When you are jobless, it might seem difficult, but you can borrow money from your pension account. Pension account holders can borrow money from their accounts before to retirement thanks to the Stanbic IBTC pension loan advantage. In essence, you become eligible for this loan if you have been without a job for at least 4 months. What you need to know about the Stanbic IBTC Pension Loan is provided below.
A Summary of the Stanbic IBTC Pension
On May 19, 2004, Stanbic IBTC Pension Managers Limited, a branch of Stanbic IBTC Holdings, was established. In essence, this organization offers you a pension account where you can put money aside for your retirement.
They adhere to ethical business practices and work to maintain the value of the funds in your retirement savings account (RSA).
What Services Are Offered by Stanbic IBTC Pension?
These are the services that this pension company provides:
Retirement Savings Account (RSA)
The purpose of the Retirement Savings Accounts, as provided by the corporation, is to let you set money aside that they will invest on your behalf. To ensure your future after retirement, you can start saving right away.
Micro Pension Account
For people working in the unorganized sector, the business created the Micro Pensions account. In essence, this account enables company owners and entrepreneurs to save for retirement. These people can also participate in retirement and gain from the program.
Voluntary Contributions (VCs) are additional payments you can make on top of the required ones your company makes. Basically, all you need to do to make this donation is ask your employer to start deducting money from your paycheck each month. That is all there is to it.
- Your employer is required to make a set percentage of your salary contribution to your pension. In essence, this fund will be invested with the hope that you will continue to earn even after retirement or unemployment.
- A pension contributor is deemed to have retired, in accordance with the Law of the Pension Reform Act (PRA) 2014, when they are above 50 and unemployed.
How Do I Open An IBTC Pension Account With Stanbic?
The steps listed below should be followed to open a Stanbic IBTC pension account:
- First, visit their official website, www.stanbicibtcpension.com
- Next, click on “Open a Pension Account”
- Thereafter, click on your preferred type of pension plan and fill out the application form.
The Stanbic IBTC Pension Loan Process
The excellent thing about this pension firm is that if you are temporarily unemployed, you can borrow money from your pension account. Essentially, all you need to do is request 25% of your pension money to cover your expenses during this time. To be eligible for this loan, you must have been jobless for at least 4 months. Among the paperwork required to apply for this loan are:
- Your resignation letter or the letter of termination of appointment from your former employer.
- A letter from you requesting a maximum of 25% of the sum in your RSA as payment.
- Your Pension fund account lasts three months’ payslips.
- Bank statement
- Birth certificate or a document showing a Declaration of age
- A letter from your employer attesting to the full payment of all RSA payments (for private sector workers).
- A completed application form (provided by Stanbic IBTC), together with four passport-sized photos.
I want to open a Stanbic IBTC Pension Account. What requirements do I need to meet?
The following paperwork must be gathered and submitted in order to complete the registration process:
- One Passport Photograph (white background sized 4”x4”)
- Proof of Address
- Active Bank Statement (within the past 3 months) containing current address
- Permanent Voters card (PVC)
- Valid means of Identification
- Letter of Employment
How Can I Download The Stanbic IBTC Mobile App?
To download this app, follow the steps below:
- Go to Google Play Store or the App Store on your mobile device.
- Next, search for “Stanbic IBTC app”
- Lastly, download and install the app
How Can I Contact Stanbic IBTC Pension?
Stanbic IBTC pension contact Address:
Address: The Wealth House, 1678 Olakunle Bakare Close, Off Sanusi Fanfunwa Street, Victoria Island, Lagos, Nigeria.
Email Address: PensionSolution@stanbicibtc.com
If you have an open Stanbic IBTC Pension account, you are eligible to apply for the loan. This loan is simple to obtain as long as you match the prerequisites. Simply follow the instructions above to find out how to get this loan.