Retirement – First Guarantee Pension

According to PRA 2014, there are four grounds by which the pension contributions can be accessed either in whole or in parts by a contributor which are listed below;

1. MANDATORY RETIREMENT
2. LOSS OF JOB
3. RETIREMENT ON MEDICAL GROUND
4. DEATH BENEFIT

1. MANDATORY RETIREMENT
Retirement as stated in the Pension Reform Act 2014 is when holder of Retirement Savings Account upon retirement or attaining the age of 50 years, whichever is later, utilizes the amount in his/her retirement savings account (RSA) for the following benefits:

• Programmed Withdrawal with his/her PFA
• Purchase of Annuity Plan from an approved Insurance company

PROCEDURES FOR ACCESSING RETIREMENT BENEFITS

First Guarantee Pension’s standard practice is to notify prospective retirees of their upcoming retirement 6 months prior to actual date of retirement and to get confirmation from the client. The following documents are required to be submitted along with the confirmation of retirement.
· A letter of notification of retirement issued by the employer.
· A document confirming that the retirement is in accordance with terms and conditions of employment.
· Pay slip or evidence of total annual remuneration.
· Evidence of any accrued pension rights/acknowledgement of indebtedness (if an employee in the private sector), as well as any outstanding pension contribution.
· Official notice of retirement.

UPON RETIREMENT:

At retirement, the below listed documents must be submitted to First Guarantee Pension, which will be sent to the National Pension Commission (PenCom) for payment approval.

A. PUBLIC SECTOR EMPLOYEES

· Letter of application for payment.
· Retirement benefit registration slip
· Copy of last pay slip (3 months to retirement date)
· Notification letter of retirement written to your employer
· Notice of acceptance of (Statutory) retirement
· Means of identification: – any of the following:

• National identification card.
• Valid international passport
• Valid driver’s license
• Permanent Voters Card
· Bank account details:

• Name of bank.
• Branch or location of bank.
• NUBAN Account number.
• Account name.

· Disengagement letter.
· Two passport photograph.
· Permanent Residential address/contact details
· Evidence of Age (Birth certificate/Age declaration)

B. PRIVATE SECTOR EMPLOYEES
· Letter of application for payment.
· Copy of last pay slip
· A copy of evidence of employment
· Notification letter of retirement written to your employer
· Notice of acceptance of retirement
· Means of identification: – any of the following:
National identification card.
· Valid international passport.
· Valid driver’s license.
· Permanent Voters Card
· Bank account details:
· Name of bank.
· Branch or location of bank.
· NUBAN Account number.
· Account name.
· Two passport photograph.
· Permanent Residential address/contact details
· Evidence of Age (Birth certificate/Age declaration)

All documents received will be forwarded to the National Pension Commission for payment approval. First Guarantee Pension will only disburse into the bank details submitted upon receipt of approval from the Commission.

2. LOSS OF JOB
The Pension Reform Act 2014 allows RSA holders who have lost their employment and are not able to secure another employment after four months to access up to 25% of the balance of their RSA. This loss of job must however be due to one of the following:
1. Redundancy
2. Termination of employment
3. Voluntary disengagement

The following documents must be submitted to First Guarantee Pension to process the application for benefits:
1. Letter of application for payment.
2. Termination/disengagement letter
3. Copy of last pay slip
4. A copy of evidence of employment
5. Means of identification: – any of the following:
• National identification card.
• Valid international passport.
• Valid driver’s license.
• Permanent Voters Card
6. Bank account details:
• Name of bank.
• Branch or location of bank.
• NUBAN Account number.
• Account name.
7. Two passport photograph.
8. Permanent Residential address/contact details
9. Evidence of Age (Birth certificate/Age declaration)

3. RETIREMENT ON MEDICAL GROUND
The Pension Reform Act 2014 allows RSA holders who have been certified unfit to work on medical grounds by a qualified medical practitioner or medical board to have full access to their RSA. The medical practitioner must certify that the employee is no longer mentally or physically capable of discharging his/her official duties as contained in his/her employment schedule, due to total or permanent disability.
The following documents must be submitted to First Guarantee Pension to process the application for benefits:
1. A medical certificate issued by a properly constituted Medical Board or a suitably qualified physician; (The Commission shall advise operators in this regard after due consultation with the Medical Association of Nigeria).
2. Letter of notification of retirement issued by his/her employer also authenticating the medical certificate; and
3. 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. Official notice of retirement

4. DEATH BENEFIT
In the event of death in service of an RSA holder, the employer or Next-of-Kin should notify First Guarantee Pension of the death of the RSA holder in writing.
Documents to be submitted by the Next-of-Kin (N.O.K):
A. Means of identification of any of the following;
• Valid International Passport
• National Identity Card
• Letter of confirmation of identity from his/her bank or a Notary Public.

B. Letter of Administration or Will admitted to Probate
C. Certificate of Death/Cause of Death
D. Certificate of Registration of Death
E. Police Report (if death is by accident)
F. Burial Warrant issued by a Local Government Council
G. Evidence of Death/Burial issued by an Islamic Community Head or Judge of a Sharia Court.
H. Evidence of Death/Burial issued by a Leader of a registered church or copy of obituary poster (if any)
I. Bank details of the beneficiary making the application or bank confirmation of signatories to an Estate account where there is more than one (1) beneficiary.

In the case of public sector deceased who is entitled to accrued rights which was not remitted before the event of death, the beneficiary will also be required to submit the following documents;
1. 2004 pay slip if the deceased was employed at the time
2. 2007 pay slip if the deceased was employed at the time
3. 2010 pay slip if the deceased was employed at the time
4. Pay slip as at the month of demise
5. A copy of the birth certificate/ age declaration of the deceased
6. Letter of appointment

For further information and enquiries. Kindly call 01- 4462530-31 and 01-2715500-4
Kindly also mail : info@firstguaranteepension.com
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