Information for Employers
The Pension Reform Act (PRA) 2014 stipulates that all employers with more than three employees 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 is to obtain an Employer Code from the National Pension Commission through your Pension Fund Administrator. To register your company with the National Pension Commission (PenCom) for an employer code, we require the following:
• Certificate of Incorporation (CoI)
• Evidence of Taxpayer’s identification number (TIN)
• Letter from employer requesting for employer code (letter must be on Company’s letter head).
• Information about your company which should be filled in an excel. Click here to download the required excel. - 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 2 easy steps
- Complete a contributions schedule with details of your staff including their name, RSA PINs, the value of employee contribution, the value of employer contributions.
- As an employer, you can credit your employees’ retirement accounts by uploading their schedules and remitting pension contributions through any of the available Payment Solution Service Providers (PSSPs) as outlined below for pension contribution remittances.
| Payment Solution Service Providers (PSSP) | Website |
|---|---|
| PAYPEN by Netline Limited | https://paypen.ng/ |
| PENCENTRAL by Chamsaccess Limited | https://pensioncentral.ng |
| PENSPHERE (formerly PAYTHRU) by Pethahiah Rehoboth Int’l Limited | https://pensphere.ng |
| PENREMIT by Cyberspace Limited | https://penremit.ng |
| PENSOL by Uniswitch Technology Limited | https://pensionspayments.com |
| PENCO by Gemspay Solutions Limited | https://gemspaysolution.com |
| AWABAH by Awabah Remit Services Limited | https://www.penpay.com.ng/ |
| EPCOSS by Nigeria Inter-bank Settlement systems Plc | https://epccos.nibssplc.com.ng/EPCCOS/login |
| INTERSWITCH by Interswitch group | https://www.interswitchgroup.com/pensions |
-
What you need to know
-
How Do I Start
- The first step to commencing contributions for your employees is to obtain an Employer Code from the National Pension Commission through your Pension Fund Administrator. To register your company with the National Pension Commission (PenCom) for an employer code, we require the following:
• Certificate of Incorporation (CoI)
• Evidence of Taxpayer’s identification number (TIN)
• Letter from employer requesting for employer code (letter must be on Company’s letter head).
• Information about your company which should be filled in an excel. Click here to download the required excel. - 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 2 easy steps
- Complete a contributions schedule with details of your staff including their name, RSA PINs, the value of employee contribution, the value of employer contributions.
- As an employer, you can credit your employees’ retirement accounts by uploading their schedules and remitting pension contributions through any of the available Payment Solution Service Providers (PSSPs) as outlined below for pension contribution remittances.
| Payment Solution Service Providers (PSSP) | Website |
|---|---|
| PAYPEN by Netline Limited | https://paypen.ng/ |
| PENCENTRAL by Chamsaccess Limited | https://pensioncentral.ng |
| PENSPHERE (formerly PAYTHRU) by Pethahiah Rehoboth Int’l Limited | https://pensphere.ng |
| PENREMIT by Cyberspace Limited | https://penremit.ng |
| PENSOL by Uniswitch Technology Limited | https://pensionspayments.com |
| PENCO by Gemspay Solutions Limited | https://gemspaysolution.com |
| AWABAH by Awabah Remit Services Limited | https://www.penpay.com.ng/ |
| EPCOSS by Nigeria Inter-bank Settlement systems Plc | https://epccos.nibssplc.com.ng/EPCCOS/login |
| INTERSWITCH by Interswitch group | https://www.interswitchgroup.com/pensions |
FORMS AND DOWNLOADS
We also offer
RSA Registration
Retirement Savings Accounts are designed to ensure that funds are set aside and invested on your behalf until retirement. start saving now to secure a better future
Multifund Information
The Multi-Fund structure is a framework that aims to ensure RSA Funds are managed according to the age and risk profile of RSA holders.