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Benefits Administration

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Benefits Administration

These are the payments received by an RSA Holder/Retiree and consist of contributions made into the RSA (Mandatory and Voluntary) as well as returns on investment which have accrued over time

Veritas Glanvills Pensions Limited, we ensure that the payment process is tailored to the needs of our customers by ensuring that the process is flexible, accurate, and efficient.

Benefits Administrations are categorized into Normal Retirement, Loss of Job (25%), Retirement on Health Grounds, Death Benefit, and NSITF. We have provided benefit payment services to over 8,000 members of Defined Benefits (DB) schemes as well as the Contributory Pensions Scheme.

  1. Programmed Withdrawal
  2. Annuity
  3. Enbloc Payment
  4. Loss of Job
  5. Retirement on Health Grounds
  6. Death Benefit
  7. NSITF
This is for retirees who have retired according to the terms and conditions of their employment or attained the age of 50 whichever comes later. This category can be grouped into three

Programmed Withdrawal

For a retiree who chooses programmed withdrawal option, his details are required in the computation template provided by PenCom to generate his monthly pension and his lumpsum, if he chooses to have a lumpsum. The details required in the computation template are gender, RSA balance, Final salary and Age at retirement.

Annuity

For a retiree who chooses the annuity option without lumpsum and has provided his annuity agreement, his RSA balance will be transferred to his preferred insurance company. If he chooses to have a lumpsum payment, we input his details into the template provided by PenCom to determine his lumpsum payment and the balance after deducting the lumpsum and arrears will be transferred to his preferred insurance company after an annuity agreement has been provided for the remaining balance.

Enbloc Payment

This is for retirees who have retired according to the terms and conditions of their employment or attained the age of 50, whichever comes later but have RSA balances that are N550,000 and below. For this category, their RSA balances will be paid to them as a whole (En bloc).

This is when an RSA holder loses his job and is unable to get another job 4 months after the loss. He is entitled to 25% of his RSA balance once in his lifetime and the balance when he retires provided he is able to get a new job or when he attains the age of 50.
This is when an RSA holder quits his job after being certified to be no longer physically fit to work by a qualified medical board.

On their recommendation, the RSA holder could retire or be laid off with the medical condition being clearly stated in the termination or retirement letter. With this, the RSA holder can have full access to his RSA balance even before attaining the age of 50 years.

This is processed by the beneficiaries or Next of kin of a deceased RSA holder. This is categorized into two which are, the death benefit for RSA holders and death benefit for employees who are under the scheme but had no RSA upon their death. In the case of employees who are under the scheme but had no RSA upon their death, the beneficiaries will have to open a Death Benefit Account (DBA) where the contributions of the deceased will be paid into and the death benefit administered.
This is the Nigeria Social Insurance Trust Fund. This was in place in private organizations before the introduction of the new PRA. For those that had NSITF contributions, after receiving all necessary documents, customer care unit will request that the total contributions made by the individual be transferred to his/her RSA by Trustfund pensions. This contribution forms part of the RSA balance for RSA holders who are yet to retire but for those that are retired, it will be paid to them En bloc after seeking approval from PenCom.

Benefits / Retirement of Veritas Glanvills Pensions

Depending on the retiree’s age and RSA balance the following will occur.

If the retiree is above 50 years with a balance of N550, 000.00 or below

He/she is entitled to an enbloc withdrawal of the total balance of his RSA account. The following documentations are required for this are as follows

1. Copy of Exit letter
2. Birth certificate/Declaration of age
3. Last payslip
4. Completed Standard Notice of Retirement Form
5. RSA statement of account,
6. Confirmation Letter from employer
7. Personal letter of request

Once all the documentation is received on any of the applications, the request is sent to PENCOM with all earlier mentioned requirements

If the retiree is below age 50years and has been disengaged or terminated from her place of work.

He/she is entitled to apply for 25% of his/her total RSA Balance, Four months from the time of termination/disengagement provided he has been unable to secure another job. The following documentations are required for this are as follows

1. Copy of Exit letter
2. Birth certificate/Declaration of age
3. Last payslip
4. Completed Standard Notice of Retirement Form
5. RSA statement of account,
6. Confirmation Letter from employer
7. Personal letter of request

If the retiree is above 50years with a balance of above N550, 000.00

He/she is entitled to a Lumpsum arrears and subsequent monthly pension’s withdrawal. The following documentations are required for this are as follows

1. Copy of Exit letter
2. Birth certificate/Declaration of age
3. Last payslip
4. Completed Standard Notice of Retirement Form
5. RSA statement of account,
6. Confirmation Letter from employer
7. Personal letter of request

Once all the documentation is received on any of the applications, the request is sent to PENCOM with all earlier mentioned requirements.Please note that NSITF details can be added for processing

Talk to us today, we are here to ensure that your retirement needs and plans are achieved

With the right PFA, living becomes a blissful tune. Open a Retirement Savings Account with us today or leave a message below and we will get back to you as soon as possible

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