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Frequently Asked Questions

Frequently Asked Questions

WHAT HAPPENS TO THE BALANCE IN THE RSA AFTER ANY INITIAL LUMP SUM WITHDRAWAL?

The balance in the RSA will be used to procure an annuity that provides regular income to the contributor or fund a programmed withdrawal.


CAN NSITF STILL HANDLE PENSION MATTERS UNDER THENEW PENSION SCHEME?

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.


HOW IS THE NEW PENSION SCHEME DIFFERENT FROM THE OLD PENSION SCHEME?

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 […]


HOW CAN I BE SURE THAT MY CONTRIBUTIONS ARE SAFE?

All those managing or keeping custody of pension funds and assets will be licensed and continually regulated and supervised by the National Pension Commission.


CAN A PFA HAVE ACCESS TO THE MONEY IN MY RSA?

The Pension Fund Administrator cannot collect or spend the pension money in the RSA.


WHAT IS THE RETIREMENT AGE UNDER THE PENSION REFORM ACT 2004?

The Act did not stipulate any retirement age. It depends on each employee’s terms and conditions of employment.


WHAT WILL HAPPEN TO NSITF AFTER COMING INTOFORCE OF THE ACT?

NSITF will continue to provide social security services other than pension to the country.


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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