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
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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

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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


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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

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