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Frequently Asked Questions

Frequently Asked Questions

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 […]


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 […]


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.


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