Stanbic IBTC Pension: All You Need to Know
In this post, we have provided the necessary information on the things you need to know about the Stanbic IBTC Pension scheme.
Stanbic IBTC Pension Managers Limited is one of the preferred Pension Fund Administrators in the country.
Stanbic IBTC Pension: All You Need to Know
It was founded in 2004, as a subsidiary of Stanbic IBTC Holdings PLC to provide pension fund management and administration services to customers from public and private sector employees.
Some of the definitions you should know relating to the Stanbic IBTC Pension scheme include:
RSA: Retirement Savings Account
SIPML: Stanbic IBTC Pension Managers Limited “Applicant” means the person making the application
When you open a Stanbic IBTC pension account, you can see all the necessary information related to your pension funds on your account dashboard once you download the app.
The app allows you to check account balance, view the last three transactions, generate an email statement, update personal information as well as reset or change forgotten password.
You can also check your pension balance by dialing *909# on your phone. This is done by choosing option 1 to see the balance. Another option is to send an SMS to 30388 with a request for the balance.
Let’s take a look at some of the FAQs when it comes to pension management
How do I withdraw money from my pension fund?
If you lost your job and you have been unable to get a new one within 4 months, the Stanbic IBTC Pension scheme allows you to withdraw 25% of your pension. However, you will need to submit the following documents
- Application Form: The form should clearly state that the client is applying for 25% of his/her RSA balance. It should also include the RSA holder’s signature on the application and it must be the same as that on our records.
- Passport Photograph
One passport photograph of the applicant is required.
- Birth Certificate/Age Declaration
It is required that the client provides his/her birth certificate or an age declaration from the Court.
- Exit Letter from Employer
- a) The letter (which should be on the letterhead of the employer) must state the effective date and mode of exit.
- b) As an applicant, you must have waited for 4 months after exit (and still without another job) to qualify for 25% application. Lagos State employees that have retired can apply if they are still unemployed after 3 months.
- Letter of Confirmation Letter (Private Sector Clients and Self-Funded Government Organizations only)
- Bond Certificate & Clearance Letter (Employees of Lagos State only)
- a) Certificate received during Bond ceremony.
- b) The retiree should complete the Lagos State’s clearance process to enable the Government to issue a clearance letter to SIPML.
- Bank Account Details
You should include your valid bank account number (not a 3rd party’s account) on the application form. And the account name should match what is on the record to prevent payment returns by the bank.
- Valid means of Identity which could be:
- a) National Identity Card
- b) Valid International Passport
- c) Valid Drivers’ License
- d) *Letter of confirmation of identity from the bank (this must be on the bank’s letterhead paper and duly stamped and signed)
- e) *Letter of confirmation of identity from a Notary Public (this must be on the notary public’s letterhead paper and duly signed and sealed)
*Passport photograph of the applicant must be on the letter duly stamped by the issuer.
The ID must have at least six (6) months before it expires and the date of birth on the above means of ID must be the same as the date of birth on the Pension scheme records
You should include your original documents for sighting. If you have a pre-2004 contribution in your RSA and are eligible to apply, kindly do so before applying for 25%. After you have been paid 25% of your contributions, you will no longer be eligible to apply for any pre-Act contributions.
Can I withdraw again after the first 25%?
After this initial withdrawal, you won’t be able to make any more withdrawals until you retire or turn 50.
How can a retiree withdraw funds when the retirement age comes?
Once you are eligible for the fund withdrawal you can make a request and they will prepare all the necessary documents, which will let you withdraw funds from your account without problems. You can reach them via emails, on the phone, in an instant webchat at their official website, or via a regular paper letter. All the contact details are available at their website so that you know where to turn to them.
How often are people allowed to withdraw their VC?
If you need to know the date of the nearest withdrawal, remember when the last approved one was and add two years. This will be the date of the next possible withdrawal of your funds. For instance, if the latest approved withdrawal took place in May 2018, the nearest one will take place in June 2020.
Can I withdraw their VC completely in one attempt?
You are able to withdraw no more than only 50% of the amount in a lump and only after a 2-year period after the previous withdrawal. This rule will be violated only in case the person who’s receiving access to the amount is a foreigner who has been working in Nigeria and is now returning home. After the first withdrawal, how will the next ones be treated? When you withdraw money from the account this way, you need to remember that the first withdrawal takes 50% of the entire amount you have on the account and the next one will take 50% of the new contributions made after the previous withdrawal. This means that your withdrawal will become smaller and smaller if you don’t contribute more.
What are the ways a retiree can access and withdraw money immediately after the retirement?
There are several available ways of withdrawing money in such a case. First of all, a lump withdrawal can be performed but only in case there’s something left on your account and this something can be used to purchase an annuity or execute programmed withdrawals. The programmed withdrawal is another option that’s available to a retiree. The program is composed of specialists who calculate a possible or expected life longevity for a particular person. This figure is used to divide the amount into separate parts in accordance with the number of years the person is supposed to live. The third option is a lump withdrawal of the entire amount at once. This option is available to those whose accounts store less than N500,000. Finally, the last thing that can be done is the purchase of an annuity from an insurance company.
What is the programmed withdrawal all about?
There are specific features in this mode of payment of money to retirees who have given preference to the programmed withdrawal before annuity. The main difference between these two is in the fact that retirement benefits are paid by either pension administrators or insurance companies. The main features of the programmed withdrawal involve the following: Payments are executed monthly or quarterly Payments start either when a person turns 50 or when he or she retires, whichever of these two situations happens later In case the retiree passes away, the person named a beneficiary in the deceased person’s will is to receive the entire amount from the retiree’s account
About The Author
An RSA holder would need to be out of employment for a period of four months before an application can be submitted for a 25% payment of the pension balance. This application type can only be made once. You would need to complete the Data Recapture Exercise before you can apply.How much of my pension can I withdraw? ›
You can withdraw up to 25% of your pot tax-free, either as a lump sum or in smaller instalments adding up to 25%. It doesn't matter how big or small your pension pot is, everyone over 55 is entitled to take a quarter of their savings without paying income tax.How can I check my pension account balance? ›
Log into www. stanbicibtcpension.com to confirm your pension balance, access your pension registration certificate and do so much more from the comfort of your home, work and abroad. Aiddey Nsien and 3,033 others like this.Can I withdraw my pension at 30? ›
Typically, you can not withdraw from your pension before the age of 55. But, withdrawal exceptions depend on your health and pension scheme. For example, terminally ill individuals with a life expectancy of less than a year can withdraw from their pension before age 55.How long does it take PenCom to approve 25%? ›
Please note that from the day of submission, the receipt of approval from PenCom, and the actual crediting of your account should take an average of 20 working days. You will be notified once the payment has been made.Can I withdraw all my pension? ›
When you reach the age of 55, you may be able to take your entire pension pot as one lump sum if you want. Whether you can do this and how you might do it will depend on the type of pension you have. But if you do, you could end up with a big tax bill, and risk running out of money in retirement.How long does it take to withdraw money from your pension? ›
Usually it will take around four to five weeks from the date of your request for your pension provider to release your lump sum.Can I withdraw from my Stanbic pension account? ›
The person can keep on contributing money after the retirement. Such money is available for the withdrawal every two years. The pension payments are executed for as long as the retiree lives or until there's no more money in the account.Can I withdraw money from my pension early? ›
Can I withdraw my pension early? Under certain circumstances, it is possible to withdraw your pension early. However, this can end up being costly. It isn't against the law to withdraw from your pot before your retirement age but you may pay up to 55% tax on your withdrawals.How do I get my Ibtc pension pin? ›
Send an email to email@example.com from your registered email address to request for your RSA PIN. Text 'MYPIN' to 30388 from your registered mobile telephone number on our record and your PIN will be sent to you.
The Pension Reform Act 2014 permits the payment of 25 per cent of pension contribution to Retirement Savings Account, RSA, holders under the age of 50 years, who are sacked (disengaged) from work and unable to secure another job within four months.Do you lose your pension if you quit? ›
However, if you have a traditional pension plan that your employer is contributing money toward, your employer can take back that money in the event that you are fired. However, if you are vested in the pension, then all the money in the account is yours to keep, even if you quit or are fired.Can I use my pension to buy a house? ›
In most cases you can take money from your private pension to buy a property. This is because from the age of 55 you can generally take as much or as little money as you like from a private pension.Can I take all my pension as a lump sum? ›
Take cash lump sums
You can take your whole pension pot as cash straight away if you want to, no matter what size it is. You can also take smaller sums as cash whenever you need to. 25% of your total pension pot will be tax-free. You'll pay tax on the rest as if it were income.
Taking money out of your pension is known as a drawdown. 25% of your pension pot can be withdrawn tax-free, but you'll need to pay income tax on the rest. You can choose whether to withdraw the full tax-free part in one go or over time. This is the most flexible option.How much is the full State Pension 2022? ›
The full new state pension would increase to £10,600 over the year, or £204 a week.Can you collect a pension and still work full time? ›
You can work full time if you wish. However, if you plan to return to your past employer, you may be limited in the job you can take while still collecting the pension. If you return to a full-time position with your past employer, your pension payments may stop.How do I get my 25 percent pension? ›
The Pension Reform Act 2014 permits the payment of 25 per cent of pension contribution to Retirement Savings Account, RSA, holders under the age of 50 years, who are sacked (disengaged) from work and unable to secure another job within four months.Can I withdraw from my Stanbic pension account? ›
The person can keep on contributing money after the retirement. Such money is available for the withdrawal every two years. The pension payments are executed for as long as the retiree lives or until there's no more money in the account.Can I cancel my pension and get the money? ›
To opt out, you have to contact the pension scheme provider. They will tell you how to opt out. Your employer will provide you with their contact details. If you opt out within a month of your employer enrolling you, you'll get back any money you've already paid in.
If an employee is out of a job for one month he/she can withdraw 75% of his/her EPF. The remaining 25% can be withdrawn if the member is out of a job for a period of 2 months. But the person is eligible for the withdrawal of EPF if the service period is less than 10 years.