NLPC
PENSION FUND ADMINISTRATORS
..Creating a brighter future for you.
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NLPC PFA Ltd

NLPC PFA is an associate of NLPC ; a Pension Fund Management Consultant with over 40 years of proven integrity.

FAQs

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What is Contributory Pension Scheme?The new scheme is a contributory, fully funded, privately managed pension scheme that is based on individual accounts. It ensures that everyone who has worked receives his retirement benefit as and when due.

How does the new scheme work?A minimum of 15% of an employee?s monthly emolument is to be contributed by the employee and employer. (i.e. Emolument = Basic salary + Housing + Transport allowances).

What will happens to the contribution?The total contribution will be paid out by the employer directly to a Pension Fund Custodian (PFC) and will be managed and invested by the Pension Fund Administrator (PFA), of the employee?s choice.

What is a Pension Fund Administrator?A Pension Fund Administrator is an entity licensed by the National Pension Commission (PENCOM) and charged with the responsibility of managing and investing pension funds. Each employee is free to choose a PFA. .

What is the Pension Fund Custodian (PFC)?A Pension Fund Custodian is an entity licensed by the National Pension Commission to hold pension funds and assets in safe custody.

Are Pension contributions paid to the PFA?No. The employer sends both the employee?s as well as the employer?s contribution directly to the Custodian.

What is an Individual Account?This is similar to a bank account. Every contributor will open a Retirement Savings Account (RSA) with a Pension Fund Administrator of his choice. The PFA will be required to issue a statement of account at least once every quarter.

Can I switch PFAs?Yes. The employee has the freedom to move once a year from one PFA to another (without any reason).

What happen to my account when I change jobs?The accounts are portable and will remain with you for life. You simply notify your new employer of the PFA that manages your account and thereafter your contributions will be sent to its Custodian.

Who is a regulator, and what is its roles?The National Pension Commission is charged with the regulation and supervision of the operators as well as formulate, direct and oversee the overall policy on pension matters in Nigeria

How can I be sure that my contributions are safe?All those administering or holding pension funds will be properly licensed and continually regulated and supervised by the Commission. The Commission is empowered to sanction and if need be prosecute defaulting operators.

How can I keep track of my investments?Pension Fund Administrators will issue regular statements to employees.

When can I have access to the fund in my account?Upon either retirement or at the age of 50.

Can I withdraw any portion of my fund?Yes, upon the later of either retirement or reaching the age of 50, and then only to the extent that what is left is sufficient to guarantee that at least 50% of your last salary will be paid to you monthly through an annuity or a programmed withdrawal. If an employee retires before the age of 50 years in accordance with the terms and conditions of his employment, he or she may withdraw a lump sum of money not more than 25% of the amount standing to his credit of RSA provided that such withdrawals shall only be made after six months of retirement and the retired employee does not secure another employment

What happens to the balance?The balance is used to procure an annuity or fund a programmed withdrawal.

What is Fund Programmed Withdrawal? A programmed withdrawal is the method by which the employee collects his accumulated benefits in periodic sums for the length of an estimated life span.

What is an Annuity?An annuity is an income purchased from a licensed life insurance company approved by the Commission with monthly or quarterly payments during the lifetime of a retiree.

If you have more question, send email to: CustomerCare@nlpcpfa.com

Registration:
----------------------------- Download NLPC RSA Form
Please fill the downloaded form and return to any of our Branch Office

Payment Schedule:
----------------------------- Download e-Payment Schedule Form
Please click Image Open Payment Schedule Instruction to read Instruction before filling the Form

Why I Choose NLPC PFA Ltd :
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I found NLPC PFA staff very helpful and I appreciate their effort. Please keep the good work flying.
Kunle Adetoro
IT Unit
BPE, Abuja
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I Choose NLPC because it is just perfect..
Olawale Kuforiji
Cocoa Research Institute of Nigeria
Cross River


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