Did you know that according to the National Pension Commission (PenCom), the official conditions of retirement are attaining the age of 50 years and being out of salaried employment or fulfilling 35 years in the civil service?
Did you also know that the age limit is 70 years for academic service? If you fulfil these conditions and are due for retirement, it is with great pleasure that we congratulate you on your forthcoming retirement. Please take note of the details below, otherwise kindly disregard this information.
As a public sector employee (civil servant), you are expected to attend the verification exercise held by PenCom for public sector retirees for the purpose of reconciling your contributions and remitting your accrued right. This exercise must be attended in the year before your retirement date.
To process your retirement benefit after your accrued rights have been received and contributions reconciled, you are required to visit any of our offices with the original documents listed on the checklist for sighting by any of our staff and photocopies would be retained where applicable. It is important to note that you are entitled to a lump sum payment from your Retirement Savings Account (RSA) balance only if the amount left after the lump sum withdrawal will be sufficient to procure a programmed pension payment or annuity. Please refer to the table in highlights on the main features of programmed withdrawal.
Upon receipt of your complete documents and the computation of your benefits, we will process your application and forward to PenCom for payment approval. Stanbic IBTC Pensions will also provide you with regular updates on the status of your application until we receive approval and your payment is processed.
As your trusted Pension Fund Administrator, we remain committed to providing you with updates on your retirement benefits by sending your RSA Statement quarterly. We therefore advise that you fill out the update form if your contact information differs from the details stated on your Pension Registration Certificate. The completed form can either be submitted at any of our offices closest to you or emailed to firstname.lastname@example.org with a valid means of identification attached.
To aid your benefit application, please click here for the following documents;
- Highlights on main features of Programmed Withdrawal
- Checklist (requirements) for Lumpsum & Programmed withdrawal
- Application Form
- Change request form
- Pension notes
To download a copy of your Pension Registration Certification please click here