• • A clear copy of passport photographs (compulsory).
  • One copy of valid means of identification (compulsory).
  • One copy of proof of residence dated in the last six months (compulsory).
  • Retirement letter from the last place of employment (compulsory).
  • Evidence of age (if DOB is not provided on the means of identification) (compulsory).
  • The RSA statement/template (optional, if the premium amount, RSA PEN and PFA name is correctly stated on the proposal form).

On the third requirement, the client may use the following:

• Their utility bill - light, waste disposal, water etc.
• Tenancy receipt/agreement that bears their residential address.
• Levy receipt that bears their residential address.

This is a stream of income purchased from a life insurance company with the available RSA balance under the CPS as premium. It provides a guaranteed periodic income (pension) to a retiree throughout his/her life after retirement. Annuity is guaranteed for ten years. If the retiree dies within the first ten years of taking up the Heirs Annuity plan, the named beneficiary on the policy is paid the present value of the balance outstanding in the guaranteed period.

A retiree can buy annuity by remitting his/her available RSA balance as premium to a Retiree Life Annuity Provider (Life Insurance Company) with the commitment to provide the monthly/quarterly annuity payments for life.

The Regulations on RLA are jointly issued by the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom).

The Retiree Pack is a guide to help prospective retirees make informed decision. Retirees are advised to carefully go through this Pack with the view to making informed decision on the mode of receiving their retirement benefits under the Contributory Pension System (CPS).

A retiree on PW can change to RLA.

A retiree can request the PFA to transfer his RSA balance to his chosen Retiree Life Annuity Provider (RLA Provider), given the PFA one month notice.

A retiree on RLA cannot change to PW. This is because RLA is for life.

A retiree on RLA can change his RLA Provider after at least two years of being with the current RLA Provider with the approval of NAICOM.

The rist having been transferred to the RLA provider, RLA cannot be exhausted.

A retiree on RLA is expected to take his/her complaint to the RLA provider for resolution. However, where the retiree is not satisfied with the response of the RLA provider, he/she can seek the intervention of NAICOM.

The higher the lumpsum received the lower the available RSA balance for the premium, therefore lower monthly/quarterly annuity and vice versa.