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Home > Frequently Asked Questions
STATEMENTS
Q: How do I generate my statement online? A: To generate your statement online, simply follow the steps below: Q: I cannot understand some of the terms used on the statement, please explain: A: Here are some of the popularly used terms: Q: Why does my account balance fluctuate? A: The difference observed in your Retirement Savings Account (RSA) balances is a result of the changes in the RSA Fund's unit price. These price changes are a summary of the investing activities of the fund. The unit price of the RSA Fund is computed by dividing the Net Asset Value (NAV) of the Fund (contributions + appreciation/depreciation) by the actual contributions received. However, because up to 25% of the Fund can be invested in stocks (whose prices rise or fall daily) the unit price of the Fund may appreciate or depreciate over time. We expect the RSA Fund to appreciate over the long term, as long as the Nigerian economy continues to perform well.LOGIN Q: How do I register for online access? A: Once you open a Retirement Savings Account with us, and your Personal Identification Number (PIN) has been generated, an online account will automatically be opened for you and login details will be sent to you on your Pension Registration Certificate. Q: Can I reset my password online? A: Yes your password can be reset by following the steps outlined below Q: Where can I get my login details? A: Login details can be found on your Pension Registration Certificate which would have been sent out to you when your Retirement Savings Account was opened with us. Alternatively you may send an email, using your registered email address, to PensionSolution@stanbicibtc.com requesting this. Once your email address is verified on our database, a duplicate copy of your Pension Registration Certificate will be sent to your registered email address.CHANGE REQUEST Q: Is it possible to update my details online? A: Yes, certain fields can be changed online by clicking 'UPDATE BIODATA' from your home screen once you login to your account. Q: It appears there are some personal details that cannot be changed, please explain what they are and why A: Yes fields such as NAME and DATE OF BIRTH cannot be changed online as supporting documents are required in order to effect such changes. If you would like to change any of these identified categories, please click the following link to obtain a list of required documents for the specific change. Q: Can I change my next of kin (NOK) or register more than one person as next of kin on my account? A: Yes you can. Your Next of Kin (NOK) can be changed online on the 'UPDATE BIODATA' page, however if you would like to add an additional person, kindly send an email, using your registered email address, to Pensionsolution@stanbicibtc.com with the following details:PIN REQUESTS Q: Where can I find my PIN?
Q: What are these other pieces of information on my welcome letter?
Q: What should I do if I notice wrong information on my Pension Registration Certificate? A: If you notice any wrong information on your Pension Registration Certificate, please send us an email using your registered email address via PensionSolution@stanbicibtc.com and the error will be verified and corrected accordingly. Related Links
MINISTRY OF DEFENCE CLARIFICATION
Q: I retired from the Ministry of Defence, how do I gain access to my pension contributions? REMITTANCE ISSUE (PRIVATE SECTOR) Q: I work in the private sector and have been with my current employer for two years and no remittance has been made on my behalf. A: Making remittances on your behalf is the sole responsibility of your employer, and so when you commence any employment it is important that you provide your employer with your PIN number and our Pension Fund Custodian (PFC) details (as shown in your Pension Registration Certificate). However where these issues arise for other reasons and are brought to our attention, our Relationship Managers will work with your employers to resolve the issue.REMITTANCE ISSUE (PUBLIC SECTOR) Q: I am a public sector worker, I recently discovered that no remittance has been made on my behalf despite regular deductions from my salary? A: The National Pension Commission (PenCom) is responsible for remitting the pension contributions of employees of the Federal Civil Service. PenCom verifies with documentary evidence, the status (grade level and step) of public sector employees to determine the actual pension benefits due to individual employees. In order to process your remittance you will need to forward to us, or to the nearest Stanbic IBTC Bank branch, your letter of first appointment (showing the date of first appointment), last promotion letter and a recent stamped pay slip (showing your current grade level and step). We will forward these documents to PenCom for the verification of your pension contributions. Once remittances are made on your behalf, your account will be credited and you will be notified accordingly.CONTRIBUTIONS Q: I haven't received my RSA statement in some time. A: We typically send you quarterly statements within a month of quarter end in three different ways; via email, SMS and post. If you have not received your statement through any of these means, please check if you have updated your email, phone or address in recent times. If you have, you may update your details on our website www.stanbicibtcpension.com. Alternatively, please send the updated details, using your registered email address, to pensionsolution@stanbicibtc.com Q: I haven't received any SMS or Email Alerts in a while. A: This may be as a result of a change in your telephone number and/or email address. If this is the case, please update it online or send an email, using your registered email address, to pensionsolution@stanbicibtc.com and we will respond within 24 hours. If your telephone number and email address are current, then it could mean that your contributions have not been remitted. If that is the case, our Relationship Managers would be on hand to address this issue with your Employers and reach a resolution. Q: Where my employer fails to make monthly remittances for me what can I do? A: According to the Pension Reform Act 2004, employers are legally bound to make contributions on behalf of their employees within 7 days of salaries being paid. The National Pension Commission has an enforcement task force responsible for ensuring that defaulting employers are sanctioned. Cases like that should therefore be brought to their notice either directly or through us (your Pension Fund Administrator). Q: Where it appears that my monthly remittances are less than the amount being deducted from my monthly salary, what do I do? A: For Public Sector Workers: it is important to note that the National Pension Commission (PenCom) is responsible for remitting the contributions of employees of the Federal Civil Service. PenCom verifies with documentary evidence, the status (grade level and step) of public sector employees to determine the actual pension benefits due to individual employees. Please forward to us directly or through any Stanbic IBTC Bank branch close to you, your letter of first appointment (showing the date of first appointment), last promotion letter and a recent stamped pay slip (showing your current grade level and step). We will forward these documents to PenCom for the verification of your pension contributions. We assure you that where more remittances are made on your behalf, your account will be credited and you will be notified accordingly. A: For Private Sector Workers: please be advised that contributions are credited to individual Retirement Savings Accounts (RSAs) with narrations based on advice received from your employer. Therefore, kindly liaise with your employer showing your pay slip and RSA statement for the period in dispute. Kindly note that, as approved by the National Pension Commission, our administrative fee is N100 per month. This is deducted from your monthly total contribution. However, note that your contributions are invested thereby increasing the value of your RSA Q: How do I monitor my contributions? A: When an employee opens a Retirement Savings Account ("RSA") with a Pension Fund Administrator (PFA), that PFA is required to issue periodic statements of account showing how much has been contributed as well as returns on investment generated from the contributions. At Stanbic IBTC Pensions, we send out Periodic soft and hard copy statements to your elected email and correspondence addresses as well as Transaction Notification Services ('TNS') whenever there is a transaction on your RSA. Q: How can I make additional contributions into my account? A: Such additional contributions are called Voluntary Contributions. Voluntary Contributions are additional personal contributions that can be made alongside your RSA; this remittance must come to us through your employer. The payment schedule provided to your employer, has a column indicating Voluntary Contributions, this column will be filled with the amount of your choice. Please note that since Voluntary Contributions are not mandatory, it could be any amount of your choice. Also, note that the Voluntary Contributions made will be remitted into your existing RSA PIN and your statement of account will also show the details of your Voluntary Contributory Account to enable you monitor the growth of your Voluntary Contributory Account (VCA). Also note that any withdrawal made from your VCA before the expiration of five years from the date of remittance will be subject to tax (Please see section 7 (2) of the Pension Reform Act, 2004). It is tax exempt only when withdrawals are made after five years or when your employer confirms that the monies have already been taxed before remittance. Q: What happens to my RSA and contributions when I change employers? A: When a Retirement Savings Account is opened and a PIN created, this PIN remains with you for life. This means that a change of employers would have no effect on your account. However, when you change employers, it is important that you do two things: Q: What ensures the safety of my contributions? A: The separation of investment administration and management from custody is global best practice. This minimizes the possibility of mismanagement and fraud by operators, as PFA & PFC cannot be related. Custodians are required to separate pension assets from their own assets to eliminate commingling of funds. Furthermore, PenCom will also effectively regulate and supervise all operators in the pension industry. Q: Can I make contributions from Overseas? A: Yes. By making voluntary contributions and if the offshore pension regulator permits such transfer of funds. Q: What is the tax implication on contributions under the Act? A: Contributions under the Act are tax deductible under income tax law for both employers and employees. The retirement benefit is also not taxable. Related Links
WITHDRAWAL ENQUIRIES
Q: How can I access my funds when I retire? A: Kindly contact us either through our multilingual contact center on 012716000 or send an email, using your registered email address, to PensionSolution@stanbicibtc.com to notify us of your retirement/disengagement. Upon receipt of your notification we will advise you as to what mode of payment is available to you and the necessary documents to submit to enable you make any withdrawal from your account. Q: Can I access my funds before retirement if I have an emergency or a pressing need? A: Your Retirement Savings Account is designed to provide you with an income upon retirement therefore typically funds cannot be accessed until one attains the age of 50 (Private Sector) or upon retirement (whichever comes later). For public sector workers the retirement age is 60 or upon serving for a period of 35 years. However where a Retirement Savings Account (RSA) holder has lost employment due to involuntary exit (i.e. disengagement, downsizing, retrenchment etc) and has remained unemployed for a period of at least (6) six months, such an individual may apply for 25% of their current RSA balance. It is important to note that such an employee must not have willingly resigned from his employment. Q: Can I take all my money at once when I retire? A: A retiree who is 50 years and above, may only access the entirety of his savings when his consolidated Retirement Savings Account (RSA) balance is N550,000.00 or below. This will be paid as a lump sum since it may not be feasible to commit the balance to programmed withdrawal. Q: I was recently disengaged from my place of employment, is there any form of help that can be rendered to me? A: Please be informed that in line with the Pension Reform Act (PRA) 2004 and the Rules and Regulations of the National Pension Commission (PenCom), a Retirement Savings Account (RSA) holder below the age of 50 years is only entitled to 25% of the current balance in his/her RSA after being unemployed (involuntarily) for a period of at least (6) six months. It is important to note that such an employee must not have willingly resigned from his employment. Q: Can I use my Retirement Savings Account balance as collateral for a loan? A: Unfortunately, your retirement savings cannot be used as collateral for a loan as access to the funds is restricted until one retires or attains retirement age (whichever comes later). Therefore, if the Retirement Savings Account holder were to default on the loan the bank would not be able to recover the debt by calling on the funds as they are legally protected by the Pension Reform Act 2004. Q: What happens to my contribution when I die? A: Upon death of a Retirement Savings Account (RSA) Holder, entitlements will be paid in full first and foremost to your named beneficiary under a Will. Where the RSA holder dies intestate (i.e. without a Will), entitlements may be paid to any of the following parties (in order of priority) provided that these parties present Letters of Administration alongside other documents that would be advised upon receipt of your notification: Related Links
COMPLAINT
Q: What do I need to do to make a complaint? A: If you would like to lodge a complaint, kindly send in a letter to our head office at the following address: Alternatively, you may send the complaint, using your registered email address, to PensionSolution@stanbicibtc.com. At Stanbic IBTC Pension Managers, we value your feedback and assure you that your complaint will be addressed and resolved promptly. |
