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Frequently Asked Questions

  • Pension Related
Pension Backed Mortgage

1. What is the objective of the pension-backed mortgage?

This guideline was developed by the National Pension Commission (PenCom) to enable Retirement Savings Account (RSA) holders access a portion of their RSA balance for use as equity contribution toward securing a residential mortgage. It is also focused on bridging the housing deficit and improving the living standards of RSA holders under the Contributory Pension Scheme (CPS), by facilitating their ownership of residential homes during their working lives.

2. What percentage of my RSA balance can be used as equity contributions for the mortgage?

The maximum amount to be withdrawn for equity contribution for the residential mortgage should not be more than 25% of the total RSA balance as of the date of application, irrespective of the percentage of equity contribution required by the mortgage provider. Where 25% of the RSA balance is more than the required equity contribution, the RSA holder can only access an amount equivalent to the equity contribution required by the mortgage providers.

3. What do I do if 25% of my RSA balance is not up to the required equity contribution?

Where the value of 25% of the RSA is less than the equity contribution required by the mortgage provider, the RSA holder will be expected to provide a duly endorsed proof of payment, issued by the mortgage lender confirming that the supplementary equity contribution has been deposited before he/she can access the RSA balance. Please note that this supplementary fund cannot be withdrawn during the application process. Also, the RSA holder can utilize the contingency portion of their Voluntary Contributions (if any). Where an RSA holder wishes to include his/her VC contingent portion, NSITF and Pre-Scheme contribution as equity contribution, he/she shall sign a consent with his/her PFA to that effect

4. Are there some mandatory requirements to access the pension-backed mortgage?

Yes, an RSA holder who wants to apply for the pension-backed mortgage must have completed the Data Recapture Exercise and have both employer and employee mandatory contributions for a cumulative period of 60 months.

5. If I have utilized 25% of my RSA savings for equity contributions for a residential mortgage, can I still access 25% of my remaining balance in a situation where there is a job loss?

RSA holders that have utilized 25% of their RSA savings for equity contribution for a residential mortgage are eligible for payment of 25% of their RSA for temporary job loss, provided that such withdrawal is made after four months of cessation of employment, and the RSA holder has not secured another job. The RSA holder will however execute a consent form with his/her PFA before accessing 25% of the remaining RSA balance.

6. Are there particular Mortgage Lenders (primary mortgage bank or a commercial bank licensed by the Central Bank of Nigeria which has residential and commercial mortgage lending as a permissible activity) that I can initiate the mortgage with?

You can only engage with institutions that are licensed by the CBN to provide residential mortgages. These institutions must have met the CBN's eligibility criteria. The National Pension Commission shall also work with the CBN on an annual basis to identify Mortgage Lenders who meet the requirements of these Guidelines, and the names of these lenders shall be published on the Commission's website annually.

7. If I accessed 25% of my funds before the commencement of this guideline, can I still participate in the mortgage?

RSA holders who accessed their RSA balance due to a temporary loss of employment are eligible to access their RSAs for equity contribution, provided their RSAs have received employer and employee contributions for at least 60 months from the date of the first contribution. The RSA holder would also be required to sign a consent form with his/her PFA before accessing his/her RSA balance for the residential mortgage.

10. As a retiree under the CPS, can I access the pension-backed mortgage?

No, existing CPS retirees and exempted persons under the PRA 2014 will not be eligible to participate in the RSA equity contribution for residential mortgages.

11. What documents am I required to provide to access this service?

The RSA holder must provide an Offer Letter for the property, which must be signed by the property owner and verified by the Mortgage Lender.

12. Can the application for equity contribution for a residential mortgage be submitted by proxy?

No, the application can only be submitted in person.

13. For clients who wish to spread their 25% equity on more than one mortgage, is it possible? Or only one withdrawal is permitted?

The guideline allows for only one withdrawal.

14. Can the mortgage be used for rent payments or ongoing building projects?

No, it cannot. The pension-backed mortgage can only be used for the purchase of residential properties through a mortgage lender.

15. Can spouses who belong to different Pension Fund Administrators (PFAs) and are desirous of accessing 25% of their RSA balance jointly secure the equity for their mortgage? How will they go about it?

Yes, they can.  However, the guideline specifies that each RSA holder must individually meet the eligibility criteria; thus, they must apply separately based on the amount they can access.

16. As a Micropension Client, how do I qualify for the pension-backed mortgage?

A Micropension contributor will be able to access equity contributions for a residential mortgage if he or she has contributed to his or her RSA for a minimum of 60 months. Where the Micro Pension Contributor wishes to include his/her contingency portion as equity contribution, he/she will sign a consent with his/her PFA to that effect.

17. For clients who have accessed 25% of their RSA balance, can they still secure the 25% equity?

Yes, they can. However, RSA holders will execute a consent with the PFA

18. Must I have a cumulative contribution of 60 months to qualify for the pension-backed mortgage?

Yes, you must have a cumulative minimum period of up to 60 months of employee/employer contributions in your Retirement Savings Account in order to qualify for the pension-backed mortgage

19. If an RSA Holder decides to discontinue the application midway, can it be reversed?

Yes. Where the RSA holder or the Mortgage Lender is unable to complete the mortgage process prior to the execution of the "Deed of Assignment," the Mortgage Lender must refund the PFC's equity contribution.

20. In the case of joint applicants, what happens upon the death of one of the parties?

Where the death occurs before the "Deed of Assignment" is executed, the surviving partner has the following options:
I. Proceed with the mortgage application until the cashflow is deemed adequate.
II. Cancel the application if cashflow is deemed insufficient.
III. Downscale the property to a smaller property that can accommodate the surviving partner's cash flow. In this case, the applicant will have to restart the application process.

21. Can I use my Retirement Savings Account balance as collateral for a Mortgage scheme?

Following the enactment of the Pension Reform Act (PRA) 2014, Section 89 (2) of the Act provides that a Pension Fund Administrator (PFA) may subject to guidelines issued by the National Pension commission apply a percentage of the pension assets in a Retirement Savings Account (RSA) towards the payment of equity contribution for a residential mortgage by a RSA holder.

Micro Pension

1. What is the Micro Pension Plan?

The Micro Pension Plan is an arrangement for the provision of pension to the self-employed and persons operating in the informal sector through the Contributory Pension Scheme. The primary objective of Micro Pension Plan is to provide retirement benefits to the Micro Pension Contributor.

2. How do I know if I can participate in this plan?

The underlisted individuals with legitimate sources of income are eligible for participation in the Micro Pension Plan under Section 2 (3) of the Pension Reform Act (PRA) 2014:

  1. Self-employed individuals that belong to a Trade, Profession or Business Association
  2. Self-employed individuals with a business registration as a company, partnership or enterprise
  3. Employees operating in the "informal sector" who work with or without formal written employment contracts
  4. Other self-employed individuals

3. How do I register?

An eligible individual may choose to register under the Micro Pension Plan by opening an RSA with a PFA of choice and providing the requisite documentation as specified by the PFA.

4. Am I mandated to contribute a certain amount every month?

A Micro Pension Contributor may choose to contribute any amount towards his/her pension either daily, weekly, monthly or as may be convenient. All contributions are however expected to be made in Nigerian Naira (NGN).

5. How do I withdraw from my contributions under the Micro Pension plan?

The contributions under the Micro Pension Plan is divided and managed as two separate funds namely: Micro Pension Contingent Fund wherein 40% of the contributions will be payable for contingent withdrawals and the Micro Pension Retirement Benefits Fund wherein 60% of the contributions will be payable as retirement benefits in line with the PRA 2014 withdrawal guideline.

6. Can I convert from the Micro Pension Plan to the Contributory Pension Scheme?

Yes you can convert to the Contributory Pension Scheme when you have secured employment in the formal sector with an organization that has 3 or more employees.

7. How do I convert from Micro Pension plan to the Contributory Pension Scheme?

You should formally request for conversion by filling the Retirewell Transfer Request Form. Please click here to download a copy of the form. You can send a completed copy of the form alongside your employment offer letter to [email protected] or submit at any Stanbic IBTC branch 

8. Does my RSA PIN change when I convert to the Contributory Pension Scheme?

No the RSA PIN remains the same.

9. What happens if I do not convert to the Contributory Pension Scheme after securing a formal employment?

You will be automatically moved to the Contributory Pension Scheme once your employer has made 2 contributions. 

Multi-Fund Structure

The National Pension Commission (“PenCom”) recently published/released the Amended Regulation on Investment of Pension Fund Assets for the Pension Industry. The new investment guideline introduces a multi-fund structure, which would replace the “one size fits all” structure that puts all active contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile of such contributors.

What is the multi-fund structure?

The multi-fund structure was introduced by the National Pension Commission (PenCom) to add to the previous Retirement Savings Account (RSA) Active and Retiree Funds. The multi-fund is divided into six (6) funds – Fund I, Fund II, Fund III, Fund IV, Fund V & Fund VI and each fund differs based on their overall exposure to variable income instruments, from equities to non-interest-bearing assets. The goal is to ensure that every RSA holder has their pension funds invested according to their age, religious preferences and investment risk profile. Please Click here for a quick summary of the multi-fund structure 

What is the difference between the 6  Funds?

The respective funds differ based on their overall exposure to variable income instruments such as equities (that is, Ordinary Shares) and the age profile of the members. (See table below for your review)

Fund Type

Exposure to Variable Investment Instruments

Asset Class

Membership

Fund I

Maximum of 75% of Portfolio

  • Variable income instrument
  • Fixed income instrument

Strictly based on request but not accessible to Retiree and active contributors of 50 years and above.

 

Fund II

Maximum of 55% of Portfolio

  • Variable income instrument
  • Fixed income instrument

Default for active contributors of 49 years and below

 

Fund III

Maximum of 20% of Portfolio

  • Variable income instrument
  • Fixed income instrument

Default for active contributors of 50 years and above

 

Fund IV

Maximum of 10% of Portfolio

  • Variable income instrument
  • Fixed income instrument 

Strictly for Retirees

 

Fund V

Maximum of 5% of Portfolio

  • Variable income instrument
  • Fixed income instrument 

Strictly for  active contributors in the informal sector

 

Fund VI - Active

Maximum of 55% of Portfolio

  • Variable income instrument
  • Fixed income instrument 

For active contributors who are 49 years and below. Funds are managed with ethical considerations

 

Fund VI - Retiree

Maximum of 100% of Portfolio

  • Variable income instrument
  • Fixed income instrument 

For retirees retired who wants their funds to be managed in an ethical manner

 

 

What are variable income instruments?

Variable income instruments are investments that generate income or returns that cannot be pre-determined from the date the investments were made. In addition, the prices of such instruments fluctuate daily. Instruments in this category include Ordinary Shares, Collective Investment Schemes (“CIS”) such as Mutual Funds, Real Estate Investment Trust; Infrastructure Funds and Private Equity Funds.

Such investments have potentials to generate high returns over the long term but could be risky owing to uncertainty and fluctuations in market prices and returns.

What has age and risk profile got to do with how my pension funds are invested?

In investing money, everyone has a limit to the amount of risk that they can take and the amount of uncertainty they can handle. This is known as risk tolerance. Typically, younger people tend to have more capacity for risk because they still have time to recover from loses (if any). Once a person is nearing retirement, it is advisable that they limit the amount of risks they take and reduce exposure to uncertainty as they would start drawing down on their pensions within a short period.

Consequently, the allowable exposures to variable income instruments have been designed such that Fund I has the highest allowable limit, followed by Fund II, III and IV respectively. This reduces the risk and uncertainty of contributors in line with their ages.

Can I decide which Fund Type to be assigned to?

Yes, an active contributor can elect to move between Funds but this is subject to eligibility: 

  • Fund I - suitable for active contributors who are 49 years and below with high-risk appetite. A contributor below the age of 50 years who wishes to move to this fund, would need to make a request to the pension fund administrator
  •  Fund II – the default fund you are assigned to upon registration. Active contributors who are 49 years and below are eligible for this fund
  • Fund III - strictly for active contributors who are 50 years and above but yet to retire from paid employment 
  • Fund IV - strictly for retirees (50 years and above)
  • Fund V – strictly for active contributors under the micro-pension scheme
  • Fund VI - for any active contributor who prefers his/her retirement savings to be invested in ethical, non-interest-bearing instruments

If you’d like to switch funds, please complete this form and submit at any of our branches. The form can also be sent to [email protected] with a valid means of identification. 

How often can I move between Fund types?

An active contributor may switch from one Fund type to another Fund type within a PFA, once in 12 months without paying any fees (subject to a formal application).

 

Any additional requests for switches among Funds within a 12 month period by the active Contributor shall attract a fee, of an amount not less than a minimum value, to be determined by PenCom from time to time.

 

When will the 12 month period start counting, will it be from the date of commencement or from the date of my first switch?

The 12-month period starts counting from the date of your first switch


Are there any benefits in this multi-fund structure?

Yes, there are. One of the main benefits of the multifund structure is that it gives RSA holders control over how their pension funds are invested based on their individual risk tolerance. For instance, an RSA holder in Fund III owing to the default classification based on age, may have more tolerance for risk and could elect to be assigned to Fund II.

Can I be assigned to my preferred fund immediately after I submit the request to switch funds??

Yes, as soon as you submit a formal request to your PFA, your RSA will be switched to the fund type of your choice at the prevailing fund price as at the date of the movement.

To change your fund type, please use your RSA PIN, email address, or mobile number and passcode to log into your Retirement Savings Account (RSA) on our secure website (MyPension Portal), click on Multifund switch from your dashboard and follow the prompts. You can also login via the Mobile app, click on request and navigate to the Multifund Transfer request tab to initiate the switch.

Alternatively, you may click here to access the multi-fund switch form. Once completed, kindly send to [email protected] with a valid ID or submit the completed form at any of our offices near you. 

Note: you would be unable to switch to another fund type more than twice within a year 


Who takes the ultimate switch responsibility between the contributor and the PFA?

Whilst the contributor has the right to switch between funds depending on his or her preference, the PFA will be responsible for effecting the switch upon receipt of a formal request from the contributor. The PFA is also in a position to provide financial advice to contributors to assist in assessing risk and making an informed decision.

What are the impacts on my pension balance when my PFA moves into the multi-fund structure?

The balance in your RSA will not change due to the movement to the multi-fund structure because the entire balance would be moved to the appropriate fund without charges. However subsequent growths in your balance would depend on contributions such as the mandatory monthly contributions, voluntary contributions as well as returns generated by the PFA on that particular fund.

What is/are the requirement(s) for switching from one fund type to another?

In order to switch from one fund type to another, a formal request must be submitted by the contributor to his or her PFA.

Do I need to seek an advice from external financial advisor or my PFA before taking a decision to switch?

Whilst you are at liberty to seek advice from external financial advisers, information on our various funds’ performances are published on our website. This will help you make an informed decision. Please click here for more details

If my date of birth is wrongly captured, which Fund Type will my PFA profile me?

Your date of birth on the record of your PFA will determine your Fund Type. By default, if your date of birth on the record puts your age to be less than 50 years, you will be in Fund II. However, if your date of birth puts you at age 50, you will automatically be moved to Fund III

Will I be able to move back to the preferred fund free of charge after my date of birth correction (especially when my date of birth was wrongly captured by my PFA)?

Yes, you will be able to move free of charge given that a contributor has the option to move from one eligible fund to another for free, once within a 12 months period.

Can I split my voluntary contribution in a separate Fund Type while my mandatory goes into another Fund Type?

Every RSA holder is entitled to only one Pin for all types of contributions. Consequently, your voluntary contribution will be in the same Fund as your mandatory contribution.

Will the RSA and VC funds have separate fund price or the same?

The RSA and VC will have the same fund price because they will be invested in the same fund the contributor selects.

How are the Fund Prices for each of the funds under the Multi-Fund structure determined at the point of crossing over to the new structure and what happens to the Old Fund Price and units?

At the inception of the Multi-fund structure, Fund I, III and V commenced at a fund price of N1 per unit while the fund types in existence prior to the multi-fund structure continued at their prevailing fund prices. Fund VI will also commence at N1 per unit.

To view the various fund prices for each fund, please click here

What are the multi-funds options for Approved Existing Schemes?

Approved Existing Schemes are governed by the Board of Trustees who have the right to structure the portfolios in the best interest of the beneficiaries subject to PenCom’s approval. Consequently, the BOTs of contributory AESs can amend their agreements and restructure them along the lines of the Multi-Fund structure.

What impacts do Multi-Fund structures have on my future pension assets at the point of retirement?

The Multi-Fund structure provides more alignment between your retirement goals, risk appetite and age. For example, RSA holders who are 50 years and above (i.e. closer to retirement) are moved to Fund III which is a moderately conservative fund to ensure sustainable returns on their funds.
Consequently, with the Multi-Fund structure, there is a better chance for your pension assets to meet your retirement goals.


Once an RSA holder makes a withdrawal such as 25% and then becomes unemployed, can he request that his funds be moved to another fund structure since no contributions are entering his RSA?

The regulation does not restrict movements due to withdrawal of 25%. As long as the individual is below 50 years, the option is to switch between Fund I and Fund II.

Is it possible for a client below 50 years to move to fund III?

No, Fund III is strictly for active contributors of 50 years and above.

If I decide to switch from Fund II to Fund I, can I switch back to Fund II?

Yes, but it will be at a cost if you intend to switch back to Fund I within 12 months.

Will I have access to the financial reports of other funds?

The annual financial reports of the RSA Funds of all PFAs are published once a year in at least 2 national dailies. In addition, the fund prices would be published daily on the websites of the PFAs.

With the new multi-fund structure, can I be given the option to choose which specific variable income instruments my funds can be invested in?

No, the regulation only allows contributors to select a Fund, but the PFAs would continue to have the responsibility of selecting the specific instruments that the Funds would be invested in.

 

Will the charge for moving between funds be deducted from the RSA or paid as a separate amount in to the bank?

The charge would be deducted from the RSA balance of the contributors.

Change Request

Can I change my next of kin or register more than one person as next of kin on my account?

Yes, your Next of Kin (NOK) details can be updated online by clicking on "My Profile" or “Update My Information” from your dashboard after logging into your account via the MyPension Portal, or by clicking “More” and navigating to “Client profile” if you are using the mobile app. However, if you would like to add an additional NOK, kindly complete this Update form with the information of the new Next of Kin and send an e-mail, using your registered email address to  [email protected] .

If your request is sent via an email not registered on our records, you will be required to fill a change request and email indemnity form as well as attach a copy of your valid means of ID (which could be a Driver’s License, National Identity card, International Passport or Permanent Voters Card) and scan back  to  [email protected] .

You can also visit any of our branches nationwide to update your NOK details.

Is it possible to update my details online?

Yes, you can modify your details online by clicking on "My Profile" or “Update My Information” from your dashboard after logging into your account via the Secured website (MyPension Portal), or by clicking “More” and navigating to “Client profile” if you are using the mobile app. You can update either your registered email address or mobile number (both cannot be updated at the same time) as long as you have access to one of them for authentication (one time password) and completion of security checks before the updates are carried out. Other information that can be updated online include the correspondence address, employer name, and Next of Kin (NOK) information. 

Are there some personal details that cannot be changed online? Please explain what they are and why?

Name, Date of Birth, Bank Verification Number (BVN) and National Identification Number (NIN) cannot be altered online. Changes in name and date of birth necessitates the submission of supporting documents, whereas the BVN and NIN fields contains unique identification numbers assigned to an individual by the Central Bank of Nigeria which the individual is required to keep for the rest of his or her life

Change in Employer name

Your Employer details can be updated by logging into your account online via the MyPension Portal and clicking "My Profile" or “Update My Information” from your dash board.

If you are unable to locate your employer on the list of the employer names, this implies that your employer is not registered on our database. To register your employer’s details, please advise your employer to provide us with the documents listed below:

  • Letter from employer requesting for employer code (letter must be on Company’s letter head)
  • A copy of your employer’s Certificate of Incorporation
  • Evidence of Taxpayer’s Identification Number (TIN)
  • Details of your employer is to be populated on this Cover list for Employer code registration 


Change in Mobile telephone number

 Your mobile number can be updated by logging into your account online via the My PensionPortal and clicking "My Profile" or “Update My Information” from your dashboard. You can also send your request to [email protected] using your registered email address. Please note that if your request is sent via an unregistered email address, you will be required to fill and scan a change request and email indemnity form as well as attach a copy of your valid means of ID which could be a Driver’s License, National Identity card, International Passport or Permanent Voters Card and scan back to [email protected].

You can also visit any of our branches nationwide to update your mobile number. 

Change in Date of Birth

Following the Revised RSA Registration Guidelines provided by the National Pension Commission (PenCom) on the process for Change of Date of Birth, all requests for Change of Date of Birth by existing RSA holders must correspond with the date of birth on the National Identity Management Commission's (NIMC) database.

To update your date of birth on our records, please send copies of the supporting documents to  [email protected].

You can also submit the documents at any of our office nationwide.

Change in Name

To change your name on our records, please complete this update form and scan back to us with the supporting documents listed here or submit the documents at any of our branches nationwide

What other channels can I use to update my data?

You can have your details updated via the following channels:

  • By logging into your Retirement Savings Account (RSA) on our secured website (MyPension Portal) with your RSA PIN or email address or mobile number and passcode 
  •  By completing our Client Request Form and submitting at any of our branches nationwide
  • By sending an email to [email protected].

For enquiries, please do not hesitate to contact us via our24 hours 7 days a week multilingualContact Centre on 01 271 6000 or send an e-mail to [email protected].

Complaints

How do I make a complaint?

The following options are available for making a complaint based on the service channel/medium most convenient for you:

  • You may call our 24hours 7days a week multilingual contact centre on 01 2716000 / 02014631100
  • Send your complaint to [email protected]
  • Chat with us via our website - www.stanbicibtcpension.com
  • Visit any of our branches nationwide
  • You can as well send a letter to us through:

        The Head Client Communication 
        Stanbic IBTC Pension Managers Limited
        Plot 1678 Olakunle Bakare Close
        Off Sanusi Fafunwa Street
        Victoria Island
        Lagos State.

  • Social media platforms:

           www.facebook.com/stanbicibtc 
           www.twitter.com/stanbicibtc 

Contributions

Can I continue to contribute to my RSA after I have retired and accessed my retirement benefits?

Yes, a retiree receiving monthly pension, who secures another employment after retirement can continue to contribute into his/her Retirement Savings Account (RSA).
The contributions received will be credited to the retiree’s account as Voluntary Contributions and can be accessed upon expiration of the contract employment.

How can I make additional contributions into my account?

A Retirement Savings Account (RSA) holder can make additional contributions to his account as Voluntary Contributions (VC). VCs are supplementary contributions that can be made alongside your mandatory contributions to your RSA. Remittance of VC must come through your employer. The payment schedule provided to your employer has a column for VC: this column should be imputed with the amount you choose to contribute as VC

Your VC will be credited to your existing RSA and your statement of account will also show the details of your VCs to enable you monitor the growth

For an active contributor (i.e. an individual still in employment), please note that only 50% of the VC balance that have stayed in the RSA for up to two (2) years will be available for withdrawal while the remaining 50% shall be retained in the account to augment the retirement benefits of the RSA holder at retirement.
A retiree on the other hand will be eligible to access 100% of the VC upon exit or termination of employment.
It is important to note that Pension Fund Administrators (PFAs) are mandated to apply the current Personal Income Tax (PIT) rates on both the principal and the income earned on VC withdrawn before a vesting period of five (5) years from the date of contribution. 

How do I access my pension benefits in my RSA following the recent exemption of the Military and Security Service Agencies from the Contributory Pension Scheme?

Following the enactment of the enabling legislation exempting all Military and Security Services Agencies (SSA) personnel from the Contributory Pension Scheme from January 2012, we are pleased to inform you that the National Pension Commission (PenCom) has directed the payment of the employee portion of contributions remitted for Military & SSA personnel to their personal bank accounts while the employer portion would be refunded to the Commission through the Central Bank of Nigeria (CBN).

The verification is being done in batches by PenCom in conjunction with Military Pension Board after which PenCom advises the various Pension Fund Administrators of the amount payable (inclusive of interest) to the individual clients.

Kindly liaise with your pension fund administrator (PFA) for further directives.

How do I monitor my contributions?

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 the returns on investment generated from the contributions. At Stanbic IBTC Pension Managers Limited, we send out quarterly statements to your registered email and correspondence addresses as well as Transaction Notification Services (TNS) whenever there is a transaction on your RSA. You can also monitor your account via these channels: 

• Log on to your secure account at www.stanbicibtcpension.com with your RSA PIN (PENxxxxxxxxxxxx) & Passcode or Registered Mobile Number & Passcode or Registered Email Address & Passcode. “Don’t know your passcode? Click here” on the login page if you do not have your log in details.

• Download Stanbic IBTC Mobile App: 
o Go to “Google play store” or “Apple store” (whichever is applicable on your device). 

o Search “Stanbic IBTC” then click on download. Follow the steps after installation:
- Click on Pension
- Click on “forgot passcode” and a passcode will be generated and sent to your registered email address
- Log in with your RSA PIN (PENxxxxxxxxxxxx) or Registered Mobile Number or Registered Email Address and the new passcode will be received in your email address
- Click on login to access your account.


I haven’t received any email or SMS alerts in a while. Why?

This may be because your mobile telephone number has changed, and you are yet to update your new mobile telephone number on our records. If this is the case, please send an email using your registered email address to [email protected] to update your mobile telephone number. 

You can also update your current telephone number at any of our branches nationwide.

If your mobile telephone number is correct, it could mean that we have not received any contributions on your behalf recently. In that case, kindly liaise with your employer for the remittance of your outstanding contributions.

I haven’t received my RSA statement/balance for quite a while. What is wrong?

Retirement Savings Account (RSA) balances are typically sent via SMS while statement of account are sent via email or postal address in the first month of every quarter.

If you have not received your statement/balance through any of these means, please check that you have not changed your mobile telephone number, email address or correspondence address in recent times. If you have, you will have to update your details with us. You may do this by logging on to your account through our website 
www.stanbicibtcpension.com

Alternatively, please complete our
Change Request Form and send to [email protected]. You can also update your current details at any of our branches nationwide.

What happens to my RSA and contributions when I change employers?

When a Retirement Savings Account (RSA) is opened and a Personal Identification Number (PIN) created, this PIN remains with you for life. This means that a change of employer would have no effect on your RSA.

However, when you change your employer, it is important that you do two things:

  1. Complete our Change Request Form with your new employment details and send to us via [email protected] 
  2. Provide your RSA PIN as well as our Pension Fund Custodian (PFC) account details to your new employer for remittance of your monthly contributions. Our PFC details are:

Account Name: ZPC/SIPML PENSIONS

Account Number: 1010885522

Bank: Any Branch of Zenith Bank Plc

The new employer will then continue to remit your contributions to your RSA.

What is the minimum number of employees for participation in the Contributory Pension Scheme (CPS)

The Contributory Pension Scheme (CPS) mandatorily applies to employers with 3 or more employees.

Notwithstanding the above, employees of organizations with less than 3 employees as well as self-employed persons are entitled to participate under the scheme in accordance with the guidelines issued by the National Pension Commission (PenCom).

What is the minimum rate of pension contribution?

According to the Pension Reform Act (PRA) 2014, the minimum rate of pension contributions is 18% of monthly emoluments, where 8% is to be contributed by employees and 10% by employers. However, an employer may choose to bear the full responsibility of the contributions provided that in such a case, the employer’s contribution shall not be less than 18% of the employee’s monthly emoluments.

Where it appears that my monthly remittances are less than the amount being deducted from my monthly salary, what do I do?

For Public Sector Workers: it is important to note that the National Pension Commission (PenCom) has discontinued the use of documentary evidence for remittance purposes. Public sector employees are to liaise with their employers to include their correct details on the Nominal Roll to be submitted directly to PenCom. The Nominal Roll is used by PenCom to retrieve employees’ details from various Ministries, Departments and Agencies (MDAs) to enable them determine the actual pension benefits due to individual employees based on their current grade levels and steps.

Kindly liaise with your employer to include your details on the Nominal Roll to be submitted to PenCom.

We assure you that where more remittances are made on your behalf, your account will be credited and you will be notified accordingly

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, we advise you liaise with your employer showing your RSA statement for the period in dispute.

It is also important to note that we charge an Administrative fee of N100 monthly as approved by the National Pension Commission (PenCom), which is deducted from your total contributions received. These contributions are invested on your behalf thereby increasing the value of your RSA.
 

What can I do if my employer fails to remit my monthly pension contributions?

The Pension Reform Act 2014 requires employers to remit pension contributions on behalf of their employees within 7 working days from the payment of salaries. The Act also provides that where the employer fails to either deduct or remit the contributions within the stipulated time, the employer will be liable to pay a penalty that is not less than 2% of the total outstanding contributions that remains unpaid for each month or part of each month the default continues.
 
It is important to state that the Act empowers the National Pension Commission to impose administrative or civil sanctions on erring employers and this it does through its Compliance and Enforcement Department. The Commission has also engaged the services of Recovery Agents to collect unremitted contributions as well as the interest penalty from defaulting employers.
Kindly note that employees are therefore required to liaise with their employers to ensure that their pension contributions are remitted into their Retirement Savings Accounts.

Who is exempted from the Contributory Pension Scheme?

The categories of persons exempted from the scheme are:

  1. Categories of persons mentioned in Section 291 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) i.e. the Judicial officers
  2. Members of the Armed Forces, Intelligence and Secret Services of the Federation
  3. Any employee who is entitled to retirement benefits under any pension scheme existing before 25 June 2004 (the commencement date of the scheme) or who as at the commencement date has 3 or less years to retire.

Is the Nigeria Police Force exempted from the Contributory Pension Scheme?

No, employees of the Nigeria Police Force are still under the Contributory Pension Scheme. However, the Nigeria Police Force Pensions Limited was granted a license by the Commission to carry out the business of a Pension Fund Administrator exclusively for employees of the Nigeria Police force. Employees of the Nigeria Police Force can therefore choose to transfer their RSAs from their current PFAs to the Nigeria Police Force PFA.
  

Login

Can I access my RSA online?

Yes. By visiting our secure website www.stanbicibtcpension.com  and logging in with your RSA PIN and Passcode or Registered Mobile Number and Passcode or Registered Email Address and Passcode.

Can I reset my passcode online?

Yes, you can reset your passcode online by following the steps outlined below: 

1.    Log on to our website (www.stanbicibtcpension.com). 
2.    Hover to the right hand of the screen (top section) and click on "my pension portal" then click on “Don’t know your passcode? Click here”.  
3.    This should bring you to a page where you are required to enter your complete 12-digit PIN (starting with “PEN” and without a space) or your registered mobile number or registered email address. Then click reset passcode. 
4.    Once you have done this, an alert will be sent to your registered e-mail address and mobile number advising you of your new passcode.  
5.    You will then need to login with your RSA PIN, Registered Email Address or Registered Mobile Number and the passcode received, after which you will be prompted to create any passcode (minimum of six numerical digits) of your choice as your new passcode. 
6.    Alternatively, you can reset your passcode through our Short Code service by sending RESET to 30388 via your registered mobile number. SMS costs N10 only
 

How can I get my login details?

You can retrieve your login details from our website - www.stanbicibtcpension.com by clicking on the “Don't Know your passcode, click here?", and the information will be auto-generated and sent to your registered email address and mobile number on our records. You can also:

  • Send an email to [email protected] or 
  • Reset your passcode through our Short Code service by sending RESET to 30388 via your registered mobile number. SMS costs N10 only or 
  • Call our 24 hours a day, 7 days a week multilingual contact centre on 01 2716000 / 02014631100 to request for your login details. 

How do I register for online access?

Once you open a Retirement Savings Account (RSA) with us and your RSA Personal Identification Number (PIN) is generated, an online account will automatically be opened for you and your login details will be sent to your registered email address and mobile telephone number.

PIN Requests

How can I get my Retirement Savings Account Personal Identification Number (RSA PIN)?

Your RSA Personal Identification Number (PIN) can be found in the following correspondence from us:

  • Your Pension Registration Certificate which you would have received when your account was opened with us,
  • Your statement of account which is sent to you quarterly,
  • Alternatively, you can retrieve your RSA PIN through any of the service channels listed below: 
    • Call our 24/7 multilingual contact centre on 01 2716000 / 02014631100.
    • Send an email to [email protected]  from your registered email address to request for your RSA PIN.
    • Text ‘PIN’ to 30388 from your registered mobile telephone number on our record and your PIN will be sent to you.
    • Chat with us from our website www.stanbicibtcpension.com
    • Make a request via our social media handles: Twitter, Facebook, LinkedIn and YouTube (@stanbicibtc)


I noticed that my RSA PIN is no longer valid on your records what is the problem and what can I do?

It is possible your Retirement Savings Account (RSA) Personal Identification Number (PIN) is part of the RSA PINs received in an instruction from the National Pension Commission (PenCom) to refund all contributions previously remitted into them and deactivate the account as a result of multiple registration. 

However, we request that you send us an e-mail ([email protected]) along with your RSA PIN using your registered email address notifying us of the invalidity observed to enable us review and provide an adequate response.


What are these other pieces of information on my Pension Registration Certificate?

Your Pension Registration Certificate (PRC) contains information we have, registered for you on our database. Such information includes: 

  • Your Name: Title, First name, Middle name, Surname 
  • Your Date of Birth 
  • Your mobile telephone number 
  • Your Retirement Savings Account (RSA) Personal Identification Number (PIN) 
  • Your email address 
  • Employer Name 
  • Date of Registration  
  • Correspondence address 
  • Your picture 

The PRC also contains our Pension Fund Custodian’s (PFC) account details which you would be required to provide to your employer to facilitate the remittance of your monthly pension contributions. 
 

What should I do if I notice wrong information on my Pension Registration Certificate?

If you notice any incorrect information on your Pension Registration Certificate, kindly notify us via any of our channels below:

  • Send us an email using your registered e-mail address to [email protected] 
  • Call our multilingual Contact Centre on 01 2716000 / 02014631100
  • Chat with us from our website www.stanbicibtcpension.com 
  • Send a letter to us via our Head Office address:

The Wealth House 
Stanbic IBTC Pension Managers Limited
Plot 1678 Olakunle Bakare Close
Off Sanusi Fafunwa Street
Victoria Island
Lagos State.


I got a notification to maintain another (New) Retirement Savings Account Personal Identification Number (RSA PIN).

In line with the policy of the National Pension Commission (PenCom) on multiple registration resolution, clients are required to have successfully completed the on-going Data Recapture Exercise (DRE) with the preferred Pension Fund Administrator (PFA).  

For clients who are yet to complete the DRE, they are required to submit the documents listed on the attached checklist at any of our offices close to them. It is important to note that the National Identity Number (NIN) is a mandatory requirement to complete this exercise and the information provided must be consistent with your information on the database of the National Identity Management Commission (NIMC).   

In addition, clients whose second RSA PIN is registered with another PFA are required to provide their RSA statement and registration certificate from the other PFA to enable us to engage PenCom for the transfer of the funds from the other PFA to Stanbic IBTC Pension Managers.  

Remittance Issue (Private Sector)

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. What can I do to get my remittance?

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 Retirement Savings Account (RSA) PIN number and our Pension Fund Custodian (PFC) details (as shown in your Pension Registration Certificate). However where non-remittance issues arise for other reasons and are brought to our attention, our Relationship Managers will liaise with your employer to resolve the issue. It is however important to mention that PFAs are not empowered to enforce compliance

I noticed that my account is not up to date and my employer confirmed remittance in my new name.

Please note that your name on our database and contribution schedule sent by your employer must be the same for ease of crediting your account. If your name has changed on your employer’s records and remittance has been made in the new name, we request you notify us and provide the supporting documents to enable us update your details and credit your account accordingly. 

Remittance Issue (Public Sector)

I am a public sector worker; I recently discovered that no remittance has been made on my behalf despite regular deductions from my salary?

There are two categories to this – Treasury funded organizations and those on the Integrated Personnel and Payroll Information System (IPPIS)

The National Pension Commission (PenCom) is responsible for remitting the pension contributions for treasury funded ministries, departments & agencies (MDAs). PenCom determines the actual pension benefits due to individual employees based on the Nominal rolls submitted by their employers. You are to liaise with your employer to include your correct details on the Nominal roll to be submitted directly to PenCom

Contributions for ministries, departments & agencies (MDAs) under Integrated Personnel and Payroll Information System (IPPIS) are remitted by the Office of the Accountant General of the Federation.

Kindly liaise with any federal pay office near you.

 

What should I do if I observe that my monthly remittances are less than the amount being deducted from my monthly salary?

For Public Sector Employees: it is important to note that the National Pension Commission (PenCom) has discontinued the use of documentary evidence for remittance purposes. Public sector employees are expected to liaise with the pension desk officers of their organisations to include their correct details on the Nominal Roll that will be submitted directly to PenCom. The Nominal Roll is used by PenCom to retrieve employees’ details from various Ministries, Departments and Agencies (MDAs) to enable them determine the actual pension contribution deduction due individual employees based on their current grade levels and steps.

Kindly liaise with your employer to include your details on the Nominal Roll to be submitted to PenCom. We assure you that where additional remittances are made on your behalf, your account will be credited and you will be notified accordingly.

For Private Sector Employees: please be advised that contributions are credited to individual Retirement Savings Accounts (RSAs) based on the remittance advice received from the employer. Therefore, we advise that you liaise with your employer on the disputed remittances for prompt resolution.

It is also important to note that we charge an Administrative fee of N100 monthly as approved by PenCom. This fee is deducted from the total contributions received for each month. The net contributions are subsequently invested on behalf of our clients.   

 

Why was there a deduction of excess contributions from my RSA?

The National Pension Commission (PenCom) is responsible for the remittance of pension contributions for employees of treasury funded public sector institutions yet to adopt the Integrated Personnel and Payroll Information System (IPPIS).

A reconciliation of remittances into your RSA was carried out by PenCom and we received an instruction to refund the excess amount remitted   into your account prior to when your employer migrated to IPPIS. Reconciliation is also carried out by PenCom on receipt of Nominal Roll submissions by MDAs to ascertain if prior remittances made based on Documentary Evidence submissions were adequate and where there were overpayments, refunds are requested by PenCom.
 

I noticed that my account is not up to date and my employer confirmed remittance in my new name.

Please note that your name on our database and contribution schedule sent by your employer must be the same for ease of crediting your account. If your name has changed on your employer’s records and remittance has been made in the new name, we request you notify us and provide the supporting documents to enable us update your details and credit your account accordingly. 

Statements

How do I generate my statement online?

To generate your Retirement Savings Account (RSA) statement online, simply follow the steps below:  

  • From the landing page on our website (www.stanbicibtcpension.com), look to the top right-hand corner of the page and click on the ‘Sign into your account’ button, then select the pension portal applicable to you (i.e. My Pension portal or Micro Pension Portal). 
  • Another window will appear advising you to login with your RSA PIN, registered phone number or email address and Passcode.
  • To retrieve your RSA PIN, Text PIN to 30388 via your registered mobile number. SMS costs N10 only.
  • If you do not know your passcode, kindly click on “Don't know your passcode? Click here” for a reset and a new passcode would be generated and sent to your registered mobile number and registered email address. 
  • Please remember to change your passcode after your first log in, to any 6 digits of your choice. Note that your passcode is highly confidential and should not be disclosed to anyone  
  • Once you are logged in to your account, simply click on "Generate Statement" on the top right-hand side of the dashboard 
  • Enter the dates for which you want the statement generated and click ‘view statement’ and your RSA statement will be generated for the selected period. 

Alternatively, you can request for your RSA statement using our Short Code service by sending STATEMENT to 30388 via your registered mobile number and this will be sent to your registered email address. SMS cost N10 only.
  

I do not understand some of the terms used on the statement, please explain.

Here are some of the popularly used terms:

Contributions Received from Inception: This is the sum of contributions received on your behalf from your employer before any investment activity by us, less N100 Admin fee/month.

Total Withdrawals from Inception: This refers to the total amount of money that has been paid out to you as Voluntary Contribution (VC), retirement benefit payments or the total withdrawals made on your account based on the advice of your employer.

Gain/Loss from Inception: This refers to the profit or loss made on your account as a result of investing your monthly contributions. It is worth mentioning that the gains outweigh the losses in most cases because of the strict investment guidelines that have been placed on pension funds by our Regulator, the National Pension Commission (PenCom).

Current Value: This is the addition of your total net contributions and the growth on your contributions, after your contributions have been invested. This means that your current balance is usually higher than your actual pension contributions because the contributions are constantly being invested. As a result, your current balance changes daily.

Units: This represents the number of units allotted to you at the point of crediting your Retirement Savings Account (RSA) with the contribution received on your behalf. Mathematically, it is arrived at by dividing the contribution received by the fund price of the previous day. The total unit for a given period (e.g. a year) will be sum total of all the allotted units per monthly remittance.

Unit Price: This is the prevailing fund price on a given day your contribution credited into your account. This mathematically is calculated as the total contributions brought in a day divided by the total allotted units of the previous day.

Why does the balance of my retirement savings account fluctuate?

The difference observed in your Retirement Savings Account (RSA) balance is as a result of the changes in your RSA Fund's unit price.  These price changes are a summary of the investing activities of each Fund type. 

The unit price of each Fund is computed by dividing the Net Asset Value (NAV) of the Fund (contributions + appreciation/depreciation) by the actual contributions received. However, because each of the Funds are invested in variable income instruments (whose prices rise or fall daily), the unit price of the Funds may appreciate or depreciate over time. We however expect the Funds to appreciate over the long term.
To know more about the Multifund structure, click here.

Is there any charge attached to the e-statements?

No, e-statements are sent at no cost to our clients.

How do I receive statement via email only?

You can receive your Retirement Savings Account (RSA) statement via email through any of the various ways listed below:

  • Sending an email to [email protected] confirming your interest to receive statement via email only. 
  • Fill our E-mandate or Client Request form.
  • Sign up using the short code service, kindly text your registered email address to 30388. e.g., [email protected] to 30388. SMS costs N10 only.
  • Visit any of our offices close to you. 
Transfer

I would like to close my current Retirement Savings Account and open a new one with you. Is that possible?

Yes, it is possible !

Thank you for your interest in transferring your Retirement Savings Account (RSA) to Stanbic IBTC Pension Managers Limited.

To commence the transfer process, we kindly request that you provide us with your information using the link https://tw.stanbicibtcpension.com/start

We would also like to mention that Retirement Savings Account holders, who wish to transfer their RSA from one Pension Fund Administrator (PFA) to another, are expected to have completed the Data Recapture Exercise (DRE) with their current PFA. Therefore, we request that you visit your PFA today to carry out this exercise.

We look forward to having you join the Stanbic IBTC family!
For enquiries, please do not hesitate to call 01 2716000 / 02014631100 or email – [email protected].

Is it possible to merge multiple RSA pins?

No, RSA PINs cannot be merged but the funds in one PIN can be moved to another PIN upon approval by the National Pension Commission (PenCom). 

Based on the Revised RSA Registration Guidelines released by PenCom in 2018, clients with double RSA PINs are required to complete the Data Recapture Exercise (DRE) using the preferred RSA PIN. Where the PINs are with different Pension Fund Administrators (PFA), the DRE will be completed with the preferred PFA. Upon completion of the DRE, the preferred PIN will be migrated to the Enhanced Contributory Registration System (ECRS) with PenCom, after which the PFA would seek approval from PenCom to move the funds in the other PIN to the PIN on ECRS. Once this happens, the PIN will be invalidated on the PFA’s records and the client will required to maintain the RSA PIN on ECRS.

If you have multiple RSA PINs, kindly put together the documents listed on this checklist and visit any of our offices to complete the exercise. It is important to note that the National Identity Number (NIN) is a mandatory requirement to complete the data recapture exercise and the information provided must be consistent with your information on the database of the National Identity Management Commission (NIMC).  

It is important to also mention that you will be required to provide your valid ID, RSA statement and pension registration certificate from the other PFA to enable us engage the National Pension Commission (PenCom) for the transfer of your funds to Stanbic IBTC Pension Managers. 

Withdrawal Inquiries

Can I access my funds before retirement if I have an emergency or a pressing need?

Your Retirement Savings Account (RSA) is designed to provide you with an income upon retirement therefore funds typically cannot be accessed until one attains the age of 50 years or upon retirement (whichever comes later).

However, RSA holder is temporarily unemployed before the retirement age (i.e. he/she is voluntarily/involuntarily disengaged, downsized, retrenched etc.) and has remained unemployed for a period of at least four (4) months without securing another employment, such an individual may apply for 25% of his/her current RSA balance.

Can I access the interest accrued on my investment separately?

No. Clients are not allowed to access the return on investments separately as the returns made on the RSA are added to the RSA balance which can only be accessed at retirement.

Can I apply for another 25% after I have previously accessed one?

No. You are only allowed to access 25% of your RSA balance once. The remaining RSA balance will be accessed at the age of 50 years or at retirement (whichever comes later).

Can I take all my money at once when I retire?

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 below N500,000.

However, a retiree with RSA balance in excess of N500,000, is entitled to a lump sum withdrawal from the balance in his RSA provided that the amount left after the lump sum withdrawal shall be sufficient to procure a programmed fund withdrawal or annuity. Please note that both modes of withdrawal are subject to approval by the National Pension Commission before payment is made.

How can I access my funds when I retire?

Kindly contact us through any of the channels listed below 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:

  • Send us an email using your registered e-mail address via [email protected] 
  • Call our multilingual Contact Centre on 01 2716000 / 02014631100
  • Chat with us from our website www.stanbicibtcpension.com 
  • Send a letter to us via our Head Office address:

The Wealth House 
Stanbic IBTC Pension Managers Limited
Plot 1678 Olakunle Bakare Close
Off Sanusi Fafunwa Street
Victoria Island
Lagos State.

  • Engage us via our Social media platforms:

www.facebook.com/stanbicibtc 
www.twitter.com/stanbicibtc  

 

I recently resigned from my place of work; can I withdraw some money from my RSA?

In line with the Pension Reform Act (PRA) 2014 and the rules and regulations of the National Pension Commission (PenCom), a Retirement Savings Account (RSA) holder who retires voluntarily or disengages from employment either voluntarily or involuntarily, before the age of 50 years and is unable to secure another job within four (4) months, can withdraw 25% of the current balance in his/her RSA.

Do I need to attend enrollment/verification exercise before my accrued rights is remitted to my RSA?

Yes, employees of the public sector are required to attend the enrollment/verification exercise the year before retirement to enable the National Pension Commission (PenCom) remit their accrued rights into their RSAs after retirement.
This will also enable the reconciliation of their pension contributions by PenCom. It is however important to mention that you will only be able to apply for payment of your retirement benefits when your accrued rights have been fully reconciled by PenCom.

Can I access my pre-act contributions enbloc?

Yes, you can access your pre-act contributions enbloc based on the conditions below:

  • If it is in line with the terms and conditions as stated in your employee handbook.
  • There must be contributions from January 2005 in your RSA (this indicates that you joined the organization before the enactment of the Pension Reform Act 2004).
  • You must have exited the company that remitted the pre-act contributions on your behalf to be eligible for withdrawal.

What if I do not have my pay slip within the last three (3) months of retirement and want to access my funds under the programmed or annuity withdrawal mode?

Please note that you can provide your bank statement showing the breakdown of your last three (3) months’ salary before retirement or a formal letter from your employer stating your total monthly emolument for the last three months of your retirement.

As a foreign national  can i access my RSA balance enbloc?

Yes, you can access your RSA balance provided you were employed as an expatriate in Nigeria and you are now returning to your home country. Note that your exit letter should state that you will be returning to your home country.

How often can I withdraw my VC?

Withdrawals shall only be allowed after 2 years from the date of last approved withdrawal.  Each voluntary contribution must have been retained in the VC account for a period of 2 years before access to withdrawal can be processed.

How can I determine my next withdrawal date?

If your last VC withdrawal was processed in November 2017, you will be eligible for another VC withdrawal in December 2019. 


Can I withdraw my entire VC at once?

Active/mandatory contributors can only withdraw 50% of their VC after the contributions have been retained for a period of 2 years in their RSA. The 50% balance of VC will form part of the RSA balance which will either be accessed as Lump Sum and programmed withdrawal or used to purchase an annuity upon retirement.

However, Foreigners/ Exempted Persons are permitted to withdraw their entire VC after the contributions have been retained for a period of 2 years.


How much tax would be paid on withdrawal?

 

For active/mandatory contributions, tax is limited only to the income earned on such contributions if withdrawn before 5 years. However, for foreigners /exempted contributors, tax shall apply to both principal amount and interest earned on contributions that are less than 5 years.


How will subsequent withdrawals after the first be treated?

Subsequent withdrawals shall only be on the additional contributions made after the last withdrawal. Only 50% of additional contributions made after the last withdrawal can be withdrawn while the outstanding 50% will be accessed at retirement.


What category of people are regarded as exempted from the VC provisions?

Existing retirees (i.e. those who are receiving pension from a recognized scheme), foreigners who have chosen to partake in the Contributory Pension Scheme and persons who are members of Closed Pension Funds.
 

How do I access my VC as a foreigner/exempted person?

Foreigners/Exempted Persons can access their entire VC once in two years, however, the principal amount and income earned are subject to tax when the withdrawal is less than five years from the date of contributions.

Withdrawal Modes

I just retired from active service and would like to withdraw from my RSA, what withdrawal options do I have?

Upon retirement, you can access your Retirement Savings Account (RSA) benefits in the following ways:

  1. A one-off lump sum payment from your RSA, provided that the balance in your account shall be sufficient to procure programmed monthly or quarterly withdrawals calculated on the basis of an expected life span.
  2. Annuity purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments.
  3. Enbloc payment where the balance in your RSA is less than or equal to N550,000.00 

What are the features of Programmed Withdrawal?

Programmed Withdrawal and Annuity

Retirees are entitled to a lump sum (LS) and periodic pension payments. The periodic payments are either accessed as Programmed Withdrawal (PW) or Annuity, depending on the retiree’s choice.

PW is a payment mode offered by Pension Fund Administrators (PFAs) and regulated by the National Pension Commission (PenCom) while Annuity is a payment mode offered by insurance companies, regulated by the National Insurance Commission (NAICOM). For more details on Annuity, please contact a Life Insurance company.
 

The Key Features of Programmed Withdrawal are highlighted below:

S/N Features Definition
1. Frequency of Payment Pension payment can be made either monthly or quarterly, as the retiree desires.
2. Commencement of payment Pension payments including pension arrears (if any) commence from the date of retirement or attaining the age of 50 years (whichever is later).
3. Payment to Beneficiary when the retiree dies Whenever the retiree dies, the beneficiary under a Will admitted to Probate or Letter of Administration is paid the total balance in the RSA.
4. Custody of Funds Retiree’s assets are held by a Pension Fund Custodian.
5. Growth in Funds Returns on investment are added to the RSA balance.
6. Change of Withdrawal mode A retiree on PW with a PFA can choose to terminate the PW and enter into an Annuity contract with an Insurance company at any time. However, a retiree cannot change from Annuity mode to PW mode.
7. Change of Pension Fund Administrator A retiree on PW with a PFA will be able to move to another PFA in line with the Pension Reform Act when the transfer window opens.
8. Contributions after retirement A retiree who is on a pension payroll and secures another employment after retirement can continue to contribute to his RSA. The contributions received after retirement will be credited to the retiree’s account as Voluntary Contributions (VC) and can be accessed once in two years. Please note that the principal amount as well as the income earned will be subjected to tax if the withdrawal is less than five years from the date of contribution.
9. Duration of Payment Pension is paid to the retiree over an expected lifetime.


Value Added Services

Other value added services provided/rendered by Stanbic IBTC Pension Managers Limited to retirees under programmed withdrawal are:

1. Free monthly statement of account / SMS alerts on account transactions such as pension payments, contributions etc.
2. Free confirmation of account balances to embassies for visa applications (upon request).
3. Convenience – You can reach us via:

  • Our 24 hours a day, 7 days a week multilingual contact center on 01 2716000 / 02014631100
  • 32 pension offices around Nigeria. Click here to see full list of branches
  • Email us at [email protected] 
  • Live Chat on our website www.stanbicibtcpension.com 
  • View your RSA via our website
  • Check your RSA balance from your phone using our short code – 30388 or Mobile APP 
  • Social media platforms:  signature_1942591238 signature_1155298115 signature_110762636 signature_453857120

www.facebook.com/stanbicibtc 
www.twitter.com/stanbicibtc 

NSITF

How do I transfer my NSITF contribution to my RSA?

Based on the current guidelines from the National Pension Commission (PenCom), contributors to NSITF are required to submit some documents to their Pension Fund Administrator (PFA) to enable the transfer of their NSITF contributions from Trust Fund Pensions to their respective RSAs. 

The following documents are required:

  • Original copy of NSITF/NPF membership certificate. Where the certificate is lost, a sworn court affidavit (original copy) in place of the lost certificate is to be provided as well as a letter of confirmation of identity and an indemnity from your employer stating that you are the bona fide owner of the contribution being claimed. Where no certificate was issued, a sworn court affidavit (original copy) of non-issuance is to be provided as well as a letter of confirmation of identity and an indemnity from the employer that you are the actual owner of the contributions being claimed. 

  • Means of identification (preferably employer ID or driver’s license)

  • Completed “transfer application form” (name must be written the same way as it appears on the NSITF certificate)  

Please note that the hard copies of the above documents are to be submitted at any of our branches closest to you

A guide to complete an RSA Form

Introduction:

The National Pension Commission would like to ensure a top-notch database that reflects one RSA per individual in line with the provisions of the ACT. As such it frowns at breaches that result in the generation of more than one account for an individual by any PFA. As a responsible and transparent PFA Stanbic IBTC Pension will like to seek the support and cooperation of our teaming customers to achieve this expectation from the commission. 
 
Dos:
 
I. Glue/gum Passport photograph to the RSA forms. This will be stapled in order to protect the image and avoid mismatch at the point of processing.

II. Prospective client to append his or her signature on any alteration made to a non-compulsory field on the form.
 
What not to do:
 
I. No correction fluid (TipEx) on any field on RSA forms submitted for processing.
 
II. No alteration on the following fields which are sensitive to PIN generation.
 

  • Surname
  • First Name
  • Other Name
  • Date of Birth
  • Sex
  • Date of First Employment

Preventive Measures:
 
I. We will not be able to process RSA forms with correction fluid (TipEx) or alterations on any of the mandatory fields.

II. Prospective clients whose RSA forms are rejected due to any of the above would receive SMS alert on the need to complete a new form.

Others:

I. Clients who have been issued RSA PINs by another PFA should please NOT fill a form with Stanbic. There would be opportunity in the nearest future to move their RSA to Stanbic IBTC Pension from the other PFA at the opening of the transfer window and this will be publicized. In the interim, we would like to provide you an update on this personally. Please provide your details by visiting https://ssl.ibtcpension.com/EOF/index.aspx, our website and link for expressing interest in Stanbic IBTC Pension.

II. We will implore you to help ensure that the forms are neatly completed and submitted for processing.

Short Code Services

What information can I access via your Short Code services? 

You can access various information about your Retirement Savings Account (RSA) through our Short Code services, some of which are listed below. Please send these from your registered mobile telephone number on our records. SMS costs N10 only.  

  • To retrieve your RSA PIN, Text PIN to 30388. 
  • For current balance, Text BALANCE to 30388. 
  •  For last contribution, Text CONTRIBUTION to 30388. 
  • For the status of benefit application, Text APPLICATION to 30388. 
  • To reset passcode, Text RESET to 30388. 
  • To request for your Pension Registration Certificate, Text PRC to 30388. 
  • To request for your Retirement Savings Account statement, Text STATEMENT to 30388. 
  • To sign up to receive your RSA statement via email, Text your email address to 30388. e.g. [email protected] to 30388. 
  • To request for our Office Locations, Text AREA to 30388. 
  • For more info, Text HELP to 30388.