Frequently Asked Questions

Frequently Asked Questions

WHAT HAPPENS WHEN AN EMPLOYEE WHO HAS BEEN CONTRIBUTING UNDER THE NEW SCHEME DIES BEFORE HIS RETIREMENT?

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 […]


CAN A CONTRIBUTOR MOVE HIS CONTRIBUTIONS UNDERNSITF TO ANOTHER PFA?

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 […]


WHAT IS THE MAIN OBJECTIVE OF THE NEW PENSION SCHEME?

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 […]


HOW WILL I BENEFIT FROM THE NEW PENSION SCHEME?

The new pension scheme will ensure that you receive your pension after retirement without any delay.


HOW DO I KNOW WHICH PFA TO CHOOSE?

The National Pension Commission will publish a list of all licensed PFAs and make it available to the public.


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.


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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