Know Your Rights: How Wives and Children Can Claim Their Husband’s or Father’s Pension, Shares & Bank Accounts After His Death

Know Your Rights.

When a husband or father dies, his family may face emotional pain and financial difficulties. Unfortunately, some families also struggle to access the money and investments he left behind because they do not know the right steps to take.

A man may have pension savings, shares in companies, unpaid dividends or money in a bank account. These assets do not automatically disappear because he has died. However, his wife and children may need to follow the proper legal process before they can access them.

This guide explains what families should do in Nigeria.

1. How to claim your husband’s or father’s pension

If your husband or father worked for a government agency or private company, he may have contributed to a pension scheme during his working life.

The first step is to find out the name of the Pension Fund Administrator (PFA) managing his Retirement Savings Account (RSA).

If you know the pension company, contact it and explain that the account holder has died. If you do not know the company, check his employment records, pension documents, payslips or other official correspondence. His former employer may also be able to help.

The family should ask the PFA for its official requirements for processing death benefits.
Documents that may be required include:
Death certificate or other accepted proof of death.

The deceased person’s pension account details, if available.
Identification documents for the applicants.

Marriage certificate or other evidence of the family relationship, where required.

Birth certificates of the children, where required.

Letters of Administration or other estate documents, as applicable.
Employment records and other documents requested by the pension company.

The exact requirements depend on the pension scheme and the circumstances of the death.

Under Nigeria’s contributory pension system, the benefits of a person who dies may be payable to beneficiaries under a will or, where applicable, the spouse and children. Other legal arrangements may apply depending on the circumstances.

Families should therefore obtain guidance directly from the PFA and the National Pension Commission (PenCom).
Importantly, do not assume that the person named as next of kin can automatically withdraw the entire pension.

Being named as next of kin is not always the same as having the legal authority to collect and distribute the money.
Official guidance is available from PenCom.

2. What if the husband or father died while still working?

The family should also contact his former employer.

In some circumstances, the employer may need to process outstanding pension contributions, accrued retirement benefits or payments under a Group Life Insurance Policy.

Group Life Insurance is separate from ordinary pension savings. Eligible employees covered by the applicable scheme may have insurance benefits payable to the appropriate beneficiaries when they die.

The family should ask the employer these questions:

Was he covered by a Group Life Insurance Policy?

Were all his pension contributions remitted?
Were any salaries or other employment benefits outstanding?
What documents are required to process the payments?

Do not assume that the pension account contains every benefit due to the family. Ask the employer and PFA to explain the different benefits that may be available.

3. How to claim shares and unpaid dividends

Some people buy shares in banks, telecommunications companies, breweries and other businesses but never tell their families where the investment documents are kept.

If your husband or father owned shares, the family should try to identify the companies in which he invested.

Search for old share certificates, dividend statements, investment account records, emails, letters from registrars and stockbroker documents.

A company registrar maintains records of shareholders and can explain the process for reporting a shareholder’s death and transferring shares to the legally entitled beneficiaries.

If the family knows the company but cannot find the share documents, contact the company’s registrar or the stockbroker who handled the investment.

You may be asked to provide the death certificate, proof of identity, evidence of your relationship to the deceased and the relevant estate documents.

Do not sell or transfer the shares using the deceased person’s identity or account credentials.

Follow the registrar’s official process for transferring ownership or dealing with the investment.
Families should also ask whether unpaid dividends are outstanding.

For additional guidance on investors’ records and shareholding issues, visit the Securities and Exchange Commission Nigeria.

4. How to access money in a deceased husband’s or father’s bank account

A husband or father may leave money in a savings account, current account, fixed deposit or other bank product.

The family should identify the bank and notify it of his death.

The bank will explain its procedure and the documents needed to process a claim.

Depending on the circumstances, the bank may require a death certificate, identification documents and a Grant of Probate or Letters of Administration.

A Grant of Probate generally authorises the executors named in a valid will to administer the estate.

Letters of Administration generally authorise appointed administrators to manage the estate where there is no valid will or where the applicable law requires an administrator to be appointed.

The family may need to apply through the Probate Registry of the relevant High Court.

The precise procedure depends on the applicable law, the type of account and the circumstances of the estate.
Important:

A wife or child should not assume that being a joint account holder, next of kin or close relative automatically gives them unrestricted access to every account.

The bank must establish the appropriate legal authority before releasing funds where required.

Never use the deceased person’s ATM card, PIN or online banking password to withdraw money after his death without proper authority.

5. What if the family does not know all the assets he left behind?

Families should not stop searching simply because they cannot find every document.
Check his personal files, employment records, pension correspondence, investment statements, emails and other financial records that can lawfully be accessed.

Contact former employers, known pension companies, banks, stockbrokers and company registrars to ask what information they can provide through their official procedures.

Keep copies of all applications, receipts and correspondence. Record the names of the organisations contacted and the dates of your visits.

If an organisation says that a document is missing, ask it to explain how to obtain a replacement or what alternative evidence it accepts.

6. What if the family disagrees over who should collect the money?

Disagreements can arise between a surviving wife, children, other relatives and people named in a will.

Do not allow anyone to intimidate the family into surrendering documents or signing papers they do not understand.

Where there is a valid will, the estate should generally be administered according to the applicable law and the will’s valid provisions.

Where there is no will, the relevant inheritance laws and estate-administration procedures determine who may administer the estate and how the assets should be distributed.

A lawyer can help the family understand its rights, obtain the necessary probate documents and resolve disputes lawfully.

No relative should assume that being the eldest child, the surviving husband or wife, or the person who paid for the burial automatically gives them the right to take all the deceased person’s assets.

7. Beware of fraudsters

Families dealing with the death of a loved one are vulnerable to people who promise to release pension money, bank balances or dividends in exchange for suspicious fees.

Deal directly with the relevant pension company, bank, registrar or authorised government office.

Request official receipts for legitimate payments, verify the identity of anyone claiming to represent an institution and avoid giving out PINs, passwords or one-time verification codes.

If a claim is delayed, ask for the reason in writing and follow the institution’s official complaint procedure.
Final advice: Do not abandon what your husband or father worked for

If your husband or father died five months ago, or even several years ago, and you believe he left pension savings, shares or money in a bank account, you can still begin making enquiries.

Start with the pension company, former employer, bank or share registrar. Gather the available documents and ask what is required to process the claim.

Where necessary, seek legal assistance to obtain the appropriate probate or estate-administration documents.

The process may take time, but families should not assume that the money is lost simply because they do not know how to claim it.

Know your rights. Keep proper records. Follow the law and protect your family’s interests.

 

This article provides general legal information for public education in Nigeria.

The documents and procedures required may differ depending on the pension scheme, financial institution, applicable state law and circumstances of the estate.

Families should confirm the current requirements with the relevant institution or a qualified lawyer before taking action.