The new scheme is a contributory, fully funded, privately managed pension scheme that is based on individual accounts. It ensures that everyone who has worked receives his retirement benefits as and when due.

A minimum of 8% of your monthly basic salary, housing and transport allowances.

Nothing happens. The accounts are portable and will remain with you for life. You simply notify your new employer of the PFA that manages your account and thereafter your contributions will be sent to its Custodian.

The Pension Assets Custodian is an entity licensed by the National Pension Commission to hold pension assets in safe custody.

An applicant Custodian must be a licensed financial institution with a minimum net worth of N5,000,000,000 unimpaired by losses and has a total assets of N125,000,000,000 or is wholly owned by a licensed financial institution with similar financial resources. This is to ensure the safety of the funds considering the huge amount of funds to be warehoused by the Custodians.

A Pension Fund Administrator is an entity licensed by the National Pension Commission (Commission) and charged with the responsibility of managing and investing the pension funds. Each employee is free to choose a PFA.

Our website offers website feedback/ whistle blowing. Any complaints with PFA’s should be addressed to their website or to National Pension Commission.

The PFA manages the pension funds and decides which kind of investments to make while the Custodian holds the pension funds assets and acts to the order of the PFA

No. The employer sends his contribution as well as the employees contribution directly to the Custodian.

Yes. The employee has the freedom to, not more than once a year, transfer his/her Retirement Savings Account (RSA) from one PFA to another.

The Commission will have a schedule of all licensed PFAs, which will be made available to the public.

The government has set up a specialist Regulator of pension schemes and appointed the members of the board of the Regulator. Government will not temper with the savings, as it will not have access to them. In fact, the Government shall be primarily concerned with ensuring the safety of the savings through the establishment of the Commission.

It is custodians who are tasked with keeping hold of pension funds’ assets – the stocks and shares, bonds and cash – and keeping track of how much those assets are worth, as well as arranging the transfer of assets when investment managers make decisions.

An annuity is an income purchased from a licensed life insurance company approved by the Commission with monthly or quarterly payments during the lifetime of a retiree.?