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Frequently Asked Questions

Information for Employers

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The Pension Reform Act (PRA) 2014 stipulates that all employers with more than three employers are mandated to make pension contribution on behalf of their employees. Employers are mandated to deduct 8% of an employee’s salary, match this with a value of 10% of the employee’s salary and remit the total value of 18% to the employee’s Retirement Savings Account (RSA)

Some of the benefits

Safety

Stanbic IBTC Pension Managers Limited is backed by strong and reputable financial institutions

Convenience

Ease of Account Access via Internet, telephone, e-mail and SMS, as well as ease of retirement pay-outs

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Returns

Enjoy good and competitive returns on your pension investment
What you need to know
  • The first step to commencing contributions for your employees to obtain an Employer Code from the Pension Fund Administrator. Click here for a detailed process of getting an employer code for your company.
  • A total of 18% of your employee’s salary is to be remitted to the employee’s RSA on a monthly basis
  • All pension deductions should be applied before income taxes are applied
  • Pension contributions for staff are mandatory and default can attract regulatory sanctions
  • Employers can obtain a Certificate of Compliance to the Contributory Pension Scheme from the National Pension Commission
How Do I Start

Your company can make remittances for the staff of your organisation in 3 easy steps

  1. Complete a contributions schedule with details of your staff including their name, RSA PINs, the value of employee contribution, the value of employer contributions. 
  2. Transfer the total value of all contributions to our designated collection account. The account details are below;

    Account Name: ZPC/SIPML PENSION 
    Account Number: 1010885522 
    Sort Code: 057150013 
    Bank: Any Branch of Zenith Bank Plc  
  3. Send evidence of contribution as well as the contribution schedule to PensionCo@stanbicibtc.com and ibtcpencollect@zenithcustodian.com
  • What you need to know
  • How Do I Start
  • The first step to commencing contributions for your employees to obtain an Employer Code from the Pension Fund Administrator. Click here for a detailed process of getting an employer code for your company.
  • A total of 18% of your employee’s salary is to be remitted to the employee’s RSA on a monthly basis
  • All pension deductions should be applied before income taxes are applied
  • Pension contributions for staff are mandatory and default can attract regulatory sanctions
  • Employers can obtain a Certificate of Compliance to the Contributory Pension Scheme from the National Pension Commission

Your company can make remittances for the staff of your organisation in 3 easy steps

  1. Complete a contributions schedule with details of your staff including their name, RSA PINs, the value of employee contribution, the value of employer contributions. 
  2. Transfer the total value of all contributions to our designated collection account. The account details are below;

    Account Name: ZPC/SIPML PENSION 
    Account Number: 1010885522 
    Sort Code: 057150013 
    Bank: Any Branch of Zenith Bank Plc  
  3. Send evidence of contribution as well as the contribution schedule to PensionCo@stanbicibtc.com and ibtcpencollect@zenithcustodian.com
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The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into four distinct Funds.