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GROUNDS FOR RETIREMENT AND PAYMENT APPLICATION TYPES

GROUNDS

    • MANDATORY RETIREMENT:

This ground for withdrawal is specifically for employees who disengage from employment upon attaining the official age of retirement either on the terms of his/her employment or age 50, whichever comes later. Retirees in this category are entitled to the balance in his/her RSA. This could be received as Enbloc payment, where the balance in the retirees’ account is N550, 000.00 or less or as lump sum and Programmed Withdrawal or Annuity. Refer to the payment type for list of documents required.

  • TEMPORARY RETIREMENT (25% APPLICATION) – This is when an employee who registered under the Scheme voluntarily retires or is disengaged from active service before the attainment of age 50. This category of Retirement Savings Account Holders can only access up to 25% of the balance in their RSA 4 months after disengagement provided the RSA holders do not secure another employment; the remaining balance can only be accessed after the customer attains 50 years of age through a lump sum and Programmed Withdrawal or Annuity. It is important to state that 25% of the RSA balance can only be accessed once.
  • MEDICAL GROUNDS: This is when an employee disengages from active service based on the advice of a suitably qualified physician or medical board certifying that the employee is not mentally or physically capable of working either due to permanent disability of the body or of the mind. Employees in this category will access their funds on same grounds as mandatory retirement, i .e Enbloc or Lump sum and Programmed Withdrawal/Annuity.
  • DEATH BENEFITS: If a Retirement Savings Account holder is deceased, the beneficiary or any other person directed by a court of competent jurisdiction will be entitled to the customer’s RSA balance upon submission of a WILL admitted to Probate or Letter of Administration where the customer died intestate. Documents required to be submitted by the beneficiaries are shown on the payment type list.
  • FOREIGNER: An expatriate (non- Nigerian National) can access the balance standing in the Retirement Savings Account (RSA) when relocating to his/her country.
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DAILY FUND PRICE MOVEMENT
Thursday August 17, 2017
RSA Fund
2.8049
Retiree Fund
2.5659
RSA Admin fee
100

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