Unlock the mystery of accessing your funds with Stanbic IBTC Pension.
From understanding RSAs to specific withdrawal methods, this guide breaks it all down for you.
Life throws curveballs, and sometimes we find ourselves needing access to funds stored away for the future.
So, how do you access your retirement savings with Stanbic IBTC? We’re here to guide you.
Understand the Basics of Retirement Savings Account (RSA)
Every diligent worker dreams of a comfortable retirement.
An RSA serves as a financial cushion, ensuring you have a pleasant post-work life. Both employers and employees contribute to this account.
It’s like a savings jar, but instead of you alone dropping pennies, your employer chips in too!
The Purpose of RSA
The sole purpose? To give you a better life when you decide to hang your boots at 50 or if you ever find yourself out of a job.
Pension Reform Act and Its Stance in Nigeria
The Pension Reform Act (PRA) 2014 acts as the guardrails of your RSA.
It ensures your money is not just kept but invested wisely. But what if you need to dip your hands into the jar before retirement?
Accessing Your Pension Funds
If your RSA is with Stanbic IBTC, here are ways you might be able to access your savings:
25% Benefit: If unemployed for 4 months, you can withdraw up to 25%.
But remember, you get just one shot at this.
Programmed Withdrawal/Annuity: If jobless at 50, you can get monthly or quarterly withdrawals.
And, good news! Your money is still invested, so you earn returns. Or, buy an annuity with your funds.
En Bloc Payment: Retired with less than N550,000 in your RSA? Get it all at once.
Deceased Application: A tough time, but if you’re a beneficiary, you can access the deceased’s funds.
Payment on Health Grounds: For the unfortunate event where health issues hinder work, the Pension Act has got you covered.
The Stanbic IBTC Data Recapture
Before accessing funds, there’s a step called the “data recapture exercise.”
Think of it as a quick fact-check session.
It ensures all your data is correct, and there’s no duplication. After all, accuracy is crucial.
The Importance of Data Recapture
Thanks to the National Pension Commission (PenCom), this exercise weeds out discrepancies and updates any outdated information.
The Stanbic IBTC Pension Loan
Ever heard of the phrase, “Don’t put all your eggs in one basket”? Well, Stanbic IBTC doesn’t.
Apart from the RSA, they have a range of loans to help:
Personal Loans: Personal needs? They got you!
Home Loans: Dream homes don’t stay in dreams. Buy one.
Vehicle Financing: Fancy a new ride? Why wait?
Student Loans: Invest in your future.
Accessing your pension funds shouldn’t feel like deciphering a complex puzzle.
With the right guidance and understanding of processes, it becomes straightforward.
Whether it’s for immediate needs or future planning, Stanbic IBTC is there to ensure you make the most of your hard-earned savings.
Remember, it’s your money, and you should have control over it.
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Can I withdraw all my money from my RSA with Stanbic IBTC?
Only if your balance is less than N550,000 or you fit into specific withdrawal categories.
What’s the difference between the 25% benefit and programmed withdrawal?
The 25% is a one-time withdrawal if you’ve been unemployed for 4 months, while programmed withdrawal is a consistent amount given either monthly or quarterly.
How do I know if I qualify for a pension loan?
It depends on the loan type, but generally, your employment status, income, and credit score are considered.
Do I need to complete the data recapture exercise every time I withdraw?
No, it’s a one-time process to ensure accurate and updated information.
Why should I use the Stanbic IBTC Pension Calculator?
It gives you a projection of your retirement savings, helping you plan better for the future.