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Frequently Asked Questions


About the contributory pension scheme.

The new scheme is a contributory, fully funded, privately managed pension scheme that is based on individual accounts. It ensures that everyone who has worked receives his retirement benefit as and when due.

A minimum of 18% of an employee’s monthly emolument is to be contributed by the employee (8%) and employer (10%). (i.e. Emolument = Basic salary + Housing + Transport allowances).

The total contribution will be paid out by the employer directly to a Pension Fund Custodian (PFC) and will be managed and invested by the Pension Fund Administrator (PFA), of the employee’s choice.

A Pension Fund Administrator is an entity licensed by the National Pension Commission (PENCOM) and charged with the responsibility of managing and investing pension funds. Each employee is free to choose a PFA.

A Pension Fund Custodian is an entity licensed by the National Pension Commission to hold pension funds and assets in safe custody.

No. The employer sends both the employee’s as well as the employer’s contribution directly to the Custodian.

Yes. The employee has the freedom to move once a year from one PFA to another (without any reason).

The accounts are portable and will remain with you for life. You simply notify your new employer of the PFA that manages your account and thereafter your contributions will be sent to its Custodian.

The National Pension Commission is charged with the regulation and supervision of the operators, as well as formulating, directing and overseeing the overall policy on pension matters in Nigeria.

All those administering or holding pension funds will be properly licensed and continually regulated and supervised by the Commission. The Commission is empowered to sanction and if need be prosecute defaulting operators.

Pension Fund Administrators will issue regular statements to employees, SMS transactional alerts will be sent to notify the RSA holder of contributions credited to his/her RSA and the RSA holder can also monitor his/her account online.

According to PRA 2014, a minimum of 3 employees are required. However, with the introduction of the informal sector, an entrepreneur can join the contributory scheme.

Report officially, so that PENCOM’s monitoring team, in charge of compliance can visit your office and ensure that the proper thing is done. Your employer will even be compelled to pay penalty for not paying on time.)

Those with less than 3 years to retire after the commencement of PRA 2004 are exempted.

Our experience, integrity, expertise and door-to-door personalized service delivery to clients stand us out among our numerous competitors. NLPC PFA is simply a name synonymous with pensions because of our pedigree.


Contact Us

You can email us on: customercare@nlpcpfa.com Telephone us on: 01- 3427348, 08074309744 or 08165836853 Send a letter to our head office at: 312A, Ikorodu Road, Anthony, Lagos

Details requiring documentary evidence (i.e. Change of name and change of Date of birth) cannot be changed online, except through formal communication and with appropriate supporting documents

Change of name: Kindly forward to us proof of change of name. This proof would require your submission of one or more of the following documents:
  1. Marriage Certificate
  2. A sworn affidavit
  3. A publication in the newspaper, informing the general public of the change.

Change of Date of birth: Please forward the following documentary evidence to us, as required by the National Pension Commission (PenCom) before approval for the change of date of birth is granted:
  1. Application letter stating the reasons for your request
  2. Your birth certificate/declaration of age
  3. Letter from your employer confirming your new date of birth as that on your employee’s record
  4. A copy of records of service (for public sector contributor and retirees only)
  5. A copy of PenCom’s Retirement Benefit Registration slip (for Retirees only).

You can only change details like: Phone number and email address.

Yes you can. Just communicate your intention in writing to our Customer care unit (customercare@nlpcpfa.com), stating the under listed details:

  1. Full Name of proposed Next of Kin (NOK)
  2. Contact address of NOK
  3. Contact Telephone Number of NOK
  4. Email Address of NOK
  5. Relationship to NOK
  6. Gender of NOK
  7. Gender of NOK

Yes, you can, just notify us accordingly, stating the details above.

Updates / Changes

Yes, you can, just notify us accordingly, stating the details above.

Online access

You can always access your account on our website by logging on to: www.nlpcpfa.com /www.nlpcpfa.com/>. Make sure you are using an internet explorer browser and not firefox, Mozilla or the likes...
Click on RSA Balance (log-in here), Enter your password and username in the dialogue boxes that would be displayed on clicking RSA Account Balance (Login Here) on our web page. This takes you to your account page where you could click on any of the options so desired.

Contact us on 01- 3427348, 08074309744 or 08165836853 or send an email to customercare@nlpcpfa.com for your password reset.

In-active service

Receiving SMS transactional alert is triggered by contributions credited into your account. If there is no payment, there will not be any alert sent to you.

Quarterly statements are sent regularly. It must be that your contact address/ office address changed and you did not notify us. You are required to notify us of such changes for appropriate updates..

Your RSA remain yours, even if your employer changes. Just inform your new employer of your PIN and PFA name for continuation and advise them to continue to remit into your RSA.

All additional contributions will be done through your employer. You then advise your employer to deduct from source and specify that the additional contributions are voluntary on the payment instruments.

Yes. If the employee who is below 50years of age is disengaged from his / her employer and has not secured a new job after four (4) months of such disengagement from work; such employee is entitled to 25% of his Retirement Savings Account (RSA) balance.

Upon either retirement or at the age of 50.

Yes, upon the later of either retirement or reaching the age of 50, and then only to the extent that what is left is sufficient to guarantee that at least 50% of your last salary will be paid to you monthly through an annuity or a programmed withdrawal.

The balance is used to fund a programmed withdrawal or process annuity.

A programmed withdrawal is the method by which the employee collects his accumulated benefits in periodic sums for the length of an estimated life span.

An annuity is an income purchased from a licensed life insurance company approved by the Commission with monthly or quarterly payments during the lifetime of a retiree.

Stated below are the major differences:

  1. Frequency of Payment Pension payment can be made either monthly or quarterly, as the retiree chooses.
  2. Commencement of payment Pension payments commence from the date of retirement i.e. includes pension arrears (if any) and other payments spread over an expected life span.
  3. Payment to Beneficiary when the retiree dies Whenever the retiree dies, the beneficiary under a will or Letter of Administration is paid the total balance in the RSA.
  4. Custody of Funds Retiree’s assets are held by a Pension Fund Custodian.
  5. Growth in Funds Returns on investment are added to the RSA balance.
  6. Change of Withdrawal mode A retiree on PW with a PFA can choose to terminate the PW and opt for an Annuity contract with an Insurance company whenever he decides to. However, a retiree cannot change from Annuity mode to PW mode.
  7. Change of Pension Fund Administrator A retiree on PW with a PFA will be able to move to another PFA in line with the Pension Reform Act when the transfer window opens.
  8. Contributions after retirement A retiree on PW who secures another employment after retirement can continue to contribute to his RSA. The contributions received after retirement will be credited to the retiree’s RSA as Voluntary Contributions (VC) and can be accessed when desired.
  9. Duration of Payment Pension is paid to the retiree over an expected lifetime

The Military

Since the exemption of the Military and Security Services Agencies from the contributory pension scheme, we have been receiving instructions from the National Pension Commission to refund the employee portion of military personnel’s contributions to their respective personal bank accounts

No, you can only access the employee’s portion (2.5% for Military and 7.5% for SSS) of the contributions in your RSA.

The employer portion (12.5% Military & 7.5% SSS) will be refunded to the CBN.

Payment will be made to your designated personal bank account and you will be notified through SMS alert by your bank.

Unfunded RSAs will be paid by PenCom.

Military retirees will also be refunded the contributions deducted from them while in service.

Please complain directly to PenCom by sending an email to info@pencom.gov.ng or call: 09- 4610466, 09 -4610467 and 09 -4610468.