A Retirement Savings Account (RSA) holder is considered a retiree when he/she attains the age of 50 years or above and is out of employment. A retiree can choose either programmed withdrawal or annuity payment option.

• The first stage of processing is to participate in the ongoing data recapture exercise (if not done previously) as mandated by PENCOM. Client can fill the form online and upload documents on our website https://palrsa.palpensions.com/.  The requirements can be found here.

• Once the recapture process is completed, the following documents are to be submitted online or at any of our offices:

      a.  Retirement letter issued to the RSA holder by the employer
      b.  Two (2) passport photographs.
      c.  Proof of age i.e. birth certificate or sworn declaration of age
      d.  Pay slip (any of three months prior to month of retirement)
      e.  Bank document for confirmation of account details i.e. one-page of recent               bank account statement or letter of introduction from the bank
      f.  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)

• 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.

• For programmed withdrawal, PAL will compute the lump sum and monthly pension based on the payment template provided by PENCOM.

• PAL informs client of lump sum and programmed withdrawal during the payment discussion. Retiree consents to the payment by signing the template, consent form and programmed withdrawal agreement.

• PAL seeks for payment approval from PENCOM.

• UBA Pension Fund Custodian credits client’s account with lump sum and pension arrears (where pension arrears is applicable), after which the programmed withdrawals commences accordingly.

• For annuity payment option, the retiree is provided his/her template. The retiree presents it to his/her chosen Insurance Company for quotation of an annuity provisional agreement and submits to PAL.

• PAL seeks for payment approval from PENCOM. Upon receipt of approval, PAL instructs UBA PFC to credit the retiree’s bank account with the approved lump sum and transfer the balance to the chosen Insurance Company.

FULL ACCESS (PUBLIC SECTOR)

A Retirement Savings Account (RSA) holder is considered a retiree when he/she attains the age of 50 years or above and is out of employment. A retiree can choose either programmed withdrawal or annuity.

Retirees are expected to enroll for the retirement bond registration with the National Pension Commission (applicable to Federal government employees).

• The first stage of processing is to participate in the ongoing data recapture exercise (if not done previously) as mandated by PENCOM. Client can fill the form online and upload documents on our website https://palrsa.palpensions.com/RSAPortal/login. The requirements can be found here

• Once the recapture process is completed, the following documents are to be submitted online or at any of our offices:

1. Retirement letter issued to the RSA holder by the employer
2. Two (2) passport photographs.
3. Proof of age i.e. birth certificate or sworn declaration of age
4. Pay slip (any of three months prior to month of retirement)
5. Bank document for confirmation of account details i.e. one-page of recent bank account statement or letter of introduction from the bank
6. 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)
7. Retiree will forward their retirement bond slips to PAL (applicable to Federal Government employees).
8. Retiree will complete the Indemnity Form (applicable to Federal government employees). Click here to download the Retiree Indemnity Form 

• Payment process will commence only when complete requirements are submitted and RSA is fully consolidated by PENCOM

• For programmed withdrawal, PAL will compute the lump sum and amount of monthly pension based on the payment template provided by PENCOM.

• PAL informs the client of the lump sum and programmed withdrawal during the payment discussion. Retiree consents to the payment by signing the template, consent form, and programmed withdrawal agreement

• PAL seeks payment approval from PENCOM.

• UBA Pension Fund Custodian credits the client’s account with the lump sum and pension arrears (where pension arrears are applicable), after which the programmed withdrawals commence accordingly.

• For the annuity payment option, the retiree is provided his/her template. The retiree presents it to his/her chosen Insurance Company for quotation of an annuity provisional agreement and submits it to PAL.

• PAL seeks payment approval from PENCOM. Upon receipt of approval, PAL instructs UBA PFC to credit the retiree’s bank account with the approved lump sum and transfer the balance to the chosen Insurance Company.