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Frequently Asked Questions

Frequently Asked Questions

WILL THE PFA CHARGE FEES FOR THEIR SERVICES?

The PFA will charge fees for the services being rendered on the RSA subject to such guidelines as may be issued by the National Pension Commission from time to time.


WHAT WILL HAPPEN TO EXISTING PENSIONERS IN THE PUBLIC SECTOR?

In the public service, Pension Departments have been created to carry out the functions of the relevant pension boards or offices in the public service of the Federation and Federal […]


WHO IS EXEMPTED FROM THE NEW PENSION SCHEME?

The existing pensioners, employees who have 3 years or less to retire and the categories of persons covered by the provisions of section 291 of the Constitution of Federal Republic […]


HOW WILL THE NEW PENSION SCHEME HELP THE ECONOMY?

There will be a huge pool of long-term funds available for investments, which will lead to national economic development.


HOW WILL THE MONEY CONTRIBUTED BE MANAGED?

The total contributions will be paid out by the employer directly to a Pension Fund Custodian and will be managed and invested by the Pension Fund Administrator (PFA) of the […]


WHY ESTABLISH NEW COMPANIES TO BE LICENCED AS PFAs AND PFCs?

In order to ensure the safety of pension funds and to avoid mixing pension business and other businesses, it is desirable that the operators deal with pension funds only. This […]


WHERE AN EMPLOYEE THAT HAS MORE THAN 3 YEARS TORETIRE DECIDES TO RETIRE NOW, HOW WILL HIS BENEFIT BEHANDLED?

An actuarial valuation of his/her accrued retirement benefits will be made and the amount plus his contributions to date will consist of his/her retirement benefits in his/her RSA which can […]


WHAT ARE THE MAIN FUNCTIONS OF THE NATIONAL PENSION COMMISSION?

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.


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