A disengaged staff can access 25% of his/her Retirement Savings Account (RSA) balance after four months of being unemployed. If the disengaged staff secures another employment before attaining the age of 50, he/she may resume contribution into his/her RSA.
The following are the steps required to access 25% of your RSA balance:
- He /she writes PAL notifying us of his employment status and requesting for 25% of his RSA balance
- Along with the request letter, the following documents would be presented to our office:
- Letter of disengagement/termination/resignation.
- Proof of age i.e. Birth certificate.
- A completed retiree detail form provided by PAL.
- Four (4) passport photographs.
- Bank document for confirmation of account number i.e bank statement or letter of introduction from the bank
- Valid means of Identification i.e. National ID/ Voter’s card/ Driver’s License / International Passport
- Upon receipt of the documents above, PAL sights the original documents before collection.
- PAL writes the former employer of the terminated employee requesting for confirmation of remittance of all accrued pension benefits.
- PAL forwards the above listed documents to the National Pension Commission for payment approval.
- Upon receipt of approval from PENCOM, PAL instructs her Custodian on the basis of Bank details provided to credit the bank account of the disengaged staff.
- UBA Pension Fund Custodian credits clients account.