{"id":39242,"date":"2018-09-24T12:49:44","date_gmt":"2018-09-24T12:49:44","guid":{"rendered":"http:\/\/localhost:8888\/cregital\/disha\/2018\/09\/24\/pension-contributions-in-nigeria-obligations-for-remittance-part-2\/"},"modified":"2018-09-24T12:49:44","modified_gmt":"2018-09-24T12:49:44","slug":"pension-contributions-in-nigeria-obligations-for-remittance-part-2","status":"publish","type":"post","link":"https:\/\/msmehub.org\/staging\/6671\/pension-contributions-in-nigeria-obligations-for-remittance-part-2\/","title":{"rendered":"Pension contributions in Nigeria: Obligations for remittance (Part 2)"},"content":{"rendered":"

A summary of employee and employer obligations is shown in the table below:<\/p>\n\n\n\n\n\n\n\n
\n

Subject<\/strong>\n <\/p>\n<\/td>\n

\n

Employer<\/strong>\n <\/p>\n<\/td>\n

\n

Employee<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Registration required\n <\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

\n
    \n
  • Register with Pension Commission and obtain a registration number\n <\/li>\n
  • Open a nominal retirement savings  account (RSA) for an employee where the employee does not open and RSA within six (6) months of resumption of duty<\/li>\n<\/ul>\n

    <\/p>\n

    <\/p>\n

    <\/p>\n

    <\/p>\n

    <\/p>\n<\/td>\n

\n

Register with preferred pension fund administrator (PFA) and obtain an RSA number. In Nigeria, the number starts with PEN-xxxxxxxxxx<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n<\/tr>\n

\n

Contribution amount<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

Make monthly payments of pension deducted and contributed. <\/u><\/p>\n

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%).<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

A minimum of 8% of the monthly emolument. <\/p>\n

Can make additional contribution on a voluntary basis<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n<\/tr>\n

\n

Reporting requirements (Deduction and Remittance)<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

\n

Make monthly payments of pension deducted and contributed.<\/p>\n

Send details of employee name, employee RSA and amount contributed (employee and employer) to PFA and request for update of employees RSA records<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

\n

None required <\/p>\n

<\/p>\n

Regularly check with your PFA to confirm your RSA reflects amounts remitted by the employer<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n<\/tr>\n

\n

Life Assurance<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

\n

The employer is required   to have a group life assurance cover for all its employees <\/p>\n

The amount assured must not be less than three (3) times each employee’s annual remuneration <\/p>\n

<\/p>\n

<\/p>\n<\/td>\n

\n

No obligation<\/p>\n

Enquire if employer has a group life assurance cover<\/p>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Pension contributions in Niger…<\/p>\n","protected":false},"author":1018,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[331,343,346],"tags":[681,766,463],"class_list":["post-39242","post","type-post","status-publish","format-standard","hentry","category-how-to-file-and-pay-taxes","category-human-resources","category-payroll","tag-employee","tag-employer","tag-pension"],"yoast_head":"\nPension contributions in Nigeria: Obligations for remittance (Part 2) - 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