In the event that a retirement savings account holder is reported missing, the employer or Next-of-Kin (NOK) shall notify the Pension Fund Administrator after a minimum period of 12 months. The National Pension Commission then sets up a board of inquiry to ascertain that the client is missing. After investigations have been concluded by the board of inquiry and the client presumed dead, the beneficiary of the missing client 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.
This will depend on the decision of the Board of Inquiry set up by the Commission.
Requirements to be fulfilled by the Beneficiary
The beneficiary shall provide a satisfactory means of identification such as:
- Current International Travelling Passport,
- National Identity Card or
- Letter of confirmation of identity from his/her bank or Notary Public.
If satisfied with the identity of the beneficiary, the PFA shall demand items (1) and (2) and, if available, item (3) of the list below, which shall serve as adequate evidence that the employee/retiree is missing:
- A Police Report confirming that the person has been missing with effect from the reported date, the circumstance 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.
- If satisfactory, the beneficiaries of the deceased client shall be required to provide the documents listed on the checklist for Missing Persons application.
Click here to download Missing Persons checklist.