Quarterly Summary of RSA Transferred

PFAs Performance Record

FAQs On RSA Transfer System

WILL THE CONTRIBUTIONS LEAD TO A DECREASE IN MY MONTHLY EMOLUMENTS?

Your contributions are just savings out of your emoluments towards your old age and the employer’s contribution will only increase such savings.

CAN THE GOVERNMENT TAKE OR USE THE MONEY IN MY RSA FOR ANY PURPOSE?

The Government cannot tamper with the pension funds in your RSA, because the Government cannot have access to the account. Besides, the Government is primarily concerned with ensuring the safety […]

CAN A NEW MULTINATIONAL COMPANY WITHOUT AN EXISTING PENSION FUND BUT WITH CAPACITY FOR FULLY FUNDED DEFINED BENEFIT PENSION SCHEME APPLY AS CLOSED PFA TO MANAGE THE PENSION OF ITS EMPLOYEES?

In accordance with the provisions of the Pension Reform Act 2004, only an employer with a pension scheme existing before the commencement of the Act can apply to be licensed […]

CAN I WITHDRAW ANY PORTION OF THE AMOUNT IN MY RSA BEFORE RETIREMENT?

Withdrawals from the RSA can only be made upon retirement. However, where an employee makes additional or voluntary lump sum contributions into the RSA, he can withdraw such money before […]

ARE PENSION CONTRIBUTIONS PAID TO THE PFA?

Pension contributions are paid directly to the PFC to be held on the order of the PFA.

WILL INFLATION AND DEVALUATION OF THE NAIRA NOT ERODE THE VALUE OF THE PENSION CONTRIBUTIONS?

It is the duty of the PFAs to administer the contributions and invest in such a way that will ensure safe and reasonable returns on investment. The reserve fund created […]

WHO IS A CUSTODIAN?

A Pension Fund Custodian (PFC) is a company licensed by the National Pension Commission to keep pension money and assets in the RSA on trust for the employee on behalf […]

WHAT HAPPENS TO THE RETIREMENT BENEFITS OF ANEMPLOYEE WHO IS ALREADY UNDER A PENSION SCHEMEEXISTING BEFORE THE COMMENCEMENT OF THE NEW PENSIONSCHEME?

Employee’s right to accrued retirement benefits for the previous years he/she has been in employment is guaranteed by the Pension Reform Act 2004. In the case of the public service […]

WHAT DOES ‘FULLY FUNDED’ PENSION SCHEME MEAN?

A fully funded pension scheme exists where pension funds and assets match pension liabilities at any given time.

HOW IS COMPULSORY OR VOLUNTARY RETIREMENT ESPECIALLY IN THE ARMED FORCES TO BE HANDLED UNDER THE NEW SCHEME, IF THIS HAPPENS BEFORE THE AGE OF 50 YEARS?

Under the Pension Reform Act 2004 a person can voluntarily retire or be compulsorily retired before the age of 50 years on the ground of medical advice, permanent disability or […]

WHAT IS THE DIFFERENCE BETWEEN A PFA AND A PFC?

The PFA manages and invests the pension funds while the PFC keeps the pension funds and assets in safe custody and carries out transactions on behalf of the PFA.