CHECKLIST FOR ANNUITY APPLICATION TO PFA

Below is a check list of requirements for transfering Retirement Savings Account (RSA) balance with PFA to an Insurance company for Annuity:

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• APPLICATION FORM: This is the duly completed and signed application from which clearly states the client is applying for access to his/her total balance of RSA on a lump sum and annuity basis. The applicant signature must be the same as in the PFA’s records.
• PASSPORT PHOTOGRAPH: One passport photograph is required.
• BIRTH DECERTIFICATE /AGE DECLARATION: The date of birth must be consistent.
• RETIREMENT LETTER: The retirement letter must be on the letter head of the employer and must state effective date of retirement.
• CONFIRMATION LETTER(For clients from private sector and self-funded government agencies) : A letter will be sent from the PFA to the client’s previous employer to confirm remittance of all contributions into the clients RSA, length of service as well as client’s date of birth. The application can only be processed for approval from PenCom on receipt of the employer’s response.
• PAY SLIP: This pay slip must be within three months of the client’s retirement.
• ORIGINAL BOND CERTIFICATE AND CLEARANCE LETTER ( Employees of Lagos state only) : Original certificates received during Bond Ceremony. In addition a clearance letter must be obtained.(this does not include employees of self-fund Lagos State government Institutions)
•  BANK ACCOUNT DETAILS: The client must fill his/her bank account details on the application form. Account name must be consistent with PFA records. Payments will only be made to commercial banks.
• MEANS OF IDENTITY: Valid ID is required. National ID card, Valid International Passport, Valid driver’s license, Letter of confirmation of identity from the bank on the bank’s letter head..
•  PROVISIONAL ANNUITY AGREEMENT: An original copy of the Provisional Annuity agreement (must be submitted within 2 weeks of printout of statement).The Annuity agreement must be duly signed by the client and authorized signatories of the insurance company. It must be stamped and sealed by the insurance company. It must be signed and witnessed by an independent party.(Lagos state employees are limited to AIICO, ARM Life plc., Leadway Assurance company and African Alliance plc)
• RETIREE INDEMNITY FORM: The original copy of the retiree indemnity form which must be signed by the client and stamped in a court of law.
• ACCEPTANCE LETTER: The client lump sum must be computed based on the template approved by PenCom and monthly annuity computed by the insurance company. The computed figures are to be filled on the acceptance letter and signed by the client. Lagos state employees are only to sign-off on the template.
• Official evidence of terms and conditions of service (Voluntary Retirement only)

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