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Frequently Asked Questions

Frequently Asked Questions

HOW IS THE NEW SCHEME TO BE REGULATED?

The National Pension Commission is empowered by the Pension Reform Act 2004 to supervise and regulate new pension scheme.


WHAT IS PROGRAMMED WITHDRAWAL?

A programmed withdrawal is a method by which the employee collects his retirement benefits in periodic sums spread throughout the length of an estimated life span.


WHAT HAPPENS TO MY RSA WHEN I CHANGE JOBS?

The RSA remains with the PFA of your choice for as long as you want. You simply notify your new employer of the details of the PFA that manages your […]


IS THE NEW PENSION SCHEME MANDATORY FOR ALL CATERGORIES OF EMPLOYERS AND EMPLOYEES COVERED UNDER THE ACT?

The new pension scheme is mandatory for all categories of employers and employees covered under the Pension Reform Act.


ARE PENSION CONTRIBUTIONS TAX FREE?

Contributions to the new pension scheme are tax free.


WHAT IS AN ANNUITY?

An annuity is an income purchased from an approved life insurance company which provides monthly or quarterly income to the retiree during his/her lifetime.


WHAT HAPPENS TO THE PENSION FUNDS CONTRIBUTEDUNDER THE NIGERIAN SOCIAL INSURANCE TRUST FUND(NSITF) BEFORE THE NEW PENSION SCHEME?

The pension funds contributed to the NSITF before the commencement of the new pension scheme including the income shall remain with the NSITF for a minimum period of five years […]


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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