An employee may retire or exit the Scheme when he/she ceases to make further contributions into the RSA as a result of:
- Normal/Mandatory retirement.
- Voluntary Retirement.
- Temporary exit e.g. Medical grounds, Dismissal, Termination or Retrenchment from employment.
- An immigrant desirous of re-locating out of Nigeria.
- Death/Missing Person.
Normal/Mandatory Retirement
An RSA holder shall, within six (6) months to his/her mandatory retirement, notify Trustfund Pensions Limited of the impending retirement.
Download Retirement Benefit Application form
Upon retirement the retiree will obtain our Retirement Benefit Application form for completion.This is to be returned with the required documents as follows:
1. Letter of Notification of Retirement by the employee addressed to Trustfund Pensions Limited.
2. Official notice of retirement/ acceptance of retirement from your employer stating your effective date of retirement, current work level/grade and reasons for retirement.
3. Last 3 months Payslip.
4. Evidence of any accrued pension rights/acknowledgement of indebtedness (for an employee in the private sector).
5. Duly completed Benefit Application Form.
6. Birth Certificate/Declaration of age.
7. 3 recent Passport Photographs.
8. Retiree Indemnity form if a Public Sector Employee.
9. Acceptable means of Identification of retiree (Drivers License, National ID card or International Passport).
10. Duly completed Annuity purchase from a Life Assurance company (applicable only where the retiree chooses annuity).
11. Letter of introduction/confirmation of account from Bank.
NOTE:
The retiring employee returns the completed Retirement Benefit Application Form to any branch of Trustfund Pensions Limited with the required documents attached.
Temporary Exit
- ON MEDICAL GROUNDS
- TERMINATION OF APPOINTMENT
I. TEMPORARY EXIT BASED ON MEDICAL GROUNDS
Any employee exiting the Scheme as a result of mental or physical incapability or total or permanent disability of mind or body shall be deemed to be exiting on medical grounds.
BENEFITS ACCESSIBLE
An RSA holder retiring on medical ground can access the balance in his/her RSA account.
REQUIREMENTS TO BE FULFILLED BY THE RSA HOLDER
An employee exiting on medical grounds, he/she will provide the original copies of the following documents:
1. A medical certificate issued by a properly constituted Medical Board or a suitably qualified physician.
2. The letter of notification of retirement issued by his/her employer also authenticating the medical certificate.
3. Last three (3) months Pay slip or evidence of total annual remuneration.
4. Evidence of any accrued pension rights/acknowledgement of indebtedness (if an employee in the private sector).
5. Letter of Notification of Retirement by the employee addressed to Trustfund Pensions Limited.
6. Duly completed Benefit Application Form.
7. Birth Certificate/Declaration of age.
8. 3 recent Passport Photographs.
9. Acceptable means of Identification of retiree (Drivers License, National ID card or International Passport).
11. Letter of introduction/confirmation of account from Bank.
II. TEMPORARY EXIT IN ACCORDANCE WITH TERMS AND CONDITIONS OF EMPLOYMENT & LOSS OF JOB
This holds when an employee exits/cease to contribute to the scheme before the statutory required age of 50 years as contained in his/her appointment letter or due to loss of job.
- BENEFIT ACCESSIBLE (BOTH PUBLIC & PRIVATE)
Any employee who exits on this ground shall be entitled to a lump sum amount of not more than 25% of the amount standing to the credit of his/her RSA and upon attaining the age of 50 years, may access the balance standing to the credit of his/her RSA in accordance with the procedures set out in (normal retirement).
REQUIREMENTS
Trustfund Pensions Limited shall request an employee exiting before the age of 50 years in accordance with the terms and conditions of his/her employment, to provide the following documents:
1. Letter of Notification of Retirement by the employee addressed to Trustfund Pensions Limited.
2. Official notice of retirement/ acceptance of retirement from your employer stating your effective date of retirement, current work level/grade and reasons for retirement.
3. Official certification from the employer that accrued pension rights and outstandings have been remitted into retiree’s RSA from date of first appointment to date of disengagement
4. Evidence of any accrued pension rights/acknowledgement of indebtedness (for an employee in the private sector).
5. Duly completed Benefit Application Form.
6. Birth Certificate/Declaration of age.
7. 3 recent Passport Photographs.
8. Acceptable means of Identification of retiree (Drivers License, National ID card or International Passport).
9. Letter of introduction/confirmation of account from Bank.
Death, missing person and Death Benefit Application
DEATH (SURVIVOR BENEFITS)
Survivor benefits arise when a survivor needs to claim contribution under the following conditions:
i. Death of an active contributing member.
ii. Death of a retired member who is already on pension list.
iii. Late FGN employees without RSA (A Death Benefit Account needs to be open before this is applicable)
REQUIREMENTS TO BE FULFILLED BY THE NEXT-OF-KIN
1. Letter of Administration or Will admitted to Probate.
2. Certificate of Death/Cause of Death.
3. Police Report (if death is by accident).
4. Copy of first Appointment (Public Sector).
5. Copy of Declaration of age (Public Sector).
6. Copy of last Payslip within the year of demise (Public Sector).
7. Copy of Payslip as at 30 June 2004 (Public Sector).
8. Letter of introduction from the employer stating date of first appointment, date of birth, date of death, grade level and step as at June, 2004, grade and step as at the month of death. (Public Sector).
9. Proceeds of life insurance policy and group life assurance from the employer. (As the case may be)
10. Valid means of identification of Next of Kin (National Driver’s Licence, National ID card or International passport)
11. Three (3) passport photographs of Next of Kin(s)
12. Two (2) passport photographs of deceased contributor
13. Notification of death by Next of Kin (this can be an obituary poster)
14. Letter of Joint Consent if there is more than one Next of Kin
15. Bank Account Confirmation of Next of Kin
NOTE: The survivor returns the completed Survivor Benefit Application Form to Trustfund with the required documents attached. MISSING EMPLOYEE (SURVIVOR BENEFIT) Survivor benefit may arise in respect of the missing of an active contributing member or a retired member who is already on pension list. The employer or Next-of –kin shall notify any Trustfund Pensions Limited Office of the death of the employee/retiree, or disappearance of the employee/retiree. Such notification shall be after a minimum period of 12 months following the disappearance of the person missing person.
BENEFITS ACCESSIBLE
This will depend on the decision of the Board of Inquiry constituted by PenCom.
REQUIREMENTS TO BE FULFILLED BY THE NEXT-OF-KIN
The Next–of–kin shall provide adequate evidence that the employee/retiree is missing:
1. 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.
2. Letter of confirmation from the employer (if in active employment at the time of disappearance) also bearing the passport photograph of the missing person.
3. Newspaper publication announcing the disappearance of the person.
4. Current international Traveling Passport, National identity Card.
DECEASED FGN EMPLOYEES WITHOUT RSAs TO THEIR NOKS
(Death Benefit Application) For deceased persons who did not open RSA before their death, the Next-of-Kin can approach Trustfund Pensions Limited to open a Death Benefit Account (DBA) through which such accrued pension rights and proceeds of life Insurance Policies would be paid BENEFITS ACCESSIBLE The next-of-kin of the deceased shall upon confirmation be entitled to the balance in the account of the deceased REQUIREMENTS TO BE FULFILLED The Next of Kin (NOK)/MDA will liaise with Trustfund Pensions Limited of the deceased for processing of terminal benefits. Such NOK should present the following documents to Trustfund Pensions Limited to open DBA 1. Medical Certificate of Death/Cause of Death
2. Certificate of Registration of Death (If available)
3. Police Report (If death is by accident).
4. Declaration of Wish/Evidence of Nomination of NOK.
5. Letter of Administration or Will submitted to Probate
6. Means of identification of NOK (Drivers license, National ID and International Passport).
