Report Gov Link

Frequently Asked Questions

Frequently Asked Questions

CAN ANY EMPLOYER BE ALLOWED TO CONTINUE TO MAINTAIN ITS EXISTING SCHEME IF THE TOTAL ASSETS IN THE SCHEME IS LESS THAN N500,000,000?

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.


WILL GRATUITY BE PAID UNDER THE NEW SCHEME?

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 […]


IS AN EMPLOYER IN THE PRIVATE SECTOR OPERATING ADEFINED BENEFIT SCHEME REQUIRED TO OPEN RSAs FOR HISEMPLOYEES AND CREDIT ACCRUED PENSION RIGHTS?

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 […]


CAN THE EMPLOYER MAKE THE TOTAL CONTRIBUTIONS ON BEHALF OF THE EMPLOYEE?

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 […]


WHAT IS THE ROLE OF THE GOVERNMENT IN THE NEW PENSION SCHEME?

The Federal Government has established the National Pension Commission and charged it with the responsibility of regulating and supervising new pension scheme.


IS IT ONLY EMPLOYEES THAT JOIN AN ORGANISATION AFTER THE COMMENCEMENT OF THE PENSION REFORM ACT THAT CAN ELECT TO OPT OUT OF A CLOSED PFA?

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 […]


SHOULD GRATUITY BE INCLUDED IN THE ACTUARIAL VALUATION FOR PURPOSES OF DETERMINING ACCRUED PENSION RIGHTS TO BE TRANSFERRED FROM THE OLD SCHEME INTO THE RSA?

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 […]


WHAT ARE THE MAIN FUNCTIONS OF THE NATIONAL PENSION COMMISSION?

The National Pension Commission issues licences to PFAs and Custodians, regulates their activities and generally formulates, directs and oversees the overall policy guidelines on pension matters in Nigeria.


Maybeach Technologies Limited