Looking for information about National Pension Commission? You’re at the right page. This article features all you need to know about the National Pension Commission. Read on!
The National Pension Commission is there to ensure the retirement fund of an employee is paid by the employer. The main functions of the commission is listed below:
- To approve, license, regulate and supervise PFAs, custodians and other financial institutions that is related to pension matters in the nation.
- The Commission may also from time to time, determine establishing standards, rules and regulations for the management of the money for pension under the Act.
- The Commission shall have the power to: Formulate, preside and oversee the overall policy on the matter of pension in Nigeria. They also have the power to fix the terms and conditions of service including remuneration of the employees of the Commission.
The Current Pension Rate In Nigeria
The current minimum pension rate is 18% of your emolument monthly (with a minimum contribution of 10% by you and 8% by your boss or company). If the company you’re working for decides to bear all the contribution, the minimum contribution is will be increased to 20% of emolument monthly.
When Can I Withdraw My Pension?
If you retire at 50 years old or more, you can have immediate access to your Retirement Savings Account (RSA). Similarly, if you retire before 50 years old due to mental or physical incapacity, you can also have immediate access to your Retirement Savings Account (RSA).
Can I Withdraw All My Pension?
If you have a defined contribution pension, you must have built up a whole lot of money which, from the age of 55 you can start making use of it as you desire. This also includes the option of withdrawing the whole amount of money as a single lump sum.
How Is Pension Calculated?
The salary figure used in calculating a pension benefit is typically the average of the two to five consecutive years in which you receive the highest compensation. This average amount is multiplied by a percentage of 1.5 or 3 depending on your pension factor.
How Can I Register For National Pension Commission
Follow the steps below to register online for National pension commission.
– You have to visit the National Pension Commission’s Official website at www.pencom.gov.ng. – – Click on the “Enrollment Exercise” then you would be displayed to commence the process of Self-Registration as follows
– Click on the Enrollment Application and select “Retiree Registration Module”.
– Select the icon at the end of the page which says “Click to register create a profile (Retirees only)
– You’ll be asked to provide the following information: RSA PIN (Retirement Savings Account Number), NIN Number (National Identity Number), Surname, Email Address.
– You then proceed and create a password, Confirm Password and type in the Captcha Character displayed on the application (Small Letters Only) Click to take you to the Home Page.
Final Words On The National Pension Commission
Every employee is expected to open a Retirement Savings Account (RSA) in his/her name with a Pension Fund Administrator (PFA) of his/her choice into which all his/her contributions and returns on investment are paid.
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