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Compulsory Retirement

Retirement as stipulated in the Pension Reform Act 2014 is when an employee attains the age of 50 or the retirement age of the organization, whichever is later. The balance can be accessed either by a programmed withdrawal with your PFA or by purchasing an annuity scheme from an approved Insurance company.

PROCESSING OF BENEFITS

BEFORE RETIREMENT:

AIICO Pension's standard practice is to notify prospective retirees of their upcoming retirement 6 months before the actual date and to get confirmation of this. The following documents must also be submitted along with the confirmation of retirement.

·       A letter of notification of retirement issued by your employer.

·       A document confirming that the retirement is in accordance with terms and      conditions of employment.

·       Pay slip or evidence of total annual remuneration.

·       Evidence of any accrued pension rights/acknowledgement of indebtedness (if an employee in the private sector), as well as any outstanding pension contribution.

·       Official notice of retirement.


UPON RETIRMENT: 

                                             
At retirement, the below listed documents must be submitted to AIICO Pension, which will be forwarded to the National Pension Commission for payment approval.
Note the requirement listed below apply to both programmed withdrawal and annuity applicant.

FEDERAL GOVERNMENT EMPLOYEES

·       Letter of application for payment.

·       Retirement benefit registration slip

·       Copy of last pay slip

·       Notification letter of retirement written to your employer

·       Notice of acceptance of (Statutory)retirement

·       Means of identification:- any of the following:

                               ·        National identification card.

                               ·       Valid international passport.

                               ·       Valid driver's license.

                               ·       Permanent Voters Card
        
·       Bank account details:

                               ·       Name of bank.

                               ·       Branch or location of bank.

                               ·       NUBAN Account number.

                               ·       Account name.

·       Disengagement letter.

·       Two passport photograph.

·       Mobile line

·       Permanent Residential address/contact details

·       Evidence of Age (Birth certificate/Age declaration)

PRIVATE SECTOR EMPLOYEES

·       Letter of application for payment.

·       Copy of last pay slip

·       A copy of evidence of employment

·       Notification letter of retirement written to your employer

·       Notice of acceptance of retirement

·       Means of identification:- any of the following:

                        ·       National identification card.

                        ·       Valid international passport.

                        ·       Valid driver's license.

                        ·       Permanent Voters Card

·       Bank account details:

                             ·       Name of bank.

                             ·       Branch or location of bank.

                             ·       NUBAN Account number.

                             ·       Account name.

·       Two passport photograph.

·       Mobile line

·       Permanent Residential address/contact details

·       Evidence of Age (Birth certificate/Age declaration)


All documents received will be forwarded to the National Pension Commission for payment approval. AIICO Pension will only disburse into the bank details submitted upon receipt of approval from the Commission.


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