Frameworks

FRAMEWORK FOR ENLIGHTENMENT AND PUBLIC AWARENESS FOR THE MICRO PENSION PLAN

Sequel to the release of the Guidelines for the Micro Pension Plan (MPP), the National Pension Commission (the Commission) identified the need to intensify public enlightenment in a sustained manner, in order to raise the level of awareness and acceptability of the MPP as a critical success factor. This Framework spell out the modalities for […]

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FRAMEWORK FOR MICRO PENSION PLAN 2018

The provisions of the Pension Reform Act 2014 (PRA 2014) applies to all employees in the Public Service of the Federation, Federal Capital Territory, States and Local Governments and the Private Sector Organizations in which there are three or more employees. However, Section 2(3) of the Act provides that employees of organizations with less than […]

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FRAMEWORK ON PENSION ENHANCEMENT FOR EXISTING RETIREES ON PROGRAMMED WITHDRAWAL UNDER THE CONTRIBUTORY PENSION SCHEME (CPS)

The Commission’s attention has been drawn to the clamouring for enhancement of pension given the appreciable growth in the Retirement Savings Account (RSA). Pursuant to the above, this framework therefore sets out the modalities for enhancement of the pension of retirees on PW under CPS based on increased earnings on investment.

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FRAMEWORK AND IMPLEMENTATION GUIDELINES FOR RSA RETIREE FUND

NATURE OF THE FUND The Fund shall be strictly for RSA Retirees in both the Private and Public Sectors. COVERAGE The Fund shall be restricted to RSA retirees in the first instance. AES &CPFAs shall continue in line with the rules governing their approved schemes. It shall be for retirees operating the Programmed Withdrawal retirement […]

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FRAMEWORK FOR RECOVERY OF OUTSTANDING PENSION CONTRIBUTIONS AND INTEREST PENALTY FROM DEFAULTING EMPLOYERS

Section 11 (5) (b) of the Pension Reform Act (PRA 2004) provides that the employer shall not later than 7 days from the day the employee is paid his/her salary, remit an amount comprising the employee’s and employer’s pension contributions to the custodian specified by the Pension Fund Administrator (PFA) of the employee. Furthermore, Section […]

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REGIME OF SANCTIONS AND PENALTIES FOR NON/LATE SUBMISSION OF REGULATORY RETURNS

Regime of Sanctions and Penalties for Non/Late Submission of Regulatory Returns

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FRAMEWORK FOR THE SUPERVISION OF STATES AND LOCAL GOVERNMENT SCHEMES

The Framework for the Supervision of States and Local Governments Schemes sets out the implementation processes and supervisory machinery to be adopted in ensuring effective and smooth operations of the Schemes at the State and Local Government levels, and also for supervising the activities of the State Pension Bureaux by the National Pension Commission.

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FRAMEWORK FOR RESOLUTION OF FAILING OPERATORS IN THE NIGERIAN PENSION INDUSTRY

The framework for resolution of failing Operators in the Nigerian Pension Industry is issued by the National Pension Commission (Commission) in the exercise of its powers under Sections 20 and 54 of the Pension Reform Act 2004 (PRA 2004). The framework is intended to standardize its actions in dealing with failing Operators.

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FRAMEWORK ON SANCTIONS AND PENALTIES FOR NON COMPLIANCE WITH PRA 2004

FRAMEWORK ON SANCTIONS AND PENALTIES FOR NON COMPLIANCE WITH PRA 2004

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FRAMEWORK FOR REGIME OF SANCTIONS AND PENALTIES

This Framework covers operators (i.e. Pension Fund Administrators and Custodians) as well as Employers. It is expected that employee related compliance issues would be handled through their employers and awareness campaigns.

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FRAMEWORK AND IMPLEMENTATION GUIDELINES FOR RSA RETIREE FUND

FRAMEWORK AND IMPLEMENTATION GUIDELINES FOR RSA RETIREE FUND

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