Mandatory Retirement

Mandatory retirement occurs when an employee disengages from active service at the retirement age or completion of the length of service (whichever is later) based on the terms of his/her employment, after attaining the age of 50 years.

Benefit Accessible

A Retiree in this category shall be entitled to the balance in his/her RSA. The balance can be accessed either as an Enbloc payment or as a Lump Sum/Programmed Withdrawal or Annuity (An Annuity is a stream of retirement income paid to a retiree by a life insurance company on the basis of a contract between the two parties).

An Enbloc payment is administered where the RSA balance is less than or equal to N550,000.00. A Lump Sum/Programmed Withdrawal or Annuity is administered where the RSA balance is above N550,000.00. For EnBloc payment, the retiree will be required to submit the following documents

 

1. Letter of request addressed to the Managing Director of Radix Pension Managers Limited
2. A copy of the Applicant’s employment and disengagement/Exit letter from the employer
3. Birth Certificate or Sworn Declaration of Age
4. Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form (iii) Notice of Retirement Form (iv) Retiree Indemnity Form}, all forms should be obtained from the PFA
5. Letter of Confirmation of account details from the Applicant’s Bank
6. Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public )
7. Letter of Confirmation of Accrued Pension remittance/ Acknowledgement of Indebtedness from the employer
8. Two (2) Passport Photographs

For Lump Sum/Programmed withdrawal or Annuity, the retiree will be required to submit the following documents

1. Letter of request addressed to the Managing Director of Radix Pension Managers Limited
2. A copy of the Applicant’s employment and disengagement/Exit letter from the employer
3. Birth Certificate or Sworn Declaration of Age
4. Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form (iii) Notice of Retirement Form (iv) Retiree Indemnity Form (v) Pensioner’s Life Certificate}, all forms should be obtained from the PFA
5. Letter of Confirmation of account details from the Applicant’s Bank
6. Last Pay-slip from the employer
7. Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public )
8. Letter of Confirmation of Accrued Pension remittance/Acknowledgement of Indebtedness from the employer
9. Four (4) Passport Photographs
10. Retiree Consent Form (Should be Obtained from the PFA)
11. Programmed Withdrawal Agreement (for Lumpsum/Programmed Withdrawal) or the Provisional Annuity Agreement (for Lumpsum/Annuity), Agreements should be obtained from either the PFA or Life Insurance Company depending on the choice of the Retiree