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How to access your fund with Stanbic Ibtc Pension

How to access your fund with Stanbic Ibtc Pension

Stanbic Ibtc pension – Are you a retiree with a RSA, did you suddenly find yourself out of employment, or probably wish to access a deceased relative funds in the Retirement Savings Account with Stanbic Ibtc?

If this appears like you, kindly go through this piece with intense concentration. I have outlined every necessary step that should aid access to your pension fund without hitches.

Ideally, it’s expected that every civil or public servant who works for an organized institution should have a Retirement Savings Account.

This is an account where your employer pay in certain amounts on monthly basis throughout the cause of your service. However, in most cases pension fund contribution is a joint contribution made by the employer and the employee.

The both parties contribute certain amount which forms the monthly pool.

This contribution is aimed at giving the employee a better life after retirement from active service at the age of 50-year.

Pension Reform Act

According to the Pension Reform Act (PRA) of the 2014; your pension funds are contributed and invested with expectation of ensuring you have an income if you are out of employment or retired.

By this Act, a pension contributor is deemed to be retired where he is 50-year old and out of employment whichever comes later, given this contributors can access their funds in several ways.

If you have an RSA account with Stanbic Ibtc Pension, you may wish to withdraw your contribution, however, do understand that it could fall under any of the below categories.

  • 25% benefit
  • Programmed withdrawal/annuity
  • En Bloc payment
  • Deceased application
  • Payment on health grounds

25% benefits

If you are temporarily out of employment, you can apply for 25% of your pension funds to provide financial relief during this period. However, the below apply;

1. To apply for the 25% contribution you will have to be out of employment for at least four months.

2. You have a live window to make this application just once

3. You will have to complete a “Data recapture exercise” before application.

Programmed withdrawal/annuity

If you have an RSA account with Stanbic Ibtc Pension, you can have access to the programmed withdrawal on the following arrangements.

1. You must have been up to 50 years and out of employment

2. Payment is usually made on monthly or quarterly basis

3. Your funds will continue to be invested to afford you a fair return afterward

4. Programmed withdrawal payments would be made until funds in the account are depleted completely.

5. Using your pension fund, you can choose to purchase annuity from an insurance company

6. You will need to complete the “Data recapture exercise.”

En block payment

If you meet certain criteria as an account holder with the Stanbic Ibtc Pension, you can apply and gain access to the entire fund deposited during your active service, to gain access here is what you need to do;

1. You must be a retiree

2. En block payment can only be made is the account balance is less than N550,000

3. You must need a “Data recapture exercise” to gain access.

Deceased application

Deceased application applies to a situation where the beneficiary of a deceased employee needs to access funds in the deceased RSA account. Here’s what you need to do to gain access,

1. You must be a beneficiary listed on either a Will or Letter of Administration

2. Beneficiaries are different from the Next of Kin(s) listed on the RSA registration details of the deceased client

3. Reconciliation of the RSA is mandatory for deceased Public Sector employees

4. Upon approval, the total pension balance in the RSA is paid to the nominated bank account of the beneficiaries.

Payment on health grounds

If eventually an employee could not continue on the employment as a result of health issues, the Pension Act allows such employee access to his/her RSA account. To apply for your funds on health grounds you will need to understand the below,

1. The cause of the RSA holder’s should be strictly on health grounds

2. A report must be issued by a certified health practitioner stating that such customer cannot continue to work giving to health concerns

3. This en block payment can only be made if the RSA account balance is less than N550,000

4. You will need to complete a “Data recapture exercise.”

Frequently Asked Questions on Stanbic Ibtc Pension

Stanbic Ibtc Pension withdrawal?

The withdrawal here refers to a situation where an RSA holder decides to take money out of the account at retirement or on leaving the service.

The withdrawal has been detailed into:

  • 25% benefit
  • Programmed withdrawal/annuity
  • En Bloc payment
  • Deceased application
  • Payment on health grounds.

Kindly check above to see how you can go ahead and effect withdrawal according to your preference as outlined.

Stanbic Ibtc data recapture?

Data recapture exercise is a process where an RSA holder is meant to provide certain data, this is to update such information like reviewed personal information, employment, and next of Kin, etc.

The data recapture exercise is for registered contributors as stated by the National Pension Commission (PenCom) in August 2018.

This requires all PFAs to obtain complete and accurate data of their RSA customers, both active and retired. This is to;

  • Eliminate duplicate account
  • Improve data integrity and
  • Capture up-to-date information.

Stanbic Ibtc Pension loan

The pension loans here referred to the pension backed housing loan, and any other loan obtainable with Stanbic Ibtc bank which include,

  • The personal loan meant for personal use
  • Home loans can help you secure your dream home, the amount borrowed however depends on your monthly
  • Pension backed housing loan
  • Vehicle financing if you wish to buy a car and
  • Student loans meant for studies.

Conclusion

Stanbic Ibtc Pension calculator

With the Stanbic Ibtc Pension calculator you can get a glimpse of what your post-work life could look like. The pension calculator provides you with real-time advice on how to meet your retirement goals.

Are there concerns you wish addressed on your RSA? Let’s hear you out.

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