balance in your RSA to be paid out to you via programmed withdrawals.
Required Documents;
- Letter of Retirement/Disengagement letter.
- Letter of Employment/Offer Letter.
- Pay slip for the last 3 months before disengagement.
- Valid ID (Any one of voter’s card, International Passport, NIMC Slip, National ID card, or Driver’s License).
- Confirmation of contribution remittances from the previous employer
- Indemnity form (Public sector employees).
- Birth Certificate/Age Declaration.
- One-day bank statement/Confirmation of Account.
- A completed benefit application form.
- 2 Passport photograph (to be attached to the benefit application form)
An Annuity is a stream of retirement income paid to a retiree by a life insurance company on the basis of a contract between the two parties.
Required Documents;
- Letter of request addressed to the Managing Director of CardinalStone Pensions
- A copy of the Applicant’s employment and disengagement/Exit letter from the employer
- Birth Certificate or Sworn Declaration of Age
- Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form (iii) Notice of Retirement Form (iv) Retiree Indemnity Form (v) Pensioner’s Life Certificate}, all forms should be obtained from the PFA
- Letter of Confirmation of account details from the Applicant’s Bank
- Last Pay-slip from the employer
- Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public )
- Letter of Confirmation of Accrued Pension remittance/Acknowledgement of Indebtedness from the employer
- Four (4) Passport Photographs
- Retiree Consent Form (Should be Obtained from the PFA)
- Programmed Withdrawal Agreement (for Lumpsum/Programmed Withdrawal) or the Provisional Annuity Agreement (for Lumpsum/Annuity), Agreements should be obtained from either the PFA or Life Insurance Company depending on the choice of the Retiree
An RSA holder with Voluntary Contributions can access the contribution based on the withdrawal guidelines. The Income generated on Voluntary Contribution is subject to tax where the Contribution is less than 5 years of commencement.
See below the Voluntary Payment Income Tax Calculation
1st N300,000.00 – 7%
Next N300,000.00 – 11%
Next N500,000.00 – 15%
Next N500,000.00 – 19%
Next N1,600,000.00 – 21%
Next N3,200,000.00 – 24%
Required Documents;
- Letter of request addressed to the Managing Director of CardinalStone Pensions
- A copy of the Applicant’s Employment letter from the employer
- Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form}, both forms should be obtained from the PFA
- Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public )
- Letter of Confirmation of account details from the Applicant’s Bank
- Taxpayer ID and Tax Identification Number (TIN NUMBER)
Every contribution received is split into two portions: The Contingent portion (40%) and the Retirement Benefit portion (60%). They can be accessed as stated below:
Contingent Withdrawal
The Contingent portion of the contribution can be accessed totally or partially, only after the initial remittance has stayed in the RSA for at least 3 months. Thereafter, subsequent withdrawals can be accessed once in a week. Contributors have the option of converting their contingent portion to retirement benefit portion totally or partially at the end of each year.
Retirement Benefit Withdrawal
Contributors upon retirement and having attained the mandatory age of 50 years can access their retirement benefits in line with the Regulation for Administration of Retirement and Terminal benefits. This is also applicable to contributors that retired on medical grounds.
Required Documents;
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