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PenCom releases updated Frequently Asked Questions (FAQ) on Pensions

22 September 2023

PenCom releases updated Frequently Asked Questions (FAQ) on Pensions

The National pension Commission has released its 4^th edition of Frequently Asked Questions (FAQs) on the Contributory Pension Scheme in Nigeria. This comprehensive document explains and answers some of the pressing questions you may have on retirement, RSA transfers, data recapture exercises, investment of pension funds, corporate governance, service delivery under the contributory pension scheme, procedures for accessing the RSA and much more.

The document, released on 20 September 2023 is broken down into 7 parts with:

Part 1 introducing and answering questions on the Contributory Pension Scheme (CPS), when it was established and why as well as its objectives and more.

Part 2, broken into 3 parts answers questions about registration and the remittance of contributions, RSA Transfers and Data Recapture.

Part 3 answers questions on the investment of pension funds by PFA’s and the use of a % of your RSA accumulated contributions towards a residential mortgage.

Part 4 answers questions on transitional arrangements in place on funds being transferred from defined benefits (DB) pension scheme to the Contributory Pension Scheme (CPS).

Part 5 answers questions on retirement benefits, including how to access, types of retirement benefits, when you can access them and more.

Part 6 answers questions on compliance matters in accordance with the PRA 2014 including Pension Clearance Certificate.

Part 7 answers questions on Micro Pensions including who can participate, how to register and what is required, contributions and withdrawals, retirement age and more.

Part 8 answers questions about the pension scheme and the states.

Part 9 answers questions about corporate governance and maintaining the integrity of the contributory pension scheme.

Part 10 answers questions on service expectations under the scheme, including from PFA’s, how to complain and who to complain to, how to monitor you’re the performance of your RSA.

Click here to download your copy today. (The document is a PenCom publication).

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