GUIDELINES

Retirement benefits are any entitlements/rights/privileges that accrue to a worker/employee upon leaving the services of an employer for reason of having worked or provided service to the employer. Such benefits could be paid in either lump-sum, periodically or a combination of both. Further still, such arrangements could include multiple benefits and severance arrangements.   Read More
The Pension Reform Act, 2004 (the Act) provided that contributions into the NSITF scheme (the Scheme) together with accrued income shall be transferred into members Retirement Savings Accounts (RSAs) after the expiration of the 5 years moratorium i.e. from July, 2009. The Act also provided that the Commission should supervise the transfer.   Read More
IRREVOCABLE STANDING PAYMENT ORDER   Read More
SCHEDULE OF REMITTANCE TO LEAD PFAs BY THE OAGF   Read More
SCHEDULE OF EXPECTED MONTHLY CONTRIBUTIONS   Read More
RETURNS ON REMITTANCES RECEIVED FROM THE OAGF   Read More
Prior to the enactment of the Pension Reform Act (PRA) 2004, retiring Heads of Service of the Federation and Permanent Secretaries were entitled to receive 100% of their Annual Total Emoluments as pension for life.... (see content)

Sections 30 and 31 of the Pension Reform Act 2004 (PRA 2004) provides for the establishment of the Pension Transitional Arrangement Department (PTAD) and the FCT Pension Transitional Arrangement Department. These departments were given the responsibility of overseeing the management of pension under the defined benefit scheme for pensioners not transiting to the Contributory Pension Scheme.

Section 30(4) of the Act also specifies that the PTADs shall operate under the rules, regulation and directives made by the National Pension Commission (hereinafter referred to as the Commission) from time to time.  These guidelines are therefore issued to specify minimum basic operational requirements to assist the PTAD in achieving its objectives as spelt out by the PRA 2004.

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The requirements of these Guidelines are consistent with the provisions of the Pension Reform Act, 2004 and are also considered enforceable within the industry.   Read More
Section 9 (3) of the Pension Reform Act 2004 (The Act) requires every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee.   Read More
The Commission's Regulation on the Investment of Pension Fund Assets allows only States that have fully implemented the Contributory Pension Scheme (CPS) to access pension funds for the purpose of infrastructural development.   Read More
The purpose of these guidelines is to provide the basic procedures for the operations of Pension Fund Administrators (PFAs) pursuant to the Pension Reform Act 2004 (the Act).   Read More
The purpose of this document is to provide the basic procedures that shall to be adhered to for services provided by Pension Fund Custodians (PFCs) in terms of the Pension Reform Act 2004 (Act).   Read More
These Guidelines are issued to regulate the publication of rates of return on RSA Funds by PFAs. The Guidelines summarize the standards and requirements, and succinctly present good corporate governance practices, relative to publishing annual rates of return by the PFAs.   Read More
There shall be a System to be hosted in the Commission for the general administration of pension matters. The System shall be called Pension Administration System (PAS).
These Guidelines are issued to form a basis for the appointment of PFAs by companies with approved existing schemes and to limit the assets of approved existing schemes that can be held in custody by PFCs.   Read More
One of the functions of the Pension Fund Administrators (PFAs) according to the PRA 2004, section 45(a) is to open Retirement Savings Accounts for all employees and obtain Personal Identification Numbers (PINs) for the employees from the National Pension Commission (PenCom). In order to do this, the employers whether from the Federal/State or the private sectors must first be recognized and issued with unique employer codes. The employee's PINs are attached to their respective employer codes in PenCom's database and are to be adopted only within the Pension Industry.   Read More
A continuous process of effective risk management is critical to the safety and soundness of the operations of Pension Fund Administrators and Custodians. Furthermore, Section 66 of the PRA 2004 requires every Pension Fund Administrator to establish Risk Management Committee for the purpose of determining the risk profile of the investment under management with a view to providing advice on the management of associated risks.   Read More
The need for the issuance of a Guideline in respect of appointment of Pension Fund Custodians (PFCs) by Pension Fund Administrators (PFAs) has arisen as a result of the growing number of States that have enacted the Contributory Pension Scheme into law.   Read More
Section 30 of the Pension Reform Act, 2004 established for the Public Service of the Federation and the Federal Capital Territory, Pension Departments to be known as the Pension Transitional Arrangement Departments (PTAD). The PTAD is to be made up of the existing pension boards or offices in the Public Service of the Federation and the Federal Capital Territory, Abuja.   Read More
The Pension Reform Act, 2004 (the Act) provided that contributions into the NSITF scheme (the Scheme) together with accrued income shall be transferred into members’ Retirement Savings Accounts (RSAs) after the expiration of the 5 years moratorium i.e. from July, 2009. The Act also provided that the Commission should supervise the transfer.   Read More
Many employers in their effort to comply with the Pension Reform Act 2004 (Act) have demonstrated strong commitment by remitting regularly the pension contributions of employees who have opened RSAs to the PFAs. However, some of the employers who are complying with the provisions of the Act still have unremitted pension contributions because of failure of some of their employees to open RSAs. Meanwhile, the Commission believes it would be unjust to hold such employers liable for the violation of the Act in view of the fact that they have custody of the pension funds.   Read More
These Guidelines seek to standardize procedures to be adopted by Closed Pension Fund Administrators (CPFAs) and Pension Fund Administrators (for Approved Existing Schemes) that operate Defined Benefit Schemes and have or intend to have direct investments in real estate.   Read More
GUIDELINES FOR RSA RETIREE FUND   Read More
The Pension Reform Act, 2004 (the Act) provided that contributions into the NSITF scheme (the Scheme) together with accrued income shall be transferred into members’ Retirement Savings Accounts (RSAs) after the expiration of the 5 years moratorium i.e. from July, 2009. The Act also provided that the Commission should supervise the transfer.   Read More
REVISED REGIME OF SANCTIONS   Read More
The purpose of the guidelines is to provide general guidance on transitional matters for both the public and private sectors relating to the implementation of the Pension Reform Act 2004.   Read More
Transparency is one of the core values of the Commission which has been encouraged amongst the operators. As a regulatory philosophy, the Commission has adopted a stakeholder approach in its regulatory activities. This philosophy has often encouraged operators to make meaningful contributions that would add value to regulatory initiatives thus engendering amongst stakeholders, a sense of responsibility towards the industry.   Read More