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Frequently Asked Questions

Frequently Asked Questions

HOW IS COMPULSORY OR VOLUNTARY RETIREMENT ESPECIALLY IN THE ARMED FORCES TO BE HANDLED UNDER THE NEW SCHEME, IF THIS HAPPENS BEFORE THE AGE OF 50 YEARS?

Under the Pension Reform Act 2004 a person can voluntarily retire or be compulsorily retired before the age of 50 years on the ground of medical advice, permanent disability or […]


WHAT IS THE DIFFERENCE BETWEEN A PFA AND A PFC?

The PFA manages and invests the pension funds while the PFC keeps the pension funds and assets in safe custody and carries out transactions on behalf of the PFA.


HOW WILL THE FEDERAL GOVERNMENT FUND THEREDEMPTION BONDS?

The Federal Government has established a Retirement Benefits Bond Redemption Fund Account in the Central Bank of Nigeria. The Federal Government is already making a monthly payment into the Fund […]


WHAT IS A RETIREMENT SAVINGS ACCOUNT (RSA)?

Every employee or contributor under the new pension scheme is expected to open RSA in his/her name with a PFA of his/her choice into which all his/her contributions and returns […]


WHAT IS THE MINIMUM OF PENSION GUARANTEED UNDER THE NEW SCHEME?

The minimum pension guarantee shall be determined from time to time by the National Pension Commission.


WHAT ARE THE MINIMUM FINANCIAL REQUIREMENTS FOR A PFA OR A PFC LICENCE?

An applicant PFA must have a minimum paid up share capital of N150,000,000 while an applicant PFC must have a minimum paid up capital of N2,000,000,000 and shall be a […]


HOW WILL THE ACCRUED BENEFITS UNDER EXISTINGFUNDED DEFINED BENEFITS SCHEMES BE HANDLED?

In the case of funded pension schemes in the public service of the Federation and the private sector, employers shall undertake actuarial valuation of the employee’s accrued benefits and credit […]


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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