Upon the demise of a retirement savings account holder, the beneficiary or any other person as may be directed by a court of competent jurisdiction will be entitled to the client’s RSA balance upon submission of a Will admitted to Probate or Letters of Administration where the client died intestate.
The employer or next-of-kin or the representative of the deceased shall notify Stanbic IBTC Pensions Managers of the death of the employee/retiree by contacting any of our offices nationwide.
Note: Beneficiaries of Deceased RSA holders with zero balances are expected to fill the Death Notification Form 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. (This applies to Public Sector employees only)
The beneficiary of the deceased shall upon confirmation be entitled to the balance in the account of the deceased.
Requirements to be fulfilled by the Beneficiary
The beneficiary shall provide the documents listed on the checklist for Deceased applications.
We, Stanbic IBTC Pension Managers Limited, will confirm the validity of the Letters of Administration or Will admitted to Probate before the application can be processed. Click here to download Deceased application checklist.