In today's world, pension is a needs must for every staff, as many find it difficult to save up money during their working years and end up with nothing to fall back to on retirement. Therefore, this is why pension is made compulsory in nigeria today. The Pension Act signed on 1 July 2014 provides that employers with at least 15 employees are required to participate in a contributory pension scheme for their employees. The minimum contribution under the Act is 18% of monthly emolument (with a minimum contribution of 10% by the employer and 8% by the employee). If the employer decides to bear all the contribution, the minimum contribution is 20% of monthly emolument. Mandatory and/or voluntary contributions by the employers and employees to schemes approved by the Pension Act are deductible for tax purposes. The Act also requires every employer to take out life insurance coverage for its employees. employess can only access a part of these savings when they are out of a job for up to four months. after retirements they are paid alump sum of 25% of the total savings and subsequently they are paid monthly for up to 20 years after retirement. this is made possuble through th euse of Pension Fund Administrators (PFAs)
Common PFAs in Nigeria includes:
and others
click on the button below to apply to a Pfa
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