Mandatory Retirement

Mandatory retirement occurs when an employee disengages from active service at the retirement age or completion of the length of service based on the terms of his/her employment, upon attaining the age of 50 years.

 

A RSA Holder in this category will be entitled to the balance in his/her RSA which could be accessed as follows:

  1. 1. An Enbloc payment, provided the balance in the retiree’s account is less that N550,000.00,
  2. 2. A Lump sum and Programmed Withdrawal payments or
  3. 3. A Lump sum and Annuity payments (purchased from an insurance company)
 

Pre- Retirement Requirements

All arrangements preparatory to the retirement of the RSA holder shall be made and concluded within a period of six (6) months prior to the date of retirement. The RSA Holder should submit the following documents at any of our offices:
1. A letter of notification of retirement issued by his/her employer.

  • 2. A document confirming that the retirement is in accordance with terms and conditions of his/her employment.
  • 3. Pay slip or evidence of total annual remuneration.
  • 4. Evidence of any accrued pension rights/acknowledgement of indebtedness (for an employee in the private sector) as well as any outstanding pension contribution.
  • 5. Standard Notice of Retirement
     

Post Retirement Requirements

The following document should be provided when payment is to be made:

  • 1. Completed Application Form
  • 2. Means of identification: any of the following:
    • i. National identification card.
    • ii. Valid international passport.
    • iii. Valid driver’s license.
    • 3. Letter of confirmation of identity from his/her bank or notary public.
  • 4. Bank account details.
  • 5. Retirement letter.
  • 6. One passport photograph.
  • 7. Birth Certificate or age declaration
  • 8. Signed Acceptance letter