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.
The RSA remains with the PFA of your choice for as long as you want. You simply notify your new employer of the details of the PFA that manages your […]
The new pension scheme is mandatory for all categories of employers and employees covered under the Pension Reform Act.
An annuity is an income purchased from an approved life insurance company which provides monthly or quarterly income to the retiree during his/her lifetime.
The pension funds contributed to the NSITF before the commencement of the new pension scheme including the income shall remain with the NSITF for a minimum period of five years […]
There is no merger of private sector pension with that of the public sector pension since the sources of funding are not the same. However, both are now being regulated […]
No. Section 10(2) of the Pension Reform Act (PRA) 2014 exempts from tax all interests, dividends, profits, investment and other income accruable to pension funds and assets.
A Pension Fund Administrator (PFA) is a company licensed by the National Pension Commission to manage and invest the pension funds in the employee’s Retirement Savings Account (RSA).
Where an employee who has been contributing under the new pension scheme dies before his/her retirement, his retirement benefits shall be paid to his beneficiary under a will or the […]