A Pension Fund Administrator (PFA) is a company licensed by the National Pension Commission to manage and invest the pension funds in the employee’s Retirement Savings Account (RSA).
Where an employee who has been contributing under the new pension scheme dies before his/her retirement, his retirement benefits shall be paid to his beneficiary under a will or the […]
A contributor or beneficiary under NSITF Act can only move his pension contributions under NSITF to another PFA after a period of 5 years from the date of commencement of […]
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 […]
The new pension scheme will ensure that you receive your pension after retirement without any delay.
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.
Most of the old pension schemes were not fully funded. Therefore, upon retirement, there were no ready funds to pay the pensioners. The new pension scheme is fully funded. Money […]
All those managing or keeping custody of pension funds and assets will be licensed and continually regulated and supervised by the National Pension Commission.
The Pension Fund Administrator cannot collect or spend the pension money in the RSA.
The Act did not stipulate any retirement age. It depends on each employee’s terms and conditions of employment.
NSITF will continue to provide social security services other than pension to the country.
Private sector pension schemes will be allowed to continue provided if there is evidence to show that the pension scheme is fully funded at all times, any shortfall made up […]