A summary of employee and employer obligations is shown in the table below:
Register with preferred pension fund administrator (PFA) and obtain an RSA number. In Nigeria, the number starts with PEN-xxxxxxxxxx
|Make monthly payments of pension deducted and contributed. |
An employer may choose to
contribute the total minimum contribution of 18% (i.e. employer's contribution of 10% plus employee's contribution of 8%).
|A minimum of 8% of the monthly emolument.
Can make additional contribution on a voluntary basis
Reporting requirements (Deduction and Remittance)
Make monthly payments of pension deducted and contributed.
Send details of employee name, employee RSA and amount contributed (employee and employer) to PFA and request for update of employees RSA records
Regularly check with your PFA to confirm your RSA reflects amounts remitted by the employer
The employer is required to have a group life assurance cover for all its employees
The amount assured must not be less than three (3) times each employee's annual remuneration
No obligationEnquire if employer has a group life assurance cover