Everything you need to know about our pension product and services. If you don’t find the answer you are looking for, you can reach out to our support team.
Pension is a regular income received by a person at retirement when he/she stopped working because of having reached a certain age or based on health condition to cater for his/her needs at old age
A Retirement Savings Account (RSA) is an account opened by an employee or contributor with a PFA of choice into which all pension contributions and returns on investment are paid. Every contributor under the contributory pension scheme (CPS) is expected to open RSA in his/her name with a PFA of his/her choice into which all his/her contributions and returns on investment are paid
Contributors cannot withdraw money except at retirement or upon temporary loss of job and in all cases, withdrawals are subject to approval by the National Pension Commission (PenCom). The PFA is required to invest the money in allowable investment outlets and the income generated is fully credited into the RSA.
A PFA is a company licensed by the National Pension Commission for the sole purpose of managing and administering pension funds contributed into the RSAs.
A PFC is a company licensed by the National Pension Commission to keep pension money and assets in the RSA on. trust for the employee on behalf of the PFA. The PFC receives pension contributions from employers on behalf of PFAs, settles investment transactions on the order of the PFA, effects payments of benefits and undertakes other administrative functions.
The PFA manages and invests the pension funds on behalf of contributors while the PFC keeps the pension funds and assets in safe custody and carries out transactions on behalf of the PFA.