What is a Retirement Savings Account (RSA)?

A Retirement Savings Account (RSA) is a mandatory account opened with a Pension Fund Administrator (PFA) under the national contributory pension scheme. Under this scheme, the employer and employee are required to contribute a minimum total of 18% of the employee’s monthly emoluments to the RSA which will be managed by his/her chosen private sector PFA. The composition of the emolument is basic salary, housing and transport allowances.

What is an RSA Will?

A Will outlines what you would like to happen to your estate after your demise.

An RSA Will describes what you would like to happen to your Retirement Savings after demise.

Why do I need an RSA Will

  • Upon your demise, your beneficiaries can only access your retirement savings after presentation of a valid Will or Letter of Administration to your Pension Fund Administrator (PFA)
  • For prompt and efficient settlement of your pension benefits and insurance claims to your *beneficiary(s).
  • An amendment to a Will, called a Codicil, can also be prepared to include any future acquired assets.
  • It ensures that your assets and possessions are administered according to your wishes and aspirations.
  • A Will saves you the trouble of ambiguous laws and rules which springs from religion, custom and intestacy.

How do I apply?

  1. Completion of ARM Trustees RSA Wills Form
  2. Submission of three original validly executed Will Forms, a passport picture and copy of valid identification in sealed envelopes marked private and confidential and submit at our offices
  3. Payment of sign on fees through bank transfer and thereafter payment of annual fees (please contact us for account details)


After completing the forms, please print three copies and execute, then bring these three original versions to our office. Please ask to see a Trust Advisor.