Frequently Asked Questions

Multi-Fund Structure (New)

The National Pension Commission (“PenCom”) recently published/released the Amended Regulation on Investment of Pension Fund Assets for the Pension Industry. The new investment guideline introduces a multi-fund structure, which would replace the “one size fits all” structure that puts all active contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile of such contributors.

What is the multi-fund structure?

The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into four distinct Funds. The current RSA Fund will be sub-divided into three separate Funds, while the RSA Retirees Fund would be the 4th Fund.

What is the difference between the 4 Funds?

The respective funds differ based on their overall exposure to variable income instruments such as equities (that is, Ordinary Shares) and the age profile of the members.

Fund Type

Exposure to Variable Investment Instruments

Membership

Fund I

20% to 75% of Portfolio

Strictly based on request but not accessible to Retiree and active contributors of 50 years and above.

 

Fund II

10% to 55% of Portfolio

Default for active contributors of 49 years and below

 

Fund III

5% to 20% of Portfolio

Default for active contributors of 50 years and above

 

Fund IV

0% to 10% of Portfolio

Strictly for Retirees

 

 

What are variable income instruments?

Variable income instruments are investments that generate income or returns that cannot be pre-determined from the date the investments were made. In addition, the prices of such instruments fluctuate daily. Instruments in this category include Ordinary Shares, Collective Investment Schemes (“CIS”) such as Mutual Funds, Real Estate Investment Trust; Infrastructure Funds and Private Equity Funds.

Such investments have potentials to generate high returns over the long term but could be risky owing to uncertainty and fluctuations in market prices and returns.

What has age and risk profile got to do with how my pension funds are invested?

In investing money, everyone has a limit to the amount of risk that they can take and the amount of uncertainty they can handle. This is known as risk tolerance. Typically, younger people tend to have more capacity for risk because they still have time to recover from loses (if any). Once a person is nearing retirement, it is advisable that they limit the amount of risks they take and reduce exposure to uncertainty as they would start drawing down on their pensions within a short period.

Consequently, the allowable exposures to variable income instruments have been designed such that Fund I has the highest allowable limit, followed by Fund II, III and IV respectively. This reduces the risk and uncertainty of contributors in line with their ages.

Can I decide which Fund Type to be assigned to?

On the day of commencement, a default mechanism shall apply. According to the default mechanism, all active contributors that are 49 years and below would be placed in Fund II while active contributors that are 50 years and above would be placed in Fund III. Subsequently, an active contributor can make a request to his PFA to move between Funds subject to certain restrictions. An active contributor of 49 years and below can opt for Fund I, while an active contributor in Fund III may elect to be assigned to Fund II. However an active contributor in Fund III is not allowed to opt for Fund I while an active contributor in Fund II is not allowed to opt for Fund III. Fund III is strictly for active contributors above 50 years. To be assigned to any fund based on the preceding, an RSA holder must make a formal request to his/her PFA.

How often can I move between Fund types?

An active contributor may switch from one Fund type to another Fund type within a PFA, once in 12 months without paying any fees (subject to a formal application).

 

Any additional requests for switches among Funds within a 12 month period by the active Contributor shall attract a fee, of an amount not less than a minimum value, to be determined by PenCom from time to time.

 

When will the 12 month period start counting, will it be from the date of commencement or from the date of my first switch?

PenCom will provide details on the 12 months period in the operational framework that would guide the transition to the Multi-Fund structure.

 

Are there any benefits in this multi-fund structure?

Of course there are. The new structure allows RSA holders more control over how their pension funds are invested based on their risk tolerance. For instance, an RSA holder in Fund III owing to the default classification based on age, may have more tolerance for risks and uncertainty and could opt to be assigned to Fund II.

Can I be assigned immediately?

No, PenCom is yet to provide the operational framework to guide the transition to the Multi-Fund structure. Once the framework is released, there will be proper guidance regarding when contributors can be assigned based on the default age classification. Contributors will subsequently have the option to be assigned to a Fund of their choice depending on their risk tolerance.

Who takes the ultimate switch responsibility between the contributor and the PFA?

Whilst the contributor has the right to switch between funds depending on his or her preference, the PFA will be responsible for effecting the switch upon receipt of a formal request from the contributor. The PFA is also in a position to provide financial advice to contributors to assist in assessing risk and making an informed decision.

What are the impacts on my pension balance when my PFA moves into the multi-fund structure?

The balance in your RSA will not change due to the movement to the multi-fund structure because the entire balance would be moved to the appropriate fund without charges. However subsequent growths in your balance would depend on contributions such as the mandatory monthly contributions, voluntary contributions as well as returns generated by the PFA on that particular fund.

What is/are the requirement(s) for switching from one fund type to another?

In order to switch from one fund type to another, a formal request must be submitted by the contributor to his or her PFA.

Do I need to seek an advice from external financial advisor or my PFA before taking a decision to switch?

Whilst you are at liberty to seek advice from external financial advisers, we would make information available on the fund performance and indices to enable you take an informed decision.

If my date of birth is wrongly captured, which Fund Type will my PFA profile me?

You still have the opportunity to check and update your records with your PFA before the commencement of the transition.

Will I be able to move back to the preferred fund free of charge after my date of birth correction (especially when my date of birth was wrongly captured by my PFA)?

Yes, you will be able to move free of charge given that a contributor has the option to move for free once within 12 months. However, you still have the opportunity to check and update your records with your PFA before the commencement of the transition.

Can I split my voluntary contribution in a separate Fund Type while my mandatory goes into another Fund Type?

Every RSA holder is entitled to only one Pin for all types of contributions. Consequently, your voluntary contribution will be in the same Fund as your mandatory contribution.

Will the RSA and VC funds have separate fund price or the same?

The RSA and VC will have the same fund price because they will be invested in the same fund the contributor selects.

How will the Fund Prices under the Multi-Fund Structure be determined at the point of crossing over to the new structure and what would happen to the Old Fund Price and units?

PenCom would provide guidance to how the fund price and units would be treated in the operating framework that would guide the transition.

What are the multi-funds options for Approved Existing Schemes?

Approved Existing Schemes are governed by the Board of Trustees who have the right to structure the portfolios in the best interest of the beneficiaries subject to PenCom’s approval. Consequently, the BOTs of contributory AESs can amend their agreements and restructure them along the lines of the Multi-Fund structure.

 

What impacts does Multi-Fund structure have on my future pension assets at the point of retirement?

The Multi-Fund structure provides more alignment between your retirement goals, risk appetite and age. Consequently, there will be a better chance for your pension assets to meet your expectations when you retire.

 

Once an RSA holder makes a withdrawal such as 25% and then becomes unemployed, can he request that his funds be moved to another fund structure since no contributions are entering his RSA?

The regulation does not restrict movements due to withdrawal of 25%. As long as the individual is below 50 years, the option is to switch between Fund I and Fund II.

Is it possible for a client below 50 years to move to fund III?

No, Fund III is strictly for active contributors of 50 years and above.

If I decide to switch from Fund II to Fund I, can I switch back to Fund II?

Yes, but it will be at a cost if you intend to switch back to Fund I within 12 months.

Will I have access to the financial reports of other funds?

The annual financial reports of the RSA Funds of all PFAs are published once a year in at least 2 national dailies. In addition, the fund prices would be published daily on the websites of the PFAs.

With the new multi-fund structure, can I be given the option to choose which specific variable income instruments my funds can be invested in?

No, the regulation only allows contributors to select a Fund, but the PFAs would continue to have the responsibility of selecting the specific instruments that the Funds would be invested in.

 

Will the charge for moving between funds be deducted from the RSA or paid as a separate amount in to the bank?

The charge would be deducted from the RSA balance of the contributors.

Change Request

Can I change my next of kin or register more than one person as next of kin on my account?

Yes you can. Your Next of Kin (NOK) can be changed online on the ‘UPDATE BIODATA’ page, however if you would like to add an additional person, kindly send an e-mail, using your registered email address, to PensionSolution@stanbicibtc.com with the following details:

  • Your full names, date of birth and state of origin
  • Name of existing NOK
  • Full Names of proposed NOK
  • Gender of proposed NOK
  • Relationship to proposed NOK
  • Contact Telephone Number of proposed NOK
  • Correspondence Address and
  • Email Address of proposed NOK

If your request is sent via an email which we do not have for you on our records, you will be required to fill a change request form and attach a copy of your valid means of ID (which could be a Driver’s License, National Identity card, International Passport or Permanent Voters Card) and scan back  to PensionSolution@stanbicibtc.com.
You can also visit any of our branches nationwide to update your NOK details
 


Is it possible to update my details online?

Yes, certain fields can be changed online by clicking “UPDATE BIODATA” from your home screen once you login to your account (e.g. email address, correspondence address and NOK details)
 


Are there some personal details that cannot be changed online? Please explain what they are and why?

Fields such as Name, Date of Birth, Employer details and mobile telephone numbers cannot be changed online.
Change of name and date of birth require supporting documents for updates while the change of employer details and mobile telephone numbers require confirmation of security checks before the updates can be carried out.

Change in Employer name
To request for a change in employer name on our records, clients are advised to send an email using a registered email address to  pensionsolution@stanbicibtc.com. You can also visit any of our branches nationwide to update your employer name.

If your employer is not registered on our records, you will be required to provide a copy of your employer’s Certificate of Incorporation or the Business Name Registration alongside some other relevant information that will enable us obtain an employer code for the new employer.

Change in Mobile telephone number

To request for a change in your mobile telephone number on our records, kindly send an email using your registered email address to pensionsolution@stanbicibtc.com or call our 24 hours 7 days a week multilingual Contact Centre on 012716000 to request for the update.

Please note that if your request is sent via an email which we do not have for you on our records, you will be required to fill a change request form and attach a copy of your valid means of ID (which could be a Driver’s License, National Identity card, International Passport or Permanent Voters Card) and scan back to pensionsolution@stanbicibtc.com.

You can also visit any of our branches nationwide to update your mobile phone number.

Change in Date of Birth

To request for a change in your Date of Birth, the documents listed below are required to be submitted at the branch for sighting by our representatives and copies retained where applicable.

  • Change of DOB request form
  • Passport Photograph
  • Birth Certificate/Age Declaration
  • Letter of Confirmation of DOB from your employer
  • Record of service (for public sector clients only)
  • PenCom retirement benefit registration slip (for public sector retirees only)

 

 



Change of Name

To change your name on our records, kindly send copies of the following documents to  pensionsolution@stanbicibtc.com or submit the documents at any of our branches nationwide.

Documents for change of name (Female)

  • A completed Change Request form.
  • A copy of your marriage certificate or sworn affidavit for the name change.
  • The full page of the newspaper publication notifying the public of your change of name (Please note that the newspaper page heading must include the name and date of publication as well as the page number). The newspaper publication is only required if a sworn affidavit is provided.
  • A valid means of ID which could be a Driver’s License or National Identity card or International Passport or Permanent Voters Card

 

Documents for change of name (Male)

  • A completed Change Request form.
  • A sworn affidavit for the name change
  • The full page of the newspaper publication notifying the public of your change of name (Please note that the newspaper page heading must include the name and date of publication, as well as the page number).
  • A valid means of ID which could be a Driver’s License, National Identity card, International Passport or Permanent Voters Card indicating the new name.
  • A letter from your employer confirming the change of name.

 



What are the other channels to have my details updated?

You can have your details updated via the following channels:

  • By completing our Client Request Form and submitting at any of our branches nationwide
  • Send email to pensionsolution@stanbicibtc.com
  • Chat with us via the secured web (please note that all details except name change and date of birth cannot be updated via this medium)

Disclaimer

Please ensure you take adequate steps to protect the password of your registered email address, as Stanbic IBTC Pension Managers Limited shall not accept liability for any loss that may arise as a result of honouring any and all instructions relating to the change of your personal data with Stanbic IBTC Pension Managers Limited when instructions are received from you via the email address registered with Stanbic IBTC Pension Managers Limited.

Stanbic IBTC Pension Managers Limited and its employees are under no obligation to verify the authenticity of the instructions irrespective of whether same are in fact erroneous, fraudulent or issued otherwise than as aforesaid.

Complaints

How do I make a complaint?

 

The following options are available for making a complaint based on the service channel/medium most convenient to you.

  • You may call our 24/7 multilingual contact centre on 012716000
  • Send a complaint using your registered email address to pensionsolution@stanbicibtc.com
  • Chat with us from our website: via www.stanbicibtcpension.com
  • Visit any of our branches nationwide.
  • Send a letter to us via our Head Office address:

The Wealth House
Stanbic IBTC Pension Managers Limited
Plot 1678 Olakunle Bakare Close
Off Sanusi Fafunwa Street
Victoria Island
Lagos State.

 

  • Social media platforms:

           www.facebook.com/stanbicibtc 
           www.twitter.com/stanbicibtc 

 

Contributions

Can I continue to contribute to my RSA after I have retired and accessed my retirement benefits?

Yes, a retiree receiving monthly pensions, who secures another employment after retirement can continue to contribute to his RSA. The contributions received will be credited to the retiree’s account as Voluntary Contributions and can be accessed at your convenience

How can I make additional contributions into my account?

Voluntary Contributions (VC) are additional contributions that can be made alongside your mandatory contributions to your Retirement Savings Account (RSA). Remittance of VC must come through your employer. The payment schedule provided to your employer, has a column for VC: this column should be filled with the amount you choose to contribute as VC.

Please note that your VC will be credited to your existing RSA and your statement of account will also show the details of your VCs to enable you monitor the growth.

It is however important to note that Pension Fund Administrators (PFAs) are mandated to apply the current Personal Income Tax (PIT) rates on the income made on all VC where the contributions are withdrawn within 5 years of the date of contribution. VCs that are withdrawn after 5 years from the date the contribution was made will be tax free (i.e. will be paid without deducting tax).

 

How do I access my pension benefits in my RSA following the recent exemption of the Military and Security Service Agencies from the Contributory Pension Scheme?

Following the enactment of the enabling legislation exempting all Military and Security Services Agencies (SSA) personnel from the Contributory Pension Scheme from January 2012, we are pleased to inform you that the National Pension Commission (PenCom) has directed the payment of the employee portion of contributions remitted for Military & SSA personnel to their personal bank accounts while the employer portion would be refunded to the Commission through the Central Bank of Nigeria (CBN).

The verification is being done in batches by PenCom in conjunction with Military Pension Board after which PenCom advises the various Pension Fund Administrators of the amount payable (inclusive of interest) to the individual clients.

Kindly liaise with your pension fund administrator (PFA) for further directives.

How do I monitor my contributions?

When an employee opens a Retirement Savings Account (RSA) with a Pension Fund Administrator (PFA), that PFA is required to issue periodic statements of account showing how much has been contributed as well as the returns on investment generated from the contributions. At Stanbic IBTC Pension Managers Limited, we send out quarterly statements to your registered email and correspondence addresses as well as Transaction Notification Services (TNS) whenever there is a transaction on your RSA. You can also monitor your account by:

• Log on to your secure account at www.stanbicibtcpension.com with your RSA PIN & Passcode or Registered Mobile Number & Passcode or Registered Email Address & Passcode. Click on forgot password if you do not have your log in details.

• Download Stanbic IBTC Mobile App:
o Go to “Google play store”, “Apple store” or “Blackberry App store”, (whichever is applicable on your device).
Search “Stanbic IBTC” then click on download. Follow the steps after installation:
o Click on Pension
o Click on “forgot password” and a new password will be generated and sent to your registered email address
o Log in with your registered phone number, RSA number (PENxxxxxxxx) and the new passcode received in your email address
o Click on login

 

I haven’t received any email or SMS alerts in a while. Why?

This may be because your mobile telephone number has changed and you are yet to update your new phone number on our records. If this is the case, please send an email using your registered email address to pensionsolution@stanbicibtc.com to update your mobile telephone number.

You can also update your current telephone number at any of our branches nationwide.

If your mobile telephone number is correct, it could mean that we have not received any contributions on your behalf recently. In that case, kindly liaise with your employer for the remittance of your outstanding contributions.

I haven’t received my RSA statement/balance for quite a while. What is wrong?

We typically send your RSA statement/balance of account for each quarter in the first month of the new quarter via SMS, email or post.

If you have not received your statement/balance through any of these means, please check that you have not changed your mobile telephone number, email address or correspondence address in recent times. If you have, you will have to update your details with us. You may do this by logging on to your account through our website www.stanbicibtcpension.com.

Alternatively, please send your updated details to pensionsolution@stanbicibtc.com. You can also update your current details at any of our branches nationwide.

What happens to my RSA and contributions when I change employers?

When a Retirement Savings Account (RSA) is opened and a PIN created, this PIN remains with you for life. This means that a change of employers would have no effect on your RSA.

However, when you change your employer, it is important that you do two things:

  1. Provide us with your new employment details. You may e-mail this information to us, using your registered email address, via pensionsolution@stanbicibtc.com 
  2. Provide your RSA PIN as well as our Pension Fund Custodian (“PFC”) account details to your new employer for remittance of your monthly contributions. Our PFC details are:

Account Name: ZPC/SIPML PENSIONS

Account Number: 1010885522

Bank: Any Branch of Zenith Bank Plc

The new employer will then continue to remit your contributions to your RSA.

What is the minimum number of employees for participation in the Contributory Pension Scheme (CPS)

The Contributory Pension Scheme (CPS) mandatorily applies to employers with 3 or more employees.

Notwithstanding the above, employees of organizations with less than 3 employees as well as self-employed persons are entitled to participate under the scheme in accordance with the guidelines issued by the National Pension Commission (PenCom).

What is the minimum rate of pension contribution?

According to the Pension Reform Act (PRA) 2014, the minimum rate of pension contributions is 18% of monthly emoluments, where 8% is to be contributed by employees and 10% by employers. However, an employer may choose to bear the full responsibility of the contributions provided that in such a case, the employer’s contribution shall not be less than 18% of the employee’s monthly emoluments.

Where it appears that my monthly remittances are less than the amount being deducted from my monthly salary, what do I do?

For Public Sector Workers: it is important to note that the National Pension Commission (PenCom) has discontinued the use of documentary evidence for remittance purposes. Public sector employees are to liaise with their employers to include their correct details on the Nominal Roll to be submitted directly to PenCom. The Nominal Roll is used by PenCom to retrieve employees’ details from various Ministries, Departments and Agencies (MDAs) to enable them determine the actual pension benefits due to individual employees based on their current grade levels and steps.

Kindly liaise with your employer to include your details on the Nominal Roll to be submitted to PenCom.

We assure you that where more remittances are made on your behalf, your account will be credited and you will be notified accordingly

For Private Sector Workers: please be advised that contributions are credited to individual Retirement Savings Accounts (RSAs) with narrations based on advice received from your employer. Therefore, we advise you liaise with your employer showing your RSA statement for the period in dispute.

It is also important to note that we charge an Administrative fee of N100 monthly as approved by the National Pension Commission (PenCom), which is deducted from your total contributions received. These contributions are invested on your behalf thereby increasing the value of your RSA.
 

What can I do if my employer fails to remit my monthly pension contributions?

The Pension Reform Act 2014 requires employers to remit pension contributions on behalf of their employees within 7 working days from the payment of salaries. The Act also provides that where the employer fails to either deduct or remit the contributions within the stipulated time, the employer will be liable to pay a penalty that is not less than 2% of the total outstanding contributions that remains unpaid for each month or part of each month the default continues.
 
It is important to state that the Act empowers the National Pension Commission to impose administrative or civil sanctions on erring employers and this it does through its Compliance and Enforcement Department. The Commission has also engaged the services of Recovery Agents to collect unremitted contributions as well as the interest penalty from defaulting employers.
Kindly note that employees are therefore required to liaise with their employers to ensure that their pension contributions are remitted into their Retirement Savings Accounts.

Who is exempted from the Contributory Pension Scheme?

The categories of persons exempted from the scheme are:

  1. Categories of persons mentioned in Section 291 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) i.e. the Judicial officers
  2. Members of the Armed Forces, Intelligence and Secret Services of the Federation
  3. Any employee who is entitled to retirement benefits under any pension scheme existing before 25 June 2004 (the commencement date of the scheme) or who as at the commencement date has 3 or less years to retire.

Is the Nigeria Police Force exempted from the Contributory Pension Scheme?

No, employees of the Nigeria Police Force are still under the Contributory Pension Scheme. However, the Nigeria Police Force Pensions Limited was granted a license by the Commission to carry out the business of a Pension Fund Administrator exclusively for employees of the Nigeria Police force. Employees of the Nigeria Police Force can therefore choose to transfer their RSAs from their current PFAs to the Nigeria Police Force PFA.
 

Login

Can I access my RSA online?

Yes. By visiting our secure website www.stanbicibtcpension.com  and logging in with your RSA PIN and Passcode or Registered Mobile Number and Passcode or Registered Email Address and Passcode.

Can I reset my passcode online?

 

Yes you can by following the steps outlined below:

  1. From the Login page on our website (www.stanbicibtcpension.com), click on RSA Login then “Forgot your passcode?” link

  2. This should bring you to a page where you are required to enter your complete 12 digit PIN number (starting with “PEN” without space).

  3. Once you have done this, an alert will be sent to your registered e-mail address and mobile telephone number advising you of your new passcode.

  4. You will then need to login with your RSA PIN, Registered Email Address or Registered Telephone Number and the passcode received after which you will be prompted to select any six numerical digits of your choice as your new passcode

  5. Alternatively you can reset your passcode through our Short Code service by sending RESET PENxxxxxxx to 30388 via your registered mobile number. SMS costs N10 only.

How can I get my login details?

Your login details would have been sent to your registered email address and mobile telephone number when your retirement savings account was opened.

However, if you are unable to locate this information, you can retrieve it through our website: www.stanbicibtcpension.com by clicking on the “Forgotten your password” link and the information will be auto-generated and sent to the email address and mobile phone number we have on record for you. You can also send an email to pensionsolution@stanbicibtc.com or call our multilingual contact centre on 01 2716000 to request for your login details. This will be auto-generated and sent to the email address and mobile phone number we have on record for you.

How do I register for online access?

Once you open a Retirement Savings Account (RSA) with us and your RSA Personal Identification Number (PIN) is generated, an online account will automatically be opened for you and your login details will be sent to your registered email address and mobile telephone number.

PIN Requests

How can I get my Retirement Savings Account Personal Identification Number (RSA PIN)?

Your RSA Personal Identification Number (PIN) can be found in the following correspondence from us:

  • Your Pension Registration Certificate which you would have received when your account was opened with us,
  • Your statement of account which is sent to you quarterly,
  • Your Transaction Notification alerts sent to your registered mobile telephone number on our record,
  • Alternatively you can get your RSA PIN through any of the channels listed below:
    • Call our 24/7 multilingual contact centre on 01 2716000.
    • Send an email to pensionsolution@stanbicibtc.com  from your registered email address to request for your RSA PIN.
    • Text ‘MYPIN’ to 30388 from your registered mobile telephone number on our record and your PIN will be sent to you.
    • Chat with us from our website www.stanbicibtcpension.com

I noticed that my RSA PIN is no longer valid on your records what is the problem and what can I do?

It is possible your RSA PIN is among the RSA PINs received in an instruction from the National Pension Commission (PenCom) to refund all contributions previously remitted into them and deactivate the accounts as a result of double registration.

However, we are currently liaising with PenCom for the reconciliation of their registration details and pension contributions. Please exercise patience while this process is ongoing.

Please send us an e-mail using your registered email address via pensionsolution@stanbicibtc.com  notifying us of the noticed invalidity.

 

What are these other pieces of information on my Pension Registration Certificate?

Your Pension Registration Certificate contains information we have registered for you on our database. Such information includes:

  • Your Name : Title, Surname, First name, Other name
  • Your Employer ID number
  • Your Date of Birth
  • Your telephone number
  • Your Retirement Savings Account (RSA) Personal Identification Number (PIN)
  • Your email address
  • Employer Name
  • Registration date
  • Correspondence address
  • Picture

Our Pension Fund Custodian (PFC) account details: You need to provide your employer with these details to facilitate the remittance of your monthly pension contributions.

What should I do if I notice wrong information on my Pension Registration Certificate?

If you notice any incorrect information on your Pension Registration Certificate, kindly notify us via any of our channels below:

The Wealth House
Stanbic IBTC Pension Managers Limited
Plot 1678 Olakunle Bakare Close
Off Sanusi Fafunwa Street
Victoria Island
Lagos State.

 

I got a notification to maintain another (New) Retirement Savings Account Personal Identification Number (RSA PIN).

Client is required to maintain one RSA PIN for a lifetime. We noticed that you have two RSA PINs on our records and due to the First PIN rule you are required to maintain one RSA PIN. Hence, the advise you received to maintain your First RSA pin with us. To this end, you are required to provide your valid RSA pin to your employer for remittance purpose. Also, note that the funds (if any) in your second RSA PIN will be transferred to your valid pin upon receipt of approval from PenCom.  

Remittance Issue (Private Sector)

I work in the private sector and have been with my current employer for two years and no remittance has been made on my behalf. What can I do to get my remittance?

Making remittances on your behalf is the sole responsibility of your employer and so when you commence any employment, it is important that you provide your employer with your Retirement Savings Account (RSA) PIN number and our Pension Fund Custodian (PFC) details (as shown in your Pension Registration Certificate). However where non-remittance issues arise for other reasons and are brought to our attention, our Relationship Managers will liaise with your employer to resolve the issue. It is however important to mention that PFAs are not empowered to enforce compliance

 

I noticed that my account is not up to date and my employer confirmed remittance in my new name.

Please note that your name on our database and contribution schedule sent by your employer must be the same for ease of crediting your account. If your name has changed on your employer’s records and remittance has been made in the new name, we request you notify us and provide the supporting documents to enable us update your details and credit your account accordingly. 


Remittance Issue (Public Sector)

I am a public sector worker; I recently discovered that no remittance has been made on my behalf despite regular deductions from my salary?

There are two categories to this – Treasury funded organizations and those on the Integrated Personnel and Payroll Information System (IPPIS)

The National Pension Commission (PenCom) is responsible for remitting the pension contributions for treasury funded ministries, departments & agencies (MDAs). PenCom determines the actual pension benefits due to individual employees based on the Nominal rolls submitted by their employers. You are to liaise with your employer to include your correct details on the Nominal roll to be submitted directly to PenCom

Contributions for ministries, departments & agencies (MDAs) under Integrated Personnel and Payroll Information System (IPPIS) are remitted by the Office of the Accountant General of the Federation.

Kindly liaise with any federal pay office near you.

 

What should I do if I observe that my monthly remittances are less than the amount being deducted from my monthly salary?

For Public Sector Employees: it is important to note that the National Pension Commission (PenCom) has discontinued the use of documentary evidence for remittance purposes. Public sector employees are expected to liaise with the pension desk officers of their organisations to include their correct details on the Nominal Roll that will be submitted directly to PenCom. The Nominal Roll is used by PenCom to retrieve employees’ details from various Ministries, Departments and Agencies (MDAs) to enable them determine the actual pension contribution deduction due individual employees based on their current grade levels and steps.

Kindly liaise with your employer to include your details on the Nominal Roll to be submitted to PenCom. We assure you that where additional remittances are made on your behalf, your account will be credited and you will be notified accordingly.

For Private Sector Employees: please be advised that contributions are credited to individual Retirement Savings Accounts (RSAs) based on the remittance advice received from the employer. Therefore, we advise that you liaise with your employer on the disputed remittances for prompt resolution.

It is also important to note that we charge an Administrative fee of N100 monthly as approved by PenCom. This fee is deducted from the total contributions received for each month. The net contributions are subsequently invested on behalf of our clients.   

 

Why was there a deduction of excess contributions from my RSA?

The National Pension Commission (PenCom) is responsible for the remittance of pension contributions for employees of treasury funded public sector institutions yet to adopt the Integrated Personnel and Payroll Information System (IPPIS).

A reconciliation of remittances into your RSA was carried out by PenCom and we received an instruction to refund the excess amount remitted   into your account prior to when your employer migrated to IPPIS. Reconciliation is also carried out by PenCom on receipt of Nominal Roll submissions by MDAs to ascertain if prior remittances made based on Documentary Evidence submissions were adequate and where there were overpayments, refunds are requested by PenCom.

I noticed that my account is not up to date and my employer confirmed remittance in my new name.

Please note that your name on our database and contribution schedule sent by your employer must be the same for ease of crediting your account. If your name has changed on your employer’s records and remittance has been made in the new name, we request you notify us and provide the supporting documents to enable us update your details and credit your account accordingly. 

Statements

How do I generate my statement online?

To generate your statement online, simply follow the steps below:

  • Visit our website www.stanbicibtcpension.com and look to the right hand of the screen (middle section). Click on the drop down button and select “RSA Login”.

  • Another window will appear advising you to login with your RSA PIN and Passcode or Registered Mobile Number and Passcode or Registered Email Address and Passcode which will take you to your account summary page (If you do not have your login details, kindly click on the “Forgot your passcode’’ link; where you will be required to enter your complete 12 digit PIN number (starting with “PEN” without space). Once you have done this, your login details will be sent to your registered e-mail address and mobile number.

  • Click on the “STATEMENT” link on the Account Summary page.

  • Enter the dates for which you want the statement to be generated.

  • Alternatively you can request for your Retirement Savings Account statement using our Short Code service by sending STMT PENxxxxxxx to 30388 via your registered mobile number. SMS costs N10 only.

  

I do not understand some of the terms used on the statement, please explain.

Here are some of the popularly used terms:

Contributions Received from Inception: This is the sum of contributions received on your behalf from your employer before any investment activity by us, less N100 Admin fee/month.

Total Withdrawals from Inception: This refers to the total amount of money that has been paid out to you as Voluntary Contribution (VC), retirement benefit payments or the total withdrawals made on your account based on the advice of your employer.

Gain/Loss from Inception: This refers to the profit or loss made on your account as a result of investing your monthly contributions. It is worth mentioning that the gains outweigh the losses in most cases because of the strict investment guidelines that have been placed on pension funds by our Regulator, the National Pension Commission (PenCom).

Current Value: This is the addition of your total net contributions and the growth on your contributions, after your contributions have been invested. This means that your current balance is usually higher than your actual pension contributions because the contributions are constantly being invested. As a result, your current balance changes daily.

Units: This represents the number of units allotted to you at the point of crediting your Retirement Savings Account (RSA) with the contribution received on your behalf. Mathematically, it is arrived at by dividing the contribution received by the fund price of the previous day. The total unit for a given period (e.g. a year) will be sum total of all the allotted units per monthly remittance.

Unit Price: This is the prevailing fund price on a given day your contribution credited into your account. This mathematically is calculated as the total contributions brought in a day divided by the total allotted units of the previous day.

 

Why does my account balance fluctuate?

The difference observed in your Retirement Savings Account (RSA) balances is a result of the changes in the RSA Fund’s unit price. These price changes are a summary of the investing activities of the fund.

The unit price of the RSA Fund is computed by dividing the Net Asset Value (NAV) of the Fund (contributions + appreciation/depreciation) by the actual contributions received. However, because up to 25% of the Fund can be invested in stocks (whose prices rise or fall daily) the unit price of the Fund may appreciate or depreciate over time. We expect the RSA Fund to appreciate over the long term.

 

Is there any charge attached to the e-statements?

No, e-statements are sent at no cost to our clients.

 

How do I receive statement via email only?

 

• You can send an email to pensionsolution@stanbicibtc.com confirming your interest to receive statement via          email only.
• You can fill our E-mandate or Client Request form
• Sign up using the short code service (MAIL PEN******* email address) to 30388. Kindly use your registered email    address. SMS costs N10
• Visit any of our offices close to you.

 

Transfer

I would like to close my current Retirement Savings Account and open a new one with you. Is that possible?

Your current Retirement Savings Account (RSA) cannot be closed. You can only transfer your RSA from one Pension Fund Administrator to another when the transfer window is opened by the National Pension Commission (PenCom). This is in line with the provision of the Pension Reform Act 2014. Please note that the transfer window period is yet to commence.

 

Is it possible to merge multiple RSA pins?

Kindly note that the policy of the National Pension Commission (PenCom) for multiple registrations is the “First PIN” rule which recognizes the first RSA Personal Identification Number (PIN) obtained by a client as the valid one to be maintained.

RSA PINs cannot be merged but the funds in an invalid pin can be moved to the valid RSA pin upon reconciliation and approval by the Commission to transfer the funds. To reconcile the funds in your multiple RSA PINs, you are required to provide us with the evidence of registration (Pension Registration Certificate) and the current RSA statement with the other Pension Fund Administrator along with your valid means of identification (which could be a Driver’s License or National Identity card or International Passport or Permanent Voters Card). Upon receipt of the documents, we will write to PenCom for a resolution.

 

Withdrawal Inquiries

Can I access my funds before retirement if I have an emergency or a pressing need?

Your Retirement Savings Account (RSA) is designed to provide you with an income upon retirement therefore funds typically cannot be accessed until one attains the age of 50 years or upon retirement (whichever comes later).

However, RSA holder is temporarily unemployed before the retirement age (i.e. he/she is voluntarily/involuntarily disengaged, downsized, retrenched etc.) and has remained unemployed for a period of at least four (4) months without securing another employment, such an individual may apply for 25% of his/her current RSA balance.

 

Can I access the interest accrued on my investment separately?

No. Clients are not allowed to access the return on investments separately as the returns made on the RSA are added to the RSA balance which can only be accessed at retirement.

 

Can I apply for another 25% after I have previously accessed one?

No. You are only allowed to access 25% of your RSA balance once. The remaining RSA balance will be accessed at the age of 50 years or at retirement (whichever comes later).

 

Can I take all my money at once when I retire?

 

A retiree who is 50 years and above may only access the entirety of his/her savings when his/her consolidated Retirement Savings Account (RSA) balance is below N500,000.

However, a retiree with RSA balance in excess of N500,000, is entitled to a lump sum withdrawal from the balance in his/her RSA provided that the amount left after the lump sum withdrawal shall be sufficient to procure a programmed fund withdrawal or annuity. Please note that both modes of withdrawal are subject to approval by the National Pension Commission before payment is made.

 

Can I take all my money at once when I retire?

A retiree who is 50 years and above may only access the entirety of his savings when his consolidated Retirement Savings Account (RSA) balance is below N500,000.

However, a retiree with RSA balance in excess of N500,000, is entitled to a lump sum withdrawal from the balance in his RSA provided that the amount left after the lump sum withdrawal shall be sufficient to procure a programmed fund withdrawal or annuity. Please note that both modes of withdrawal are subject to approval by the National Pension Commission before payment is made.

 

Can I use my Retirement Savings Account balance as collateral for a Mortgage scheme?

Following the enactment of the Pension Reform Act (PRA) 2014, Section 89 (2) of the Act provides that a Pension Fund Administrator (PFA) may subject to guidelines issued by the National Pension commission apply a percentage of the pension assets in a Retirement Savings Account (RSA) towards the payment of equity contribution for a residential mortgage by a RSA holder.

We however await the issuance of guidelines for implementation from the Commission.

 

How can I access my funds when I retire?

Kindly contact us through any of the channels listed below to notify us of your retirement/disengagement. Upon receipt of your notification, we will advise you as to what mode of payment is available to you and the necessary documents to submit to enable you make any withdrawal from your account:

The Wealth House
Stanbic IBTC Pension Managers Limited
Plot 1678 Olakunle Bakare Close
Off Sanusi Fafunwa Street
Victoria Island
Lagos State.

  • Engage us via our Social media platforms:

www.facebook.com/stanbicibtc 
www.twitter.com/stanbicibtc 

 

I recently resigned from my place of work; can I withdraw some money from my RSA?

In line with the Pension Reform Act (PRA) 2014 and the rules and regulations of the National Pension Commission (PenCom), a Retirement Savings Account (RSA) holder who retires voluntarily or disengages from employment either voluntarily or involuntarily, before the age of 50 years and is unable to secure another job within four (4) months, can withdraw 25% of the current balance in his/her RSA.

 

I recently resigned from my place of work; can I withdraw some money from my RSA?

In line with the Pension Reform Act (PRA) 2014 and the rules and regulations of the National Pension Commission (PenCom), a Retirement Savings Account (RSA) holder who retires voluntarily or disengages from employment either voluntarily or involuntarily, before the age of 50 years and is unable to secure another job within four (4) months, can withdraw 25% of the current balance in his/her RSA.

 

I recently resigned from my place of work; can I withdraw some money from my RSA?

In line with the Pension Reform Act (PRA) 2014 and the rules and regulations of the National Pension Commission (PenCom), a Retirement Savings Account (RSA) holder who retires voluntarily or disengages from employment either voluntarily or involuntarily, before the age of 50 years and is unable to secure another job within four (4) months, can withdraw 25% of the current balance in his/her RSA.

 

Do I need to attend enrollment/verification exercise before my accrued rights is remitted to my RSA?

Yes, employees of the public sector are required to attend the enrollment/verification exercise the year before retirement to enable the National Pension Commission (PenCom) remit their accrued rights into their RSAs after retirement.
This will also enable the reconciliation of their pension contributions by PenCom. It is however important to mention that you will only be able to apply for payment of your retirement benefits when your accrued rights have been fully reconciled by PenCom.

 

Can I access my pre-act contributions enbloc?

Yes, you can access your pre-act contributions enbloc based on the conditions below:

  • If it is in line with the terms and conditions as stated in your employee handbook.
  • There must be contributions from January 2005 in your RSA (this indicates that you joined the organization before the enactment of the Pension Reform Act 2004).
  • You must have exited the company that remitted the pre-act contributions on your behalf to be eligible for withdrawal.

 

What if I do not have my pay slip within the last three (3) months of retirement and want to access my funds under the programmed or annuity withdrawal mode?

Please note that you can provide your bank statement showing the breakdown of your last three (3) months’ salary before retirement or a formal letter from your employer stating your total monthly emolument for the last three months of your retirement.

As a foreign national  can i access my RSA balance enbloc?

Yes, you can access your RSA balance provided you were employed as an expatriate in Nigeria and you are now returning to your home country. Note that your exit letter should state that you will be returning to your home country.

Withdrawal Modes

I just retired from active service and would like to withdraw from my RSA, what withdrawal options do I have?

Upon retirement, you can access your Retirement Savings Account (RSA) balance in the following ways:

  1. A one-off lump sum payment from your RSA, provided that the balance in your account shall be sufficient to procure programmed monthly payments or annuity.
  2. Programmed monthly or quarterly withdrawals calculated on the basis of an expected life span
  3. Annuity purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments; and 
  4. Where the balance in your RSA is less than or equal to N500,000.00 the total balance in the RSA can be withdrawn enbloc i.e at once

What are the features of Programmed Withdrawal?

Programmed Withdrawal and Annuity

Retirees are entitled to a lump sum (LS) and periodic pension payments. The periodic payments are either accessed as Programmed Withdrawal (PW) or Annuity, depending on the retiree’s choice.

PW is a payment mode offered by Pension Fund Administrators (PFAs) and regulated by the National Pension Commission (PenCom) while Annuity is a payment mode offered by insurance companies, regulated by the National Insurance Commission (NAICOM). For more details on Annuity, please contact a Life Insurance company.
 

The Key Features of Programmed Withdrawal are highlighted below:

S/N Features Definition
1. Frequency of Payment Pension payment can be made either monthly or quarterly, as the retiree desires.
2. Commencement of payment Pension payments including pension arrears (if any) commence from the date of retirement or attaining the age of 50 years (whichever is later).
3. Payment to Beneficiary when the retiree dies Whenever the retiree dies, the beneficiary under a Will admitted to Probate or Letter of Administration is paid the total balance in the RSA.
4. Custody of Funds Retiree’s assets are held by a Pension Fund Custodian.
5. Growth in Funds Returns on investment are added to the RSA balance.
6. Change of Withdrawal mode A retiree on PW with a PFA can choose to terminate the PW and enter into an Annuity contract with an Insurance company at any time. However, a retiree cannot change from Annuity mode to PW mode.
7. Change of Pension Fund Administrator A retiree on PW with a PFA will be able to move to another PFA in line with the Pension Reform Act when the transfer window opens.
8. Contributions after retirement A retiree on PW who secures another employment after retirement can continue to contribute to his RSA. The contributions received after retirement will be credited to the retiree’s account as Voluntary Contributions (VC) and can be accessed any time.
9. Duration of Payment Pension is paid to the retiree over an expected lifetime until the RSA balance runs out.


Value Added Services

Other value added services provided/rendered by Stanbic IBTC Pension Managers Limited to retirees under programmed withdrawal are:

1. Free monthly statement of account / SMS alerts on account transactions such as pension payments, contributions etc.
2. Free confirmation of account balances to embassies for visa applications (upon request).
3. Convenience – easy reach via:

  • 24 hours 7 days a week multilingual contact center – 01 2716000
  • Over 200 service locations around Nigeria
  • Email us at pensionsolution@stanbicibtc.com 
  • Live Chat on our website www.stanbicibtcpension.com 
  • View your RSA via our website
  • Check your RSA balance from your phone using our short code – 30388 or Mobile APP or from any Stanbic IBTC bank ATMs
  • Social media platforms:

www.facebook.com/stanbicibtc 
www.twitter.com/stanbicibtc 


 

NSITF

How do I transfer my NSITF contribution to my RSA?

 

Based on the current guidelines from the National Pension Commission (PenCom), contributors to NSITF are required to submit the following documents to enable the transfer of their NSITF contributions from Trust Fund Pension to their respective RSAs / PFAs. 

  • Original copy of NSITF/NPF membership certificate

            Where the certificate is lost, a sworn court affidavit (original copy) in  

            the place of the lost certificate is to be provided as well as a letter of

            confirmation of identity and an indemnity from your employer stating

            that you are the bona fide owner of the contribution being claimed.

            Where no certificate was issued, a sworn court affidavit (original copy)

            of non-issuance is to be provided as well as a letter of confirmation of

            identity and an indemnity from the employer that you are the

            actual owner of the contributions being claimed. 

  • Means of identification (preferably employer ID or driver’s license)

  • Completed "transfer application form" (name must be written the same way as it appears on the NSITF certificate) 

Please note that the hard copies of the above documents are to be submitted at any of our

A guide to complete an RSA Form

Introduction:

The National Pension Commission would like to ensure a top-notch database that reflects one RSA per individual in line with the provisions of the ACT. As such it frowns at breaches that result in the generation of more than one account for an individual by any PFA. As a responsible and transparent PFA Stanbic IBTC Pension will like to seek the support and cooperation of our teaming customers to achieve this expectation from the commission.
 
Dos:
 
I. Glue/gum Passport photograph to the RSA forms. This will be stapled in order to protect the image and avoid mismatch at the point of processing.

II. Prospective client to append his or her signature on any alteration made to a non-compulsory field on the form.
 
What not to do:
 
I. No correction fluid (TipEx) on any field on RSA forms submitted for processing.
 
II. No alteration on the following fields which are sensitive to PIN generation.
 
• Surname
• First Name
• Other Name
• Date of Birth
• Sex
• Date of First Employment

Preventive Measures:
 
I. We will not be able to process RSA forms with correction fluid (TipEx) or alterations on any of the mandatory fields.

II. Prospective clients whose RSA forms are rejected due to any of the above would receive SMS alert on the need to complete a new form.

Others:

I. Clients who have been issued RSA PINs by another PFA should please NOT fill a form with Stanbic. There would be opportunity in the nearest future to move their RSA to Stanbic IBTC Pension from the other PFA at the opening of the transfer window and this will be publicized. In the interim, we would like to provide you an update on this personally. Please provide your details by visiting https://ssl.ibtcpension.com/EOF/index.aspx, our website and link for expressing interest in Stanbic IBTC Pension.

II. We will implore you to help ensure that the forms are neatly completed and submitted for processing.

Short Code Services

What are the information I can access via your Short Code services?

 

To access information about your Retirement Savings Account (RSA) through our Short Code services, please send your request using any of the formats below from your registered mobile telephone number on our records. SMS costs N10 only.

  • To retrieve your RSA PIN Text MYPIN to 30388.
  • For current balance Text BAL PENxxxxxxx to 30388
  • For last three (3) contributions Text CONT PENxxxxxxx to 30388
  • For the status of benefit application Text APP PENxxxxxxx to 30388
  • To reset passcode/change your online passcode Text RESET PENxxxxxxx to 30388
  • To request for Pension Registration Text PRC PENxxxxxxx to 30388
  • To request for Retirement Savings Account statement Text STMT PENxxxxxxx to 30388
  • To sign up to receive your RSA statement via email only Text MAIL PENxxxxxxx abc@gmail.com to 30388

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