A Retirement Savings Account (RSA) holder who is less than 50 years old and unable to secure another job after four months of exit from employment can withdraw up to 25% of the balance in his/her RSA. This withdrawal is applicable once in a lifetime. Should the RSA holder gain another employment before attaining the age of 50, he/she may resume contribution into the RSA.
The following are the steps required to access 25% of your RSA balance:
- Exit letter issued to the RSA holder by the employer
- Proof of age i.e. birth certificate/sworn declaration of age
- Two (2) passport photographs.
- Bank document for confirmation of account details i.e. one-page of recent bank account statement or letter of introduction from the bank
- Valid means of identification i.e. National ID, Voter’s Card, Driver’s License, International Passport or letter of introduction from the bank (with stamped passport of account holder)
- Request form https://www.palpensions.com/media/1552/25-request.pdf
- Pay slip (any of three months prior to month of exit)
- Payment process will commence only if complete requirements are submitted
- PAL writes the former employer of the RSA holder requesting for remittance confirmation of all accrued pension benefits.
- PAL seeks for payment approval from PENCOM
- Upon receipt of approval from PENCOM, PAL instructs UBA Pension Fund Custodian to credit the RSA holder's bank account.
- UBA Pension Fund Custodian credits RSA holder's bank account as instructed.