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 under the same rules and regulations.
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.
The National Pension Commission will publish a list of all licensed PFAs and make it available to the public.
The balance in the RSA will be used to procure an annuity that provides regular income to the contributor or fund a programmed withdrawal.
NSITF will only handle pension matters of existing pensioners and those exempted by the Act who have contributed to the NSITF under the supervision of the National Pension Commission.
One of the main objectives of the pension reform is to ensure that every person that worked in either the public or private sector in Nigeria receives his/her retirement benefits as and when due.
The new pension scheme will ensure that you receive your pension after retirement without any delay.
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.