Home » Banking » How to open a Stanbic IBTC pension account and its requirements

How to open a Stanbic IBTC pension account and its requirements

Stanbic IBTC Pension Managers Limited was established with the sole aim of delivering quality pension management services and fund administration to both private and government institutions employees as outlined in the Pension Reform Act 2014. Stanbic IBTC Pension Managers Limited was incorporated on 19 May 2004 and is a division of Stanbic IBTC Holdings PLC (one of the subsidiaries of Standard Bank Group). It benefits from the Group’s unassailable and extensive track record in money management and protection of customer’s wealth.

How to Open a Stanbic IBTC Retirement Savings Account (RSA)

stanbic-ibtc-pensionWith agent locations and business offices across the country, it is extremely easy to open and operate a Stanbic IBTC RSA. Endeavor to follow the steps highlighted below:

  • Complete the RSA Form

Ensure that you fill the RSA form. You can download the RSA Opening Form online through this link; https://www.stanbicibtcpension.com/standimg/standimg/NigeriaPensionManagers/fileDownloads/StanbicIBTC_RSAForm-20143.pdf and submit it at any location closest to you.

  • Activate your account

After the completion of the first step, a unique passcode and Personal Identification Number (PIN) will be assigned to you – note that this information will be made available to you via e-mail and SMS. This information will enable you to gain access to your account.

  • Notify your employer

You must inform your employer that you have opened a pension account and ensure that you furnish them with the relevant details which include; RSA PIN, The Name of the Pension Fund Account, and the Pension Fund Custodian details. This will enable them to remit your contributions. The account details are outlined below;

Bank: Zenith Bank

Account Number/Name: 1010885522/ZPC/SIPML Contribution Account

Sort Code: 057150013

How to check Stanbic IBTC pension account balance

Stanbic IBTC pension account enables you to access all the information related to your pension funds. One of the ways of managing the account is via the Stanbic IBTC pension app. The mobile application is compatible with any smartphone and customers can perform various tasks such as;

  • Checking of the account balance
  • View the last three transactions
  • Update personal information
  • Generate email statement and information
  • Reset or change password

Another convenient way of checking your pension balance is by dialing *909# on your mobile device. Select option 1 to check your balance. In addition, you can send a message to 30388 requesting for the balance.

How to withdraw money

If you intend to withdraw money from your Stanbic IBTC pension account, there are some set rules and guidelines that you need to follow.

As an RSA holder upon the attainment of the retirement age or age 50 (as the case may be), you are authorized to make a withdrawal from your Retirement Savings Account which will be delivered to you through programmed withdrawals.

Programmed withdrawals can be termed as the withdrawal of funds at a regular interval, which may be quarterly, monthly, etc.

Meanwhile, you are also permitted to make withdrawals from your Voluntary Contributions which is subjected to personal income tax.

Asides from programmed withdrawals, we have the lump withdrawal and it can only be applied when you still have some money left in your account which can be used to execute programmed withdrawals or purchase an annuity.

However, if the total amount of money is not up to #500,000, the owner of the account is authorized to make a lump withdrawal of the entire sum of money at once.


Oni Olatunji

This article was written by Oni Olatunji.