The new pension scheme covers all employees in the public service of the Federation, the Federal Capital Territory and the private sector of the economy.
Movement from one employment to another does not affect pension under the new scheme. The reform has removed the bottleneck associated with transfer of service from one organisation or sector […]
Yes. The new pension scheme entrenches the principles of transparency and accountability as reflected in the reporting requirement of the PFAs and PFCs to both the contributor and the National […]
The PFA will charge fees for the services being rendered on the RSA subject to such guidelines as may be issued by the National Pension Commission from time to time.
In the public service, Pension Departments have been created to carry out the functions of the relevant pension boards or offices in the public service of the Federation and Federal […]
The existing pensioners, employees who have 3 years or less to retire and the categories of persons covered by the provisions of section 291 of the Constitution of Federal Republic […]
There will be a huge pool of long-term funds available for investments, which will lead to national economic development.
The total contributions will be paid out by the employer directly to a Pension Fund Custodian and will be managed and invested by the Pension Fund Administrator (PFA) of the […]
In order to ensure the safety of pension funds and to avoid mixing pension business and other businesses, it is desirable that the operators deal with pension funds only. This […]
An actuarial valuation of his/her accrued retirement benefits will be made and the amount plus his contributions to date will consist of his/her retirement benefits in his/her RSA which can […]
Any employee with more than 3 years to retire comes under the new pension scheme.
Pension Fund Administrators (PFAs) will issue regular statements of accounts and profit from investments to the employees.
The National Pension Commission is empowered by the Pension Reform Act 2004 to supervise and regulate new pension scheme.
A programmed withdrawal is a method by which the employee collects his retirement benefits in periodic sums spread throughout the length of an estimated life span.