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10 things to know about Nigerias pension scheme

Published by The Nation on Wed, 21 Aug 2019

What is this new pension scheme'This new pension scheme is contributory, fully funded, privately managed, third party custody of the funds and assets and based on individual accounts. It is called Contributory Pension Scheme (CPS) and ensures that everyone who has worked receives his/her retirement benefits as and when due.Is the RSA operated like a bank account'The RSA is similar to a bank account except that no contributor can withdraw money from the RSA before his/her retirement. The PFA is required to invest the money and issue statements of account at least once every quarter to the contributor.Is there adequate representation of all stakeholders on the board of the commission, or is it dominated by government appointees'There is adequate representation of relevant stakeholders on the Board of the National Pension Commission, which comprises of representatives of the Government, Nigeria Labour Congress, the Nigerian Union of Pensioners and the Nigerian Employers Consultative Association.Can I move my account from one PFA to another'An employee or contributor has the freedom to move his account, once a year, from one PFA to another without giving any reason(s).What will happen to existing pensioners in the private sector'Pension Boards in the private sector existing before the coming into force of the Pension Reform Act 2004 will continue to administer the pensions of the existing pensioners and the National Pension Commission will supervise such boards.Who is covered by the new pension scheme'The new pension scheme covers all employees in the public service of the Federation, the Federal Capital Territory and the private sector of the economy.How does movement from one employment to another affect pension'Movement from one employment to another does not affect pension under the new scheme.Does the pension reform act reflect the application of the principles of transparency and accountability'Yes. The new pension scheme entrenches the principles of transparency and accountability as reflected in the reporting requirement of the PFAs and PFCs to both the contributor and the National Pension Commission.Will the PFA charge fees for their services'The PFA will charge fees for the services being rendered on the RSA subject to such guidelines as may be issued by the National Pension Commission from time to time.What will happen to existing pensioners in the public sector'In the public service, Pension Departments have been created to carry out the functions of the relevant pension boards or offices in the public service of the Federation and Federal Capital Territory with a view to making regular and prompt payment of pension to existing pensioners.
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