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Frequently Asked Questions

Making Withdrawals at Retirement

Making Voluntary contribution banner

Your pension funds are contributed and invested with the expectation of ensuring you have an income if you are out of employment or retired. By the principles of the Pension Reform Act (PRA) 2014, a pension contributor is deemed to be retired where he/she is 50 years old and out of employment whichever comes later. Given these circumstances, there are different ways contributors can access the funds in their account

Some of the benefits

Safety

Stanbic IBTC Pension Managers Limited is backed by strong and reputable financial institutions

Convenience

Ease of Account Access via Internet, telephone, e-mail and SMS, as well as ease of retirement pay-outs

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Returns

Enjoy good and competitive returns on your pension investment
25% Benefit

An RSA holder that is temporarily out of employment can apply for 25% of his/her pension funds to provide financial relief in this period. You would need to know the under listed

  • An RSA holder would need to be out of employment for a period of four months before an application can be submitted for a 25% payment of the pension balance
  • This application type can only be made once
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  •  You can download  a copy of the checklist of documents needed for the application as well as an application form in the download section below on the page
Programmed Withdrawal/Annuity

This payment is made to retirees by Stanbic IBTC Pensions. You should know that;

  • An RSA holder is considered a retiree when he/she attains the age of 50 years and is out of employment
  • Programmed Withdrawal payments are made to retirees on a monthly or quarterly basis
  • Despite payments from the account, your funds would continuously be invested in order to deliver fair returns to your account
  • Programmed withdrawal payments would be made until funds in the account are completely depleted
  • A retiree can also choose to purchase an annuity from an insurance company using his/her pension fund
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  • You can download a copy of the checklist of documents needed for the application as well as an application form here
En Bloc Payment

An eligible retiree can apply for the entirety of his/her pension funds if they meet select criteria. Here’s what you need to know; 

  • An en bloc payment can only be made to a retiree
  • An en bloc payment can only be made if the RSA Balance is less than N550,000
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  • You can download a copy of the checklist of documents needed for the application as well as an application form here
Deceased Applications

This type of application is undertaken by beneficiaries of a deceased RSA holder. Here’s what you need to know;

  • Beneficiaries are individuals listed on either a Will or a Letter of Administration
  • Beneficiaries are different from the Next of Kin(s) listed on the RSA registration details of the deceased client
  • Reconciliations of the RSA is mandatory for deceased Public Sector employees
  • Upon approval, the total pension balance is the RSA is paid to the nominated bank account of the beneficiaries
  • You can download a copy of the checklist of documents needed for the application as well as an application form here
Payment on Health Grounds

The Pension Reform Act allows for an RSA holder access to his/her pension funds if such an RSA holder cannot continue to work due to health challenges. There are a few things to know about applications on Health Ground;

  • The cause of the RSA holders unemployment must be Health related
  • There must be a Report from the certified health practitioner stating that such as an RSA holder cannot continue to work due to the stated health condition
  • An en bloc payment can only be made if the RSA Balance is less than N550,000
  • Programmed Withdrawal payments on a monthly or quarterly basis if the RSA Balance is more than N550,000
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  • You can download a copy of the checklist of documents needed for the application as well as an application form here
  • 25% Benefit
  • Programmed Withdrawal/Annuity
  • En Bloc Payment
  • Deceased Applications
  • Payment on Health Grounds

An RSA holder that is temporarily out of employment can apply for 25% of his/her pension funds to provide financial relief in this period. You would need to know the under listed

  • An RSA holder would need to be out of employment for a period of four months before an application can be submitted for a 25% payment of the pension balance
  • This application type can only be made once
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  •  You can download  a copy of the checklist of documents needed for the application as well as an application form in the download section below on the page

This payment is made to retirees by Stanbic IBTC Pensions. You should know that;

  • An RSA holder is considered a retiree when he/she attains the age of 50 years and is out of employment
  • Programmed Withdrawal payments are made to retirees on a monthly or quarterly basis
  • Despite payments from the account, your funds would continuously be invested in order to deliver fair returns to your account
  • Programmed withdrawal payments would be made until funds in the account are completely depleted
  • A retiree can also choose to purchase an annuity from an insurance company using his/her pension fund
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  • You can download a copy of the checklist of documents needed for the application as well as an application form here

An eligible retiree can apply for the entirety of his/her pension funds if they meet select criteria. Here’s what you need to know; 

  • An en bloc payment can only be made to a retiree
  • An en bloc payment can only be made if the RSA Balance is less than N550,000
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  • You can download a copy of the checklist of documents needed for the application as well as an application form here

This type of application is undertaken by beneficiaries of a deceased RSA holder. Here’s what you need to know;

  • Beneficiaries are individuals listed on either a Will or a Letter of Administration
  • Beneficiaries are different from the Next of Kin(s) listed on the RSA registration details of the deceased client
  • Reconciliations of the RSA is mandatory for deceased Public Sector employees
  • Upon approval, the total pension balance is the RSA is paid to the nominated bank account of the beneficiaries
  • You can download a copy of the checklist of documents needed for the application as well as an application form here

The Pension Reform Act allows for an RSA holder access to his/her pension funds if such an RSA holder cannot continue to work due to health challenges. There are a few things to know about applications on Health Ground;

  • The cause of the RSA holders unemployment must be Health related
  • There must be a Report from the certified health practitioner stating that such as an RSA holder cannot continue to work due to the stated health condition
  • An en bloc payment can only be made if the RSA Balance is less than N550,000
  • Programmed Withdrawal payments on a monthly or quarterly basis if the RSA Balance is more than N550,000
  • You would need to complete the Data Recapture Exercise before you can apply. Click here to read about Data Recapture
  • You can download a copy of the checklist of documents needed for the application as well as an application form here