An employee shall make monthly contributions of a minimum of 7.5% of the total of his/her monthly emoluments (i.e., monthly basic salary, transport allowance and housing allowance) into his RSA.
The pension funds and assets in the Retirement Savings Account (RSA) are kept by the PFC and as such the liquidation of the PFA will not affect the funds and […]
Any employer having existing pension fund assets worth N500,000,000 or more who also meets the requirements of the Pension Reform Act 2004may apply to the National Pension Commission for a […]
Access to the RSA will only be allowed upon retirement. If an employee retires at the age of 50 years or more he/she can have immediate access to the RSA. […]
The contributions into NSITF made by those exempted from the new scheme shall be computed and credited into their respective RSAs opened by the NSITF pending the retirement of such […]
The employer shall contribute a minimum of 7.5% of the employee’s monthly emoluments towards the retirement benefits of the employee.
The Pension Reform Act 2004 allows any employee to complain about any PFA to the National Pension Commission.
Any employer with existing scheme of less that N500,000,000 can still maintain the scheme but the scheme will have to be administered by a PFA separate from the organisation.
Upon retirement, an employee can draw a lump sum (by whatever name called) from the balance standing to the credit of his/her RSA provided the balance after the withdrawal could […]
Any company operating a defined benefit scheme that is desirous of continuing the scheme must, in addition to satisfying other conditions specified in the Act, open RSAs so that the […]
An employer can make all the contributions on behalf of the employee without making any deduction from the employee’s salary except that such contribution by the employer shall not be […]
The Federal Government has established the National Pension Commission and charged it with the responsibility of regulating and supervising new pension scheme.
Every employee may decide to join the contributory pension scheme or move his RSA from a closed PFA to a PFA of his choice subject to such rules and regulations […]
If at the commencement of the Pension Reform Act 2004, the employee is entitled to gratuity (if he were to retire on that date), the gratuity shall be computed and […]