Our Main Services
Veritas Glanvills Pensions is involved in the provision of pension advisory services to companies, institutions both private and public, Retirement Savings Accounts Holders as well as Retirees seeking information and guidance on Retirement & Personal Financial Planning and the implementation of Pension Reform Acts 2014.
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
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.
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.
En Bloc 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.