FAQ
Complain About NLPC PFA Services
Available options for making a complaint based on the channel/medium most convenient to you are:-
- You may reach us by calling 08165836853
- Send a complaint using your registered email address to: customercare@nlpcpfa.com
- Chat with us from our website via: www.nlpcpfa.com.
- Send a letter to us via our Head Office address: NLPC Pension Fund Administrators Limited 312 Ikorodu Road, Anthony, Lagos.
- Visit any of our branches nationwide.
- Social media platforms: Facebook, Twitter, LinkedIn
What do I Need to Change my information
- A completed Change Request form.
- A copy of your marriage certificate or sworn affidavit for the name change.
- The full page of the newspaper publication notifying the public of your change of name (Please note that the newspaper page heading must include the name and date of publication as well as the page number). The newspaper publication is only required if a sworn affidavit is provided.
- A valid means of ID which could be a Driver’s License or National Identity card or International Passport or Permanent Voters Card.
- A completed Change Request form.
- A sworn affidavit for the name change
- The full page of the newspaper publication notifying the public of your change of name (Please note that the newspaper page heading must include the name and date of publication, as well as the page number).
- A valid means of ID which could be a Driver’s License, National Identity card, International Passport or Permanent Voters Card indicating the new name.
- A letter from your employer confirming the change of name.
The RSA holder will undergo the recapturing exercise furnishing us with the under listed documents:
- Staff Identity Card or any one of the following
- National Driver’s License
- Permanent Voter’s card or International Passport
- Letter of employment
- Birth Certificate of Declaration of Age
- National Identity Card or Enrolment Slip issued by the National Identity Management Commission
- Authenticated Bank Verification Number (BVN)
- Evidence of registration with PFA (Pension Certificate or recent statement showing Name and PIN)
Yes. Your Next of Kin (NOK) can be changed. However if you would like to add additional person, kindly send an e-mail, using your registered email address, to customercare@nlpcpfa.com.
Login Details
Kindly provide your Full Name, PIN and Employer and send a request mail to our customer care: customercare@nlpcpfa.com.
About Contributory Pension Scheme (CPS)
The new scheme is a Contributory Pension Scheme (CPS), fully funded, privately managed pension scheme that is based on individual accounts. It ensures that everyone who has worked receives his/her retirement benefit as and when due.
Ensure that every person who has worked in either the public or private sector receives his/her retirement benefits as an when due; Assist employees by ensuring that they save to cater for their livelihood during old age; Establish a uniform set of rules, regulations and standards for the administration and payment of pension fund in the country: and to stop the growth of outstanding pension liabilities.
A minimum of 18% (employer -10%, employee - 8%) of an employee’s monthly emolument is to be contributed by the employee and employer. (Emolument = Basic Salary + Housing+ Transport Allowance).
The new scheme is contributory and fully funded; it encourages individual savings towards retirement; money is available to pay retirees. Retired workers can collect their benefits as and when due; we have checks and balances because pension administration and investment is separated from fund custody and control; and the accumulated contributions bring about development in the economic activities. A major disadvantage is that employees are made to contribute towards their retirement.
The old scheme was funded only by the employer. However, the disadvantages include: corruption, outright theft, mismanagement and serial abuse of the pension administration, retirees were not paid as and when due or paid at all; huge pension liability because no money was set aside for pension especially in the public sector; some employers do not have any pension arrangement in the private sector and where it existed, most of the workers squandered their pension benefits when they were in active service.
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 employees’ choice.
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.
A Pension Fund Custodian is an entity licensed by the National Pension Commission to keep pension funds and assets in safe custody.
The National Pension Commission (PENCOM) is charged with the regulation and supervision of the operators as well as formulates, direct and oversee the overall policy on pension matters in Nigeria.
This is similar to a bank account. Every contributor will open a Retirement Savings Account (RSA) with a Pension Fund Administrator of his/her choice. The PFA will be required to issue a statement of account at least once every quarter. Unlike a bank account, withdrawal from RSA is only at retirement, death or loss of job.
No. The employer sends both the employee’s as well as the employer’s monthly contributions directly to the Custodian.
Our experience, integrity, expertise and door-to-door personalized service delivery to clients stands us out among our numerous competitors out there. NLPC PFA is simply a name synonymous with pensions because of our pedigree.
Your RSA is portable and mobile which will remain with you for life. Simply notify your new employer of the PFA that manages your account and thereafter your contributions will be sent to its Custodian.
The Retirement Savings Account (RSA) is a portable and mobile account; it does not matter whether your new employer does not use the existing PFA; what you need to do is to inform your new employer of an existing RSA and advise them to continue to remit into the same RSA. Alternatively, the Act allows RSA holder to transfer once a year without any reason, hence, you may switch to the PFA in the new company.
Yes. The employee has the freedom to move once a year from one PFA to another (without any reason). Although the guidelines are out, the effective date for its commencement is yet to be announced by the National Pension Commission.
Remittance of pension contributions
Pension Fund Administrators will issue quarterly statements to employees. Also, employees can access their statement of account on our website (www.nlpcpfa.com) using the user name and password issued to them on request. Also, statement of account can be issued on request and through SMS transaction alert via their mobile phone
A RSA holder can make additional contributions to his account as Voluntary Contributions (VC). VCs are supplementary contributions that can be made alongside your mandatory contributions to your Retirement Savings Account (RSA). Remittance of VC must come through your employer. The payment schedule provided to your employer, has a column for VC: this column should be imputed with the amount you choose to contribute as VC.
Please note that your VC will be credited to your existing RSA and your statement of account will also show the details of your VCs to enable you monitor the growth.
This may be because your mobile telephone number has changed and you are yet to update your new phone number on our records. If your mobile telephone number is correct, it could mean that we have not received any contributions on your behalf recently.
The Pension Reform Act 2014 requires employers to remit pension contributions on behalf of their employees within 7 working days from the payment of salaries. The Act also provides that where the employer fails to either deduct or remit the contributions within the stipulated time, the employer will be liable to pay a penalty that is not less than 2% of the total outstanding contributions that remains unpaid for each month or part of each month the default continues. Kindly note that employees are therefore required to liaise with their employers to ensure that their pension contributions are remitted into their Retirement Savings Accounts.
No, pension contributions are non-assignable, non-transferable and cannot be used as collateral for any loan (under review). It is basically meant to serve you at old age/retirement when you can no longer actively cater for yourself.
No, the RSA does not run like your bank account or cooperative account, so it is impossible for you to withdraw any part from your RSA. Yes, if you have a voluntary contributions.
The Retirement Savings Account is a personal account and can only be accessed by the owner except in death cases. However, in some states (e.g. Lagos State) employees may be denied access to their accounts until issues of indebtedness with their employer are resolved.
Pension contributions are invested in line with the provisions of pension Act and investment guidelines. The permissible area of investment include: government bond, treasury bills, money market, stock markets, mutual fund, real estate etc. The return on such investment is added to the fund less management fees as prescribed by PenCom.
Your contributions will remain in your Retirement Savings Account (RSA) till you finally retire from work. Yet, you can contribute voluntarily to keep the account growing. However, the National Pension Commission will give the final pronouncement to the client on how to access the benefits under the CPS and DBS whether it will be merged or administered separately.
Your contributions are insulated from crises. This is because PFAs and PFCs are only carrying out the administrative and investment functions and monies are not really in their custody but invested in varieties of instruments. Where a PFA or PFC liquidates, the various investments in their custody will be transferred to another PFA or PFC as the case may be. It should be noted the National Pension Commission is fully aware of all the transactions and in possession of relevant data.
Statements of accounts
This is most likely because your employer is yet to remit your monthly pension contributions. Kindly liaise with your employer or PFA on the way forward. For public employees (Federal), please check “Non remittance of Pension Contributions” under our Pension Administration module.
Contributions Received from Inception: This is the sum of contributions received on your behalf from your employer before any investment activity by us, less N100 Admin fee/month.
Total Withdrawals from Inception: This refers to the total amount of money that has been paid out to you as Voluntary Contribution (VC), retirement benefit payments or the total withdrawals made on your account based on the advice of your employer.
Gain/Loss from Inception: This refers to the profit or loss made on your account as a result of investing your monthly contributions. It is worth mentioning that the gains outweigh the losses in most cases because of the strict investment guidelines that have been placed on pension funds by our Regulator, the National Pension Commission (PenCom).
Current Value: This is the addition of your total net contributions and the growth on your contributions, after your contributions have been invested. This means that your current balance is usually higher than your actual pension contributions because the contributions are constantly being invested. As a result, your current balance changes daily.
Units: This represents the number of units allotted to you at the point of crediting your Retirement Savings Account (RSA) with the contribution received on your behalf. Mathematically, it is arrived at by dividing the contribution received by the fund price of the previous day. The total unit for a given period (e.g. a year) will be sum total of all the allotted units per monthly remittance. Unit Price: This is the prevailing fund price on a given day your contribution credited into your account. This mathematically is calculated as the total contributions brought in a day divided by the total allotted units of the previous day.
The difference observed in your Retirement Savings Account (RSA) balances is a result of the changes in the RSA Fund’s unit price. These price changes are a summary of the investing activities of the fund. The unit price of the RSA Fund is computed by dividing the Net Asset Value (NAV) of the Fund (contributions + appreciation/depreciation) by the actual contributions received. However, because up to 25% of the Fund can be invested in stocks (whose prices rise or fall daily) the unit price of the Fund may appreciate or depreciate over time. We expect the RSA Fund to appreciate over the long term.
Payments of benefits at retirement
Upon either retirement or at age of 50 whichever is later provided you are no longer in employment. Also, the RSA holder can access his/her benefits if due to ill health or disability confirmed by the employer and certified by medical practitioner or medical board not minding whether such employee is age 50 or not.
Yes. If the employee is resigned or disengaged and he is below age 50. Therefore, if after four (4) months of such disengagement from work and could not secure a new job; such employee is entitled to 25% of his Retirement Savings Account (RSA) balance.
At retirement or upon reaching age 50 – when you are no longer in employment, the amount in your RSA shall be used to purchase a programmed withdrawal or purchase an annuity that would guarantee an amount of not less than 50% of your last annual remuneration (subject to RSA balance) to be paid to you monthly or quarterly as pension for life (in case of annuity).
A programmed withdrawal is the method by which the employee collects his accumulated benefits both in lump sum and by periodic payments usually monthly or quarterly for the length of an estimated life span. The lump sum benefits and monthly pension is expected to be paid into the retiree’s bank account. Only PFAs are licensed to offer this product.
An annuity is an income with monthly or quarterly payments during the lifetime of a retiree that is purchased from a licensed life insurance company approved by the National Pension Commission. The single premium for this is first deducted from your RSA. The balance, if any, would then be taken as lump sum.
If RSA balance is less than N550,000.00 (Five Hundred and Fifty Thousand Naira) at the time of retirement, the entire benefit is paid En Bloc. Where the RSA balance is more than N550,000.00, the employee is entitled to a minimum of 25% and up to 50% en bloc payment as well as monthly pension for an estimated life span.#
Yes, if your current contribution (contributions plus return) is not more than N550,000.00 at retirement; otherwise, you will only be entitled to a lump sum cash and monthly pension based on Programmed Withdrawal option or Annuity option.
Yes. A retiree receiving monthly pensions, who secures another employment after retirement can continue to contribute to his RSA. The contributions received will be credited to the retiree’s account as Voluntary Contributions and can be accessed at your convenience.
The beneficiary will be entitled to the benefit from the compulsory life insurance policy as well as the total benefits from the contributory pension scheme and other benefits (e.g Lagos State Public Service). The benefits would be paid en bloc into the beneficiary’s (ies’s) bank account(s).
At NLPC PFA, we are desirous to pay your retirement benefits in less than one month from the date of submitting all the required documentations.
Most of the death cases are usually without a Will, which means that the beneficiary would have to apply to the Probate Registry for Letter of Administration which takes a long time to secure. You are therefore advised to have a Will by using the service of a competent lawyer.
This is a person (s) recognized by law to be entitled to all the benefits payable to a deceased employee or client through the instrumentality of a Will or Letter of Administration.
This is a named person(s) to be contacted in the absence of the client for information purpose.
Accessing RSA Balance for Payment of Equity Contribution for Residential Mortgage by RSA Holders
The Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders (The Guidelines) is in line with the provisions of Section 89 (2) of the Pension Reform Act (PRA 2014), which allow RSA holders to utilize part of their retirement savings as equity contribution for the purpose of securing Residential Mortgage
1. Employees in active service or self-employed persons who are making monthly/periodic contributions to either RSA Funds I, II, III, V or Active Fund VI, registered with a licensed PFA and meets the eligibility criteria
2. Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) Licensed by the Commission to manage and keep custody of pension assets respectively.
3. Mortgage lenders licensed by the Central Bank of Nigeria (CBN) to provide mortgage financial services
- RSA holders in active employment, either as a salaried employee or as a self-employed person.
- The RSA Holder, whose RSA has both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months prior to the application.
- A Micro Pension Contributor who has made contributions for a minimum of 60 months prior to his/her application.
- Married couples, who are RSA holders and wishes to make a joint application, subject to individually satisfying the eligibility requirements set out in the Guidelines.
- The RSA holder who registered before 1 July 2019 and have updated his/her records through the RSA Data Recapture Exercise.
- The RSA holder who has secured an Offer Letter for the property duly signed by the property owner and verified by the Mortgage Lender.
- RSA Holders that have less than 3 years to retirement shall not be eligible to use a portion of their RSA balances as equity contribution for residential mortgage.
- Existing Retirees on CPS and exempted persons under the PRA 2014 shall not be eligible to use their RSA balances for payment of equity contribution for Residential Mortgage.
- The maximum amount to be applied as equity contribution for residential mortgage shall be 25% of the total RSA balance as at the date of application irrespective of the percentage of equity contribution required by the Mortgage Lender.
- Where the value of 25% of RSA balance is more than the required equity contribution, the RSA holder can only access an amount equivalent to the equity contribution required by the Mortgage Lender.
- Where the value of 25% of the RSA is lower than the equity contribution required by the Mortgage Lender, the RSA holder shall deposit the difference with the Mortgage Lender before 25% of his/her RSA balance can be applied as equity contribution.
Yes, an applicant may utilize the contingent portion of his/her Voluntary Contribution (VC) for equity contribution, in line with the Voluntary Contribution Guidelines under the CPS, after meeting the provision in the Guideline
NSITF and Pre-Scheme contributions in respect of an active RSA contributor may form part of the RSA balance considered in determining the 25% of equity contribution for RSA Residential Mortgage.
No, the applicant may utilize only the contingent portion of his/her contribution, in line with the Guidelines for Micro Pension Plan, after meeting the Eligibility Criteria.
- An Applicant shall sign a consent with his/her PFA where he/she wishes to include his/her VC contingent portion, NSITF and Pre-Scheme contribution as equity contribution.
- Where a Micro Pension Contributor wishes to include his/her contingency portion as equity contribution, he/she shall sign a consent with his/her PFA to that effect.
- Where an RSA holder had accessed his/her RSA balance for residential mortgage, he/she shall sign a consent with his/her PFA before accessing 25% due to loss of job.
- Where an RSA had accessed his/her RSA balance due to loss of job, he/she shall sign a consent with his/her PFA before accessing his RSA balance for residential mortgage
Yes, RSA Holders who had accessed their RSA balances due to loss of employment prior to the issuance of these Guidelines shall be eligible to access their RSAs for equity contribution, provided their RSAs had received employer and employee contributions for a minimum of 60 months from the date of first contribution.
Yes, RSA holders that have utilised 25% of their RSA balance for equity contribution for residential mortgage shall be eligible for payment of 25% of their RSA for loss of job in line with the provision of Section 7(2) of PRA 2014.
Oh yes, where an RSA holder had accessed his/her RSA balance for residential mortgage and 25% due to loss of job, he/she shall access lump sum at retirement in line with section 7(1)(a) of the PRA, 2014 and subject to guidelines issued by the Commission.
No, Application for equity contribution for residential mortgage shall be in person and not by proxy.
An RSA holder can only access his/her RSA once, for equity contribution towards residential mortgage.
No, the funds released from the RSA for payment of equity contribution can only be used exclusively for residential mortgage. RSA holder and the Mortgage Lender shall indemnify the PFA on the exclusive use of the funds released from the RSA for payment of equity contribution.
Yes, you are at liberty to choose your Mortgage Lender, provided that:
- The Mortgage Lender has been licensed by the CBN to provide residential mortgage and shall have met the minimum capital requirement as prescribed by the CBN from time to time.
- The Mortgage Lender shall be always in good financial standing and shall satisfy the minimum requirements of the CBN, in terms of industry uniform underwriting standards, assets/liabilities management policy, foreclosure procedure, liquidity, capital adequacy, overall asset quality, profitability and any other requirement, as may be prescribed by the CBN from time to time.
- The Mortgage Lender shall also comply with the provisions of Sections 2 and 4 (1) and (5) of PRA, 2014.
- The Mortgage Lender shall have a valid Pension Clearance Certificate issued by the Commission in line with the PRA, 2014.
- The Commission shall liaise with the CBN on an annual basis to determine the Mortgage Lenders that meet the stipulated minimum requirements of these Guidelines and other conditions as may be specified by the CBN from time to time.
- The names of Mortgage Lenders that meet the eligibility criteria of these Guidelines shall be published on the Commission’s website on a bi-annual basis or when any new license is issued by the CBN.
1. The applicant shall obtain a property offer letter from the property owner or approved agent and approach a Mortgage Lender.
2. The applicant shall fill an application for mortgage form, which shall be provided by the Mortgage Lender and attach the property offer letter.
3. The Mortgage Lender shall review the application form and verify the genuineness of the property offer.
4. The Mortgage Lender shall do its due diligence to ensure that the property has a valuation report.
5. Upon confirmation of the property offer letter, the applicant shall approach his/her PFA and request for his/her RSA Statement for the purpose of accessing the 25% of his/her RSA balance for payment of equity contribution.
6. In a joint application, each party shall apply to their respective PFA’s with copies of the verified property offer letter.
7. The PFA shall issue a duly endorsed RSA statement to the applicant, which the applicant shall forward to his/her Mortgage Lender.
8. The PFA shall update record on Applications for Equity Contribution for Residential Mortgage upon issuing the RSA Statement to RSA holder.
9. Upon receipt of the duly endorsed RSA statement, the Mortgage Lender shall verify if the 25% of the applicant’s RSA balance will be sufficient as equity contribution.
10. Where 25% of the RSA balance is sufficient as equity contribution, the Mortgage Lender shall issue a mortgage offer letter to the applicant.
11. Where 25% of the RSA balance(s) is not sufficient, the Mortgage Lender shall request for the payment of supplementary equity contribution from the applicant(s).
12. Upon confirmation of payment of supplementary equity contribution, the Mortgage Lender shall issue a mortgage offer to the applicant(s).
13. Within two working days of the issuance of the mortgage offer letter to the applicant(s), the Mortgage Lender shall forward a copy of the mortgage offer letter and the other documents
14. Evidence of payment of difference where 25% of RSA cannot cover the equity required
15. The applicant may after two working days of receiving his/her mortgage offer letter, approach his/her PFA to request for payment of his/her Equity Contribution for Residential Mortgage.
16. The applicant shall obtain and fill an Application Form, with indemnity to the PFA, for the payment of his/her Equity Contribution for Residential Mortgage.
17. In a joint application, each party shall apply to their respective PFA with a copy of the mortgage offer letter.
18. The PFA shall review the application form and the supporting documents received from the Mortgage Lender for completeness
19. Upon successful completion of the documentation review, the PFA shall update the applicant’s Mandate File within two working days.
20. If any exceptions or discrepancies are identified during the documentation review, the PFA shall communicate the exceptions to the Mortgage Lender within two working days of identifying such exceptions.
21. The PFA shall compute and validate that the requested amount is not more than 25% of his/her RSA Balance.
22. The PFA shall then process the application and forward same to the Commission within two working days of successful documentation review
1. In the event of foreclosure of the mortgage property.
2. In the event of death of any RSA holder in a joint application before the execution of the “Deed of Assignment”, the surviving partner shall have the following options:
I. Proceed with the mortgage application until termination where cash flow is considered adequate
II. Terminate the application where cash flow is considered inadequate
III. Downscale the property to a smaller property that will accommodate the cash flow of the surviving partner. In this instance the applicant will start the application process afresh
3. Where the RSA holder or the Mortgage Lender could not continue with the mortgage for any reason before the mortgage loan is approved and disbursed, the party that decides not to continue shall notify the PFA within one working day of arriving at such decisions.
4 If the property that has been presented becomes unavailable before the mortgage is approved and disbursed, the Mortgage Lender shall notify the applicant and the PFA within one working day of determining the unavailability of the property.
5 Where the RSA holder or the Mortgage Lender could not continue with the mortgage for any reason before the execution of the “Deed of Assignment”, the Mortgage Lender shall refund the equity contribution to the PFC within two working days after which such decision was made.