Did You Know ...

  • That your Life span is determined by the Age of Retirement?

  • That there are strict restrictions on how PFAs can invest Pension Funds?

  • That your Life span is determined by the Age of Retirement?

  • That your Next of Kin does not automatically become the beneficiary of your RSA?

  • That if you take the maximum lump sum from your RSA you will in turn take the minimum Monthly Pension and vice versa?

  • That it is mandatory to inform your PFA 6 months before Retirement so that your benefits can be paid on time?

  • That the money paid to you during retirement is called PREMIUM?

  • That you can make Additional Voluntary Contributions (AVC) to your RSA through your employer?

  • That Retirement is at Age 60 or after 35 years of service?

  • That as a Retiree you can structure how your retirement payments can be made – monthly or quarterly?

  • That you can move from Programmed withdrawal to Annuity but NOT BACK to Programmed Withdrawal?

  • That you can withdraw up to 50% of your RSA balance as lump sum upon Retirement?

  • That you can access 25% of your RSA balance if you are out of employment for 4 months?

  • That the Federal Government has no access to pension funds except through pension investments like FGN Bonds?

  • That Closed Pension Fund Administrators manage the pension funds of ONLY their staff and not the general public?

  • That if you change employment your RSA can still be used at your new employment? It is in your name for Life!

  • That all PFAs and PFCs give regular reports to PENCOM on their daily activities?

  • That no PFC can invest Pension Funds without the knowledge and instruction of the PFA?

  • That no PFA is allowed to hold Pension Funds at any given time?

  • That a company with as low as 3 employees MUST register to join the Contributory Pension Scheme?

  • That the Pension Fund Custodians (PFCs) are the warehouse for Pension Funds?

  • That pension contributions are not subjected to tax?

  • That PenOp and NIBBS have created a web based e-payment for easy pension contributions to be done online?

  • That the monthly percentage that should be remitted by both the employer and the employee is 10% and 8% respectively?

  • That it is an offence if an employer does not remit monthly contributions for his employees within 7 days of paying salaries?

  • That the CPS was first created in the Reform Act of 2004 but it was later modified in the PRA 2014?

  • That you can open an RSA account online with any PFA of your choice?

  • That women have a longer life span than Men? 2 years actually!

  • That the new Pension scheme covers both private and public sector?

  • That the Nigeria Social Insurance Trust Fund was set up to take over the National Provident Fund?

  • That the National Provident Fund (NPF) was the first formal pension scheme in Nigeria established in 1961?

  • That the first private sector Pension Scheme was setup for employers of Nigerian Breweries in 1954?

  • The Contributory Pension Scheme Has Evolved to Better Fit Your Lifestyle, Read More

  • RSA Means Retirement Savings Account, To Find Out More Click Here

  • An Apple A Day Keeps The Doctor Away

Discover the benefits of joining the contributory pension scheme (CPS), retirement savings account

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Testimonials

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  • I experience prompt payment of my pension benefits as at when due, while I am very pleased with the new pension scheme it makes life easy for me and my... ”

    MR. RABIU ARAH

    2012   •   Niger State

    INVESTMENT ONE

  • With the help of programmed withdrawal, since retirement i have not had any cause to regret because my payment comes as at when due, and i am sure of... ”

    MRS. ONOGE VICTORIA

    2010   •   Delta

    IEI-Anchor Pension Managers Limited

  • The scheme is working for me and i wish other retiree have same experience. ”

    OTTOH ETIM EDET

    2008   •   Lagos

    Stanbic IBTC Pension Managers Limited

  • The scheme is very OK compared to old scheme. ”

    OGUNDELE JOSEPH ADEMOLA

    2009   •   Abuja

    Stanbic IBTC Pension Managers Limited

  • I wish i was still active in service so i can continue to make pension contributions because this new CPS is SUPERB. ”

    UDEZI GABRIEL UZEME

    2009   •   Lagos

    Stanbic IBTC Pension Managers Limited

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  • NPF Pensions
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  • INVESTMENT ONE
  • Future Unity Glanvils Pensions Limited
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  • First Pension Custodian Nigeria Limited
  • Unico CPFA
  • Total Nigeria CPFA
  • Shell
  • Progress Trust CPFA Limited
  • Nestle Nigeria CPFA
  • Chevron Closed PFA Limited
  • Leadway Pensure PFA Limited
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  • Stanbic IBTC Pension Managers Limited
  • First Guarantee Pension Limited

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