Employers’ Checklist on Pension Remittances
The Pension Reform Act (PRA) 2014 mandates employers of labour in the private and public sector (except for the few exempted ones) to join the Contributory Pension Scheme (CPS) where…
Pension Fund under CPS hits N14.27 trillion in June 2022
According to the National Pension Commission (PenCom) the value of pension fund assets as of June 2022 is N14.27 trillion as the number of contributors under the scheme hits 9,795,957…
En-bloc Payment: Retirees with pension less than a third of the Minimum wage get full En-bloc payment
Retirement Savings Account (RSA) balances can now be withdrawn en-bloc by retirees who are eligible for a monthly pension of less than N10,000, which is a third of the current…
Only 5 States are pension ready to settle retirees’ entitlements under the CPS – PenCom
Findings have shown that only five states are ready to fund their retirees’ RSA under the Contributory Pension Scheme (CPS). This is as more workers are expected to retire by…
Curbing the unfriendly practice of unremitted pension contributions
PensionTalk A key feature of the Contributory Pension Scheme is the joint contributions of monthly pension deductions and remittances. The contributory feature means that both the employer and employee contribute…
Debunking The Myth about Programmed Withdrawal 10-year limit
On a fateful day, I received a message from Tayo, a Retiree who is utterly confused as to whether to choose an Annuity or Programmed Withdrawal (PW). “I was told…
