Contributing to a Retirement Savings Account

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
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Track Record
Returns
- 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)
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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 |
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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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How to Contribute to your RSA
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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]