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Contributing to a Retirement Savings Account

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In accordance with the Pension Reforms Act (PRA), employers are required to make contributions to the Retirement Savings Account (RSA) of their employees. The minimum is 10% for the employer and 8% for the employee. These payments are sent to the Pension Fund Custodian's (PFC) account information below and are credited to the RSA as instructed by employers on the remittance schedule provided. The remittance schedule is a document in an excel format that contains details of the beneficiaries and how the contributions should be apportioned.

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

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
How to Contribute to your RSA
  • As an employee, simply forward your Retirement Savings Account (RSA) Personal Identification Number (PIN) to your Human Resources Department and inform them of the Pension Fund Administrator (PFA) you have chosen. Your RSA PIN is a Prefix PEN with 12 digits i.e. (PENXXXXXXXXXXXX)  
  • 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 Should I Know?
  • 18% of your monthly emoluments is to be contributed toward your retirement. 
  • 8% of this amount is from your monthly wages and the difference of 10% is contributed by your employer 
  • Only your employer can remit contributions on your behalf, individuals cannot remit by themselves. 
  • All contributions are invested on your behalf so your funds would continue to yield returns
  • Increase your pension fund by making Voluntary Contributions 

Do you need an employer code? Send an email to [email protected]

  • How to Contribute to your RSA
  • What Should I Know?
  • As an employee, simply forward your Retirement Savings Account (RSA) Personal Identification Number (PIN) to your Human Resources Department and inform them of the Pension Fund Administrator (PFA) you have chosen. Your RSA PIN is a Prefix PEN with 12 digits i.e. (PENXXXXXXXXXXXX)  
  • 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
  • 18% of your monthly emoluments is to be contributed toward your retirement. 
  • 8% of this amount is from your monthly wages and the difference of 10% is contributed by your employer 
  • Only your employer can remit contributions on your behalf, individuals cannot remit by themselves. 
  • All contributions are invested on your behalf so your funds would continue to yield returns
  • Increase your pension fund by making Voluntary Contributions 

Do you need an employer code? Send an email to [email protected]

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