Benefits Administration
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.
- Programmed Withdrawal
- Annuity
- Enbloc Payment
- Loss of Job
- Retirement on Health Grounds
- Death Benefit
- NSITF
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).
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.
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