Termination of Appointment

Termination of Appointment

Temporary Access

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:

  • The first stage of payment request 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. Exit letter issued to the RSA holder by the employer
  2. Proof of age i.e. birth certificate/sworn declaration of age
  3. Two (2) passport photographs.
  4. Bank document for confirmation of account details i.e. one-page of recent bank account statement or letter of introduction from the bank
  5. 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)
  6. Download Request form here
  7. 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.

Fund History

Administrative fee is N80**

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