Frequently Asked Questions

Frequently Asked Questions

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.


WILL PRIVATE SECTOR PENSION SCHEMES BE ALLOWED TO CONTINUE?

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 […]


WHAT IS THE GUARANTEE THAT THE PENSION FUNDS UNDER THE NEW SCHEME WILL BE WELL MANAGED AND NOT DIVERTED FOR OTHER PURPOSES?

The functions of the Pension Fund Administrator (PFA) and Custodian are clearly spelt out in the Pension Reform Act 2004. The Act provides adequate safeguards against the misuse of the […]


WHO IS A ‘CLOSED PENSION FUND ADMINISTRATOR (CPFA)’?

Any employer managing its existing pension scheme before the enactment of the Pension Reform Act 2004 may apply to the National Pension Commission to be licenced as a Closed Pension […]


WHAT IS THE MINIMUM PERIOD REQUIRED BY AN EMPLOYEE TO QUALIFY FOR PENSION UNDER THE NEW SCHEME?

There is no qualifying period for pension. If an employee works for an employer for one month, his pension contribution will be paid by the employer into the employee’s Retirement […]


WHAT HAPPENS TO EXISTING PENSIONERS WHO MADECONTRIBUTIONS UNDER NSITF?

Retirement benefits shall be paid to existing pensioners under the rules upon which contributions were made, under the supervision of the National Pension Commission.


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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