Schemes
for AllThere is something for all income
earners!Learn moreThe Micro Pension
PlanA plan for the informal sector traders,
artisans, professionals and other self-
employed people who do not qualify
for the Contributory Pension SchemeLearn moreThe Contributory
Pension SchemeA plan for employees in the Private
Sector, Public Service of the Federation,
Public Service, of the Federal Capital
Territory, States and Local GovernmentsLearn more
Previous
Next
Let’s Compare
CPS vs MPP
| See how we compare | CPS | MPP |
|---|---|---|
| Sector of Economy | Scheme is mandatory for all employees in the Public Service of the Federation, the Federal Capital Territory, the States, the Local Government as well as in the Private Sector | Scheme is available to the self employed and individuals in the informal sector |
| Company Size | Persons working with organisation with > 3 members of staff | Persons working with organisation with < 3 employees or are conducting trade or business for self |
| Frequency of Contributions | Contributions are remitted monthly by the employer | Contributions are remitted periodically at the convenience of the participant |
| Funding Requirement | The employer and the employee contribute a minimum of 10% and 8% of the employee’s basic, housing & transport monthly allowances. | Employee /participant contributes as he/she desires; contributions are not defined |
| Other Funding | Additional voluntary contribution (AVC) is allowed and may be accessed before retirement | Contingent contribution is 40% of every contribution and may be accessed before retirement |
Our Products
See how much we care about your future
Contributory Pension
Scheme – CPS
Eligibility
Requirements
Means of Identification
Eligibility
- Employee in the formal sector
- Organizations with more than 3 employees
- Public service, FCT, States, LG & Private Sector
Requirements
- Evidence of Employment
- BVN and NIN
Means of Identification
- National Identity Card
- Permanent Voter’s Card
- Driver’s license
- International passport
Open an account
Open an account
Micro Pension
Plan – MPP
Eligibility
Requirements
Means of ID
Eligibility
- Self Employed
- MSME i.e Organizations with less than 3 employees
- Informal Sector
- >= 18 years old
Requirements
- Evidence of membership
- Certificate of Business Registration
- Certificate of Incorporation
- Letter of Employment
- BVN and NIN
Means of ID
- National Identity Card
- Permanent Voter’s Card
- Driver’s license
- International Passport
Open an account
Open an account
Our Pension
Fund Administrators
Choose your preferred PFA →
