Benefits Administration
At Citizens Pensions, we believe that retirement should be a time of fulfilment, and financial confidence. That’s why we make it our mission to ensure your benefits, the contributions you’ve worked hard to build over time are paid to you efficiently and with care.
These payments are made to Retirement Savings Account (RSA) holders or retirees and include the funds you’ve contributed (both mandatory and voluntary), alongside the investment returns that have steadily grown over time. Depending on your eligibility, benefit payments may come in different forms.
We understand that every retirement journey is unique, so our process is designed to be clear, flexible, and tailored to your individual needs. Whether you’re preparing to take your first step into retirement or accessing a portion of your savings, our goal is to make the experience as seamless as possible.
Here’s how to get started:
Browse through the available payment types below and review the eligibility criteria. Once confirmed, click “Start Your Benefits Application” at the bottom of the page to access the relevant forms and checklist. Complete the form, then send to hello@citizenspensions.com A dedicated member of our team will reach out to guide you through the next steps.
For any questions or additional support, feel free to email us at hello@citizenspensions.com.
25% WITHDRAWAL
When life takes an unexpected turn like losing a job before the age of 50 Citizens Pensions is here to offer support. If after 4 months of job loss you’re still unemployed, you can access 25% of your RSA balance to start a business, sustain your livelihood, or ease financial stress. Once you turn 50, the remaining balance becomes available for retirement.
Required Documents
- Handwritten application
- Redundancy/termination letter (min. 4 months old)
- Age declaration or birth certificate
- Recent passport photo
- Means of Identification
- Bank account details
Processing typically takes up to 2 working days.
LUMP SUM & PROGRAMMED WITHDRAWAL
Upon retirement, you’re entitled to receive a portion of your RSA balance as a lump sum, and the rest as programmed withdrawals, regular pension payments to support your lifestyle. Your lump sum is calculated based on PenCom’s guidelines, considering age, last salary, and RSA balance.
Required Documents
- Application for lump sum
- Letter of accrued benefits (if private sector)
- Retirement letter or confirmation of exit
- Means of ID
- Age declaration/birth certificate
- Bank details
- 3 recent pay slips
- PenCom verification slip (if public sector)
- Indemnity form (if applicable)
When application is on health grounds
- Medical Certificate from Hospital Management Board
- Letter from qualified Physician
- Letter of Confirmation from Employer stating incapacitation where applicable
DEATH BENEFITS/ MISSING PERSONS BENEFIT CLAIMS
In cases where a Retirement Savings Account (RSA) holder is declared missing and remains untraceable after a stipulated period, they are legally presumed dead. Consequently, their RSA contributions are processed as Death Benefits.
Upon confirmation of an RSA holder’s death, we honour their legacy by ensuring that all pension entitlements including accrued benefits are promptly and accurately paid to their nominated beneficiaries or legal heirs.
Required Documents
- Certified true copy (CTC) of Will or Letter of Administration
- Proof of death (NPC death certificate or hospital report)
- Passport photo of deceased and NOK
- Means of ID of beneficiary (s) (NIMC, passport, or driver’s licence)
- Bank details of beneficiary (s)
- Introduction letter from MDA (if applicable)
- Police Report (where is not from natural cause)
Additional documents in case of missing person
- Police report on disappearance
- Newspaper publication
EN BLOC PAYMENT
If the RSA balance at retirement is not sufficient to pay a monthly or quarterly pension that is up to 2/3 or the country’s current minimum wage.
Required Documents
- Application for lump sum
- Appointment and termination letters
- Age declaration/birth certificate
- Bank statement
- Recent passport photo
- Means of ID
- Letter of accrued benefit
PRE-SCHEME CONTRIBUTIONS
Before the establishment of the Contributory Pension Scheme, many Nigerians contributed towards retirement under older systems. For employees in the private sector, these Pre-Scheme contributions can now be accessed, ensuring no part of your effort goes unrecognised.
Required Documents:
- Letter requesting refund
- Birth certificate or age declaration
- Termination/redundancy letter
- One passport photo
- Bank details, sort code, and proof of account
- Employer confirmation of terminal benefits and pre-scheme contributions
VOLUNTARY CONTRIBUTIONS (VCs)
Retirement is not just what you’re given — it’s what you grow. That’s why many Nigerians add Voluntary Contributions to their RSAs (Retirement Savings Accounts). Citizens Pensions ensures flexible, compliant, and transparent access to your VCs, whether you’re actively employed or already retired.
For Active Contributors:
- After 1 years, you can withdraw 50% of your VCs
- The remaining 50% stays to support your retirement
- Withdrawals can occur every one year (post initial withdrawal)
- Tax applies to income earned if withdrawn before 5 years
For Retirees under CPS:
- You may withdraw 100% of your VCs after contract work ends
- You can also consolidate VCs to boost your monthly pension
- Withdrawals within 5 years are subject to tax on both principal and income
Required Documents:
- Application letter (including Tax ID)
- Bank details
- Recent passport photo
- Mean of identification
- Payslip
- Letter of Retirement/Acceptance of Resignation/Termination of employment by the employer/ end of a contract certificate. (for retirees only)
In the case of a foreigner
- Introduction letter from the Embassy/Consulate
- International Passport
You’ve worked for it. You’ve earned it. Now let’s help you access it with clarity, care, and confidence. Whether you’re starting your benefits journey or seeking support, we’re here to walk with you every step of the way.
For inquiries or support, email us at hello@citizenspensions.com
Programmed Withdrawal vs Retiree Annuity
Explore the key differences between Programmed Withdrawal and Retiree Annuity to help you make the best choice for your retirement income.
Understanding how each option works, from how funds are managed to what happens after you’re gone empowers you to plan with confidence.
Compare Your Options and Decide What Works for You:
S/N | Programmed Withdrawal (PW) | Retiree Annuity |
1 | A retirement income option provided by Pension Fund Administrators (PFAs), offering monthly or quarterly pension payments along with a lump sum at retirement. | A product provided by Life Insurance Companies that offers a guaranteed series of payments (monthly or quarterly) to a retiree for life. |
2 | A retiree on PW can switch to Annuity at any time. | A retiree who has switched to Annuity cannot revert to PW. However, after two years, the retiree may switch to another insurance company. |
3 | Funds remain in the individual’s RSA account, which is managed by the PFA. The retiree receives RSA statements on request. | Funds are pooled in the insurance company’s annuity fund. Retirees do not have access to individual account statements. |
4 | Investment returns earned on RSA balances are credited to the retiree’s account, potentially increasing future pension payments. | Investment returns accrue to the insurance company, not to the retiree. |
5 | Pension payments can be enhanced over time (subject to PenCom approval) based on positive RSA fund performance. | Annuity payments are fixed and not subject to upward review, regardless of market performance. |
6 | Retirees receive quarterly RSA statements showing contributions, withdrawals, and investment growth. | Retirees do not receive RSA statements. |
7 | There is a Pension Protection Fund (PPF) set up by PenCom to mitigate any shortfalls in retirement benefits. | There is no equivalent protection fund for annuity payments. |
8 | Upon the retiree’s death, the full RSA balance, including accrued investment returns, is paid to the legal beneficiaries. | Payments are guaranteed only for 10 years. If the retiree dies after the guarantee period, no further payment is made to beneficiaries. |
Why Choose Citizens Pensions?
At Citizens Pensions, we do more than manage your RSA, we help you build your Pension wealth and navigate tomorrow with confidence. We believe that your retirement should be a time of fulfilment, not financial worry.
- Enable the underserved with micro pensions
- Offer personalized customer-centric retirement solutions
- Offer professional investment strategies for growth
- Provide dedicated financial education and support
