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Pension Reform Act, 2014

Act
Nigeria Source: PenCom / Laws of Nigeria
LaborPensionSocial SecurityPenCom

Summary (Plain English)

Establishes the Contributory Pension Scheme (CPS) for employees in Nigeria. Mandatory for organizations with 3+ employees. Employer contributes minimum 10% of monthly emoluments. Employee contributes minimum 8%. Contributions held in individual Retirement Savings Accounts (RSAs) managed by licensed Pension Fund Administrators (PFAs). Regulated by the National Pension Commission (PenCom).

What This Means For You

  • • Mandatory for employers with 3+ employees
  • • Employer minimum contribution: 10% of monthly emoluments
  • • Employee minimum contribution: 8%
  • • Managed by licensed Pension Fund Administrators
  • • Employees choose their own PFA

Original Source

https://www.pencom.gov.ng

Content sourced from PenCom / Laws of Nigeria. Always refer to the official document for authoritative text.

Not legal advice. This summary is for informational purposes only. ONIM does not store or republish full legal texts. Always consult a qualified legal professional for advice specific to your situation.