Benefit Types

Home / Retirement / Benefit Types

The following list of Benefit withdrawal types are the various way remittances received into RSA/Retiree accounts and Legacy/Gratuity funds can be accessed by our clients.

All clients’ requests are processed based on the entitlements due to the RSA holder at any particular time as defined by the Regulations of the National Pensions Commission (PENCOM)

  • Enbloc Withdrawal
  • 25%/Loss of Job Withdrawal
  • Lumpsum/Programmed Withdrawal
  • Lumpsum/Annuity Withdrawal
  • Death Benefit Withdrawal
  • Gratuity/Legacy Withdrawal
  • Missing Persons Payment
  • Medical grounds Payment
  • Addional Voluntary Contribution withdrawal
  • NSITF Payment.

The documents required for each of these applications are provided below and can be submitted at any of our regional offices close to you.

SMS and phone calls will be made in a timely manner to update on the status of benefits application. Nominated Bank accounts will be credited once approvals are received from the national Pension Commision and the entire process takes 12 working days on average.

enbloc imageEnbloc benefit payment means the entire fund in the retiree’s RSA is paid to the owner. The retiree eligible for Enbloc must have attained 50 years and he must have N550, 000 or below that in his RSA.
Documents required are:

  • The request letter for benefit
  • Retirement letter or resignation letter
  • Age declaration/ Birth certificate
  • 2 passport photographs
  • Employers’ confirmation of accrued rights
  • Bank account details
  • Any valid, government issued means of identification

image

The loss of Job or 25% benefit withdrawals cover contributors whose employment have been terminated and are unable to secure another job four months after the loss of employment.

Contributors eligible for this payment type however must be less than 50 years, must have lost their jobs either through resignation or through termination and have not secured another employment four months after the loss of the employment.

Documents required are:

  • Request letter for benefit,
  • Termination or resignation letter,
  • Age declaration / Birth Certificate
  • 2 passports photographs
  • Employers confirmation of accrued rights,
  • Bank account details
  • Any valid, government issued means of identification

imageThis is the benefit due to the retiree on attainment of 50 years. The retiree eligible for this benefit must have over N551, 000 or over in his RSA account.

The sum of what is paid to the retiree is subject to the recommendation of the withdrawal template from the National Pension Commission. The retiree’s age at retirement, final salary and RSA balance are variables inputted in the template to determine the lump-sum and monthly drawdown that will be paid to the retiree once application approval is received from PENCOM.

A retiree opting for annuity will furnish his chosen Insurance Company with copies of the template and these details will be used to compute the premium and annuity that will be paid to the annuitant.

The documents required are:

  • Notification of retirement
  • Retirement letter or resignation letter
  • Last payslip
  • Age declaration/ Birth Certificate
  • Employers confirmation of accrued right
  • Retiree/Indemnity form
  • Programmed Withdrawal form
  • Bank details
  • Means of identification

imageThis Benefit Payment type is accessed by the Next of Kin of the deceased contributor and documents required for processing vary according to sector (Private/Public/State).

For deceased contributors who died in active service, the NOK is entitled to the Group life Insurance benefit as mandated by Law. The Group life Insurance Benefit. The Group life Benefit will be paid by the employer directly to the Next of Kin and it is 3 times the deceased contributor’s emolument. (3 x (basic + transport + housing)).

The key documents are:

  • SNOR Form
  • Request letter
  • Notification of death
  • Death certificate
  • Letter of administration
  • Age declaration/ Birth Certificate
  • 2 passport photographs of the deceased
  • Estate account details.
  • Means of Identification of the next-of-kin
  • Estate account
  • Letter of administration

image

These benefit payment types are part of the Pre-Act contributions which employers transferred to Pension Fund Administrators to manage when the Pension Reform Act was put in place.

It can be accessed by employees still in service or those who are out of active service.

The documents required are

  • Request letter
  • SNOR form
  • Employers confirmation of gratuity payment/legacy for retiree
  • Bank account details
  • 2 passport photographs
  • Age declaration/ Birth Certificate
  • Any valid, government issued means of identification

imageAdditional Voluntary Contribution is the extra contribution the employee makes in addition to the Contributory Pensions that is already in place for him/her.

It can be accessed by the employee after 5 years and in the event it must be accessed before the 5-year duration then, the accruals on the principal contributions will be subject to taxation.

The documents required are

  • SNOR Form
  • Request letter
  • 2 passport photographs
  • Bank account details
  • Any valid, government issued means of identification
  • Tax ID of contributor

National Social Insurance Trust Fund is another PRE-ACT scheme that was contributory in nature. However, the scheme failed contributors who had funds during the NSITF era who can now access them though their Pension Fund Administrator.

Retirees eligible for these benefits must be 50 years of age, must have accessed a benefit payment type of either PW or En-bloc payment. Evidence of transfer of NSITF fund must be in the contributor’s statement of account. Also required for application processing is the request letter.

There are grounds for this benefit claim by the Next of Kin of the RSA holder in a case were the contributor is declared missing and has not been found for a period of one year or more.

The documents required by the Next of Kin are as follows

  • Notification of Missing persons
  • Letter of administration
  • Age Declaration/ Birth Certificate
  • 2 passport photographs of the missing person
  • Estate account details
  • Identification of next-of-kin
  • Estate account bank details

This is when a medical complication forces an RSA holder to retire from his/her employment. There must be a certified medical report from a federal medical facility supporting this fact and also from the contributor’s employer.

The documents required are:

  • Notification of Resignation based on medical grounds from a federal hospital
  • Retirement letter or resignation letter
  • Last payslip
  • Age declaration
  • Employers confirmation of accrued right
  • Retiree/Indemnity form
  • Programmed Withdrawal form
  • Bank account details
  • Means of identification

For clarifications or enquiry always dial the Benefit hotline 01-3425561 or send an email to Benefit@crusaderpensions.com.

RSA Fund Price:
N3.6519
 View History
Retiree Fund Price:
N2.6504
 View History
   
Administrative Fees N100
Number of RSA Registered 282,439
Rate of Returns 9.70%

pensioncalculator

pensioncalculator

Testimonial

Odukoya Olusoji Olumide

Institute Of Chartered Accountants of Nigeria (ICAN)
How I wish another bulk payment of 25% could be made and the monthly pensions reduced further. I wish the company the best in its future endeavours and have no hesitation recommending the company to prospective pensioners. You need to PORT to CrusaderSteerling.

Prof. Alaba Isaac Olugboyega

University of Lagos
CrusaderSterling Pensions limited pays my monthly pensions regularly between the 19th and 21st of every month. Also, my statement of account is sent on request promptly. I also appreciate the annual retiree forums which are held annually to enhance interaction.

Aina Omotayo Aremu

Aina Omotayo Aremu

Investment Department
Proud to be one of the pioneer staff in the organization. I joined at the commencement of business with my first engagement in the Internal Control and Audit.
It has so far been a worthwhile experience through to my present engagement in the Investment Management at the Research Desk.

Mosunmola Moyo-Balogun

Benefits Department
My career journey with CrusaderSterling Pensions has been an awesome experience. I have had the platform to learn and work with Industry professionals which has aided my personal career growth and positioned me for greatness.

Ndikanwu Chibuzor

Compliance Department
My Career with CrusaderSterling Pensions has availed me the opportunity to learn a lot about the Pensions and Financial industry; I have also been presented with an opportunity to develop myself through constant learning and development programs.

Alade Olubunmi

Marketing Department
CrusaderSterling Pensions is Professional in their business dealings and have good corporate governance and values. It is a place where Staff are encouraged to take up responsibilities and take ownership of the business in a bid to grow with the Company.

Adebayo Fagbola

Internal Control Department
My Career with CrusaderSterling Pensions Limited began on the 16th of March, 2015. Having previously worked within the pensions industry for eighteen months, I felt it was time to further develop myself with an industry leader; CrusaderSterling Pensions Limited was my first choice.

Adeoye Adewale

Contributions Department
I am fortunate to be one on the pioneering staff of CrusaderSterling Pensions Limited. The atmosphere and environment here was far above my expectations. Aside from learning new skills and developing myself; members of my team are very kind and friendly with a positive mentality.