Mandatory retirement is when a savings account holder disengages from employment upon attaining the age of 50 or retirement, whichever is later.
Benefits Available
A retiree in this category will be entitled to the balance in his/her RSA. This could be disbursed either as an Enbloc payment, provided the balance in the retiree’s account is not more than N550,000.00 or as a combination of Lump sum and Programmed Withdrawal payments or Lump sum and Annuity payments (purchased from an insurance company)
Requirements before Retirement
Six (6) months before retirement, submit the following documents:
Requirements on Retirement
The following documents will be required before payment is to be made:
This is when an RSA holder voluntarily retires, disengages or is disengaged from active service before attaining the age of 50 or upon completion of the length of service based on the terms of his/her employment.
Benefits Withdrawable
The retiree can only access up to 25% of the balance in his/her RSA after four (4) months of disengagement. The remaining balance can only be accessed after the retiree attains 50 years of age through a lump sum and programmed withdrawal or annuity.
Requirements to be fulfilled by the RSA Holder
RSA holder who retires compulsorily before the age of 50 years and wishes to apply for 25% of his RSA balance shall provide copies of the following documents:
The employer, Nigeria Police Force or Next-of-Kin shall notify NPF Pensions Limited of the disappearance of the employee/retiree. Such notification shall be after a minimum period of 12 months following the disappearance of the missing person.
Benefits Available
This will depend on the decision of the Board of Inquiry conveyed by the Commission.
Requirements to be fulfilled by the Next-of-Kin
The Next-of-Kin shall provide a satisfactory means of identification such as:
If the Nigeria Police Force Pensions Limited is satisfied with the identity of the next of kin, the company shall demand items (1) and (2) and, if available, item (3) of the list below, which shall serve as adequate evidence that the employee/retiree is missing.
Upon the demise of a retiree or RSA holder, the named beneficiary under a Will or an Administrator appointed under a Letter of Administration of the deceased’s estate will be entitled to the client’s RSA balance.
The employer or next-of-kin or the representative of the deceased shall notify any branch of Nigeria Police Force Pensions Limited of the death of the employee/retiree bearing in mind that the RSA balance which may consist of proceeds of Life Insurance Policy (if RSA holder was still in employment at the time of death), Accumulated Contributions (if any) and Accrued Pension Benefits.
Benefits Available
The Next-of-kin of the deceased shall upon confirmation be entitled to the balance in the account of the deceased.
Requirements to be fulfilled by the Next-of-Kin
Nigeria Police Force Pensions Limited will confirm the Next-of-Kin satisfactory means of identification such as current International Traveling Passport, National Identity Card or letter of confirmation of identity from his/her bank or a Notary Public.
An RSA holder who is retired based on the advice of a suitably qualified physician or medical board certifying that the employee is no longer mentally or physically capable of carrying out the functions of his/her office due to total or permanent disability either of mind or body will qualify to access full retirement benefits not considering his/her age and can opt for any or a combination of the following benefit options as allowed under the Act or in line with the Regulations for the Administration of Retirement and Terminal Benefits:
Benefits Available
An RSA holder retiring on medical grounds can access the balance in his/her RSA Account which could be disbursed either as en- bloc payment or as a combination of lump sum and programmed withdrawal payments or annuity.
Requirements to be fulfilled by the RSA Holder
training
The new PFA will be responsible for managing pension assets of the entire Nigeria Police Force personnel according to the Pension Reform Act (PRA 2014).