A Retirement Savings Account (RSA) is a specialized savings account designed to help individuals save and invest for retirement. It is maintained by a Pension Fund Administrator (PFA) for the purpose of ensuring that a Retirement Savings Account (RSA) holder receives their retirement benefits as and when due.
UBA Pensions Custodian Limited.
The scheme is a highly regulated one with checks and balances in place and clear cut investment portfolio options that are designed to ensure the safety of the funds. With a clear cut demarcation of the administration of the funds by the Pension Fund Administrator (PFA), the actual custody of the funds by the Pension Fund Custodian (PFC) and the regulation and supervision by the regulator, PENCOM, your contributions are very safe.
The Pension Reform Act 2004 mandates that contributions made to NSITF should be transferred 5 years after the commencement of the new pension scheme, to your Pension Fund Administrator (PFA). To ensure the transfer of your NSITF contributions, you are required to submit through your PFA, a completed NSITF transfer application form, your original NSITF certificate and a means of identification. Where there is no original certificate; the member would provide the following alongside the application form to the PFA; a sworn court affidavit (if your certificate is missing) and a letter of indemnity/identification from your employer.
Clients can monitor their accounts, status of applications and initiate several requests via our various self-service platforms. Through our Mobile App and secure online platform; Accounts statements, Fund Performance and Contribution history can also be tracked. In addition, an SMS that indicates your balance will be sent to your phone whenever there is a transaction on your RSA. Leadway Pensure PFA also sends quarterly statements of account to you by email and through your mailing address.
The RSA belongs to you and therefore a change in employer does not affect it as it is transferrable from one employer to another. For your pension remittance to continue, please inform your new employer of your pension details including your RSA number (PENCOM PIN), the name of your PFA and PFC details. It is very important that you inform the PFA whenever your details change to enable your records to be updated on our database.
The scheme is a contributory pension scheme initiated by the Federal Government. The scheme requires the employer and employee to contribute a minimum total of 18% [10 % employer and 8% employee] of the employee’s monthly emoluments to a Retirement Savings Account (RSA) to be managed by a private sector Pension Fund Administrator (PFA). The component of the emolument is basic salary, housing and transport allowances. This monthly contribution shall be remitted by the employer every month into the employee’s Retirement Savings Account specifically opened with the PFA for this purpose.
This scheme is mandatory for every person who works in the Public Service of the Federation, Federal Capital Territory, States, Local Governments and Private Sector organizations with 3 or more employees. Self-employed individuals in the informal sector can also join the scheme via the MICRO PENSION
The National Pension Scheme does not permit multiple RSA PINs.
If you have two RSA PINs for different PFAs, you will be required to merge both accounts into one.
Contact Your preferred PFA for your Data Recapture Exercise (DRE). Upon validation of your pension account, the PFA will forward a transfer request to the National Pension Commission for approval. Upon receipt of an approval after reconciliation by the Commission, your funds will be transferred to your preferred PFA.
Having more than one PIN results to delay, incorrect remittances into the RSA account. It also causes undue delay in benefit payments since it is not possible for any contributor to be paid from two RSAs.
Retrieving your account details is now easy. With the Leadway Pensure Mobile app and Leadway Instant Service Assistant (LISA), you can generate your account statement, welcome pack/ Certificate, confirm your account balance, apply for your benefit payments, and update your personal details and so on. Download Leadway Pensure mobile app on Android and IOS. Or Chat LISA across our social media channels WhatsApp &, Telegram (07018000800), @leadwaypensure through Facebook, Twitter, Instagram.
MOBILE APP: Android & IOS
Click the Forgot Username or Password option on the login page and follow the direction. Ensure that your active email address is registered with us.
You can contact us on any of the following channels:
• Call 02-012800800 / 0700PENSURE (07007367873) to speak to a Call Centre agent
• Send an email to info@leadway-pensure.com
• Webchat on our website at https://www.leadway-pensure.com/
• Chat LISA Across our Social Media Channels : WhatsApp & Telegram (07018000800) and @leadwaypensure through Facebook, X & Instagram
To update your personal information, you will need to:
This could be the result of several factors:
If you are affected by any of these factors, please update your current information in our database via any of the options 1-4 mentioned in our previous response.
Usually, when this happens, it is most likely you have changed your phone number or contributions have not been remitted into the account during these periods. If you have changed your phone number, we advise you to update your profile on our database in order for you to continue receiving the SMS alert.
Please follow any of the option 1-4 options mentioned earlier to update your mobile number.
Pension contributions are non-assignable, non-transferable and cannot be used as collateral for any loan. However, you may use 25% of your total balance as equity contribution for securing a residential mortgage.
The RSA does not operate like a bank account or cooperative account, so it is impossible to withdraw any part from your RSA while in active service. However, you may use 25% of your total balance as equity contribution for securing a residential mortgage
The scheme is a contributory pension scheme initiated by the Federal Government. The scheme requires the employer and employee to contribute a minimum total of 18% of the employee’s monthly emoluments to a Retirement Savings Account (RSA) to be managed by a private sector Pension Fund Administrator (PFA). The component of the emolument is basic salary, housing and transport allowances. This monthly contribution shall be remitted by the employer every month into the employee’s Retirement Savings Account specifically opened with the PFA for this purpose.
All contributions paid in by your employer are kept in the bank. The funds and assets in the bank are managed by a licensed Pension Fund Custodian (PFC) through the National Pension Commission.
One hundred and Seven Naira Fifty Kobo only N=107.50 (VAT inclusive) on a Monthly basis.
A Pension Fund Custodian (PFC) is an entity licensed by the National Pension Commission to keep pension funds and assets in safe custody.
UBA Pensions Custodian Limited for active contributors and First Pension Custodian for Retirees
You can monitor your account via our various self-service platforms. These platforms include our Mobile App, our Chatbot LISA, and our secured online platform, P-Online. You can also track account statements, fund performance, and contribution history via these platforms. In addition, quarterly SMS and email statements are sent to all customers. SMS notifications are also sent when there is a transaction on the RSA.
You will be required to liaise with your employer to ensure that your pension contributions are remitted into your Retirement Savings Accounts. Also, you may contact us to assist with a follow-up with your employer regarding your remittances. Note: As a PFA we do not have the right to enforce or penalize erring employers. For erring employers, the enforcement task force of National Pension Commission has the responsibility of ensuring that defaulting employers are sanctioned.
Pension contributions are invested in line with the provisions of The Pension Reform Act 2014 and investment guidelines. The allowable investment options are Government Bonds, Treasury Bills, Money market, stock markets, mutual fund, real estate etc. The returns on such investments are added to the funds, after management fees have been to the fund, less deducted as prescribed by PenCom.
The scheme is a highly regulated one with checks and balances in place and clear-cut investment portfolio options that are designed to ensure the safety of your funds. With clearly defined guidelines for the administration of the funds by the Pension Fund Administrator (PFA), the custody of the funds by the Pension Fund Custodian (PFC) and the regulation/supervision by the regulator, PENCOM, your contributions are very safe.
Details of these are provided in quarterly statements and can be calculated by the growth in the unit price over the period. Also, funds growth can be monitored via our Leadway Instant Service Assistant (LISA) on WhatsApp and telegram and our mobile App.
Click here to download the Leadway Pensure Mobile App.
When you change employer, your Retirement Savings Account (RSA) and contributions continue to be active.
For your pension remittance to continue, please inform your new employer of your pension details including your RSA number (PENCOM PIN), the name of your PFA and PFC details. It is very important that you inform the PFA whenever your details change to enable your records to be updated on our database.
Your contributions are safe and secured. Upon attaining the statutory age of retirement, you can have access to your funds, or 4 months after exit for 25% Lumpsum if you are less than fifty (50) years.
Apart from the statutory contributions, you can make contributions to your account as Additional Voluntary Contributions (VC). AVCs are supplementary contributions that can be made alongside yo0ur mandatory contributions to your Retirement Savings Account (RSA). Remittance of VC must come through your employer. The payment schedule provided to your employer, has a column for VC: this column should be imputed with the amount you choose to contribute as VC. To join in, you only need to fill the AVC mandate form and send to your HR or finance department so deductions can be made from the salary and remitted to us for processing.
The Additional Voluntary Contribution cannot exceed 33.3% of your salary and must be via the employer.
You can access 50% of the total funds that have completed 1 year in the account. And withdrawal is once in 1 year. However, any Additional Voluntary Contributions withdrawal after the funds have completed 5 years in the account is tax free. Also, the interest is taxed if it is not up to 5 years.
The Pension Reform Act 2004 mandates that contributions made to NSITF should be transferred 5 years after the commencement of the new pension scheme, to your Pension Fund Administrator (PFA). To ensure the transfer of your NSITF contributions, you are required to submit through your PFA, a completed NSITF transfer application form, your original NSITF certificate and a means of identification. Where there is no original certificate; the member would provide the following alongside the application form to the PFA: a sworn court affidavit (if your certificate is missing), NSITF statement from Trust Fund and a letter of indemnity/identification from your employer.
A programmed monthly or quarterly pension benefits withdrawal/payment.
No! A lump sum from the balance of the retirement savings account may be withdrawn, provided the amount remaining after the lump sum withdrawal shall be sufficient to procure an annuity or fund programmed withdrawals.
A purchase of annuity for life through a licensed life insurance company with monthly or quarterly payments.
It ensures that the retiree receives his or her benefits as and when due. In addition, it enables the retiree to have a steady income during retirement.
It is beneficial to the employee when he or she gets to the age of 50 years or retires (whichever is later) or in case of physical disabilities or prolonged unemployment.
The beneficiary (ies) of the employee as stated in a Will (or letter of administration in the absence of a Will) admitted to Probate, becomes the beneficiary (ies) of the benefits in the RSA.
No! The Pension Reform Act specifically prohibits this.
Funds contributed by any person to the NSITF shall be computed and credited to the Retirement Savings Account of the contributor in his present PFA five years from commencement of the scheme.
These are provided in quarterly statements and can be calculated by the growth in the unit price over the period.
The National Pension Commission has established a uniform set of rules and regulations for the administration and payment of retirement benefits in both the public and private sectors.
The PFAs in New Pension Scheme do not pay Gratuity, however the retiree is entitle to a Lump sum payment, from the balance standing to the credit of his retirement savings account at retirement.
A retiree is entitled to the statutory 25% of the RSA balance as a lump sum but however, a retiree may also be able to withdraw up to 50% provided the amount remaining after the lump sum withdrawal shall be sufficient to pay his or her pension i.e. procure an annuity or fund programmed withdrawal.
Your monthly Pension payment is due on 24th of every month.
A retiree must be issued a quarterly statement of account. The retiree can also access information on the retirement savings account via the internet or contact the Pension fund administrator for, update at any given period within the expected due date for a statement of account.
The balance on the retirement savings account and the interest accrued shall be paid en bloc to the beneficiary(ies) of the deceased retiree, as represented in the Will or Letter of Administration.
No. Your bank account as designated by your good-self shall be credited by the Pension Fund Custodian on a monthly basis.
The following are likely reasons for the delay;
These are provided in quarterly statements and can be calculated by the growth in the unit price over the period.
A retiree must be issued a quarterly statement of account. The retiree can also access information on the retirement savings account via the internet or contact the Pension fund administrator for update at any given period within the expected due date for a statement of account.
This could be as a result of the following;
The computation of the lump sum and periodic pension (monthly or quarterly) is based on a standard programmed withdrawal template issued by the commission. The variables that determine the minimum and maximum lump sum includes retirement savings account (RSA) balance; last annual total emolument; age at retirement; amongst other variables.
The interest accrued upon investment as guaranteed, is added to the balance of the RSA and shown on the statement of account of every retiree.
Funds contributed by any person to the NSITF shall be computed and credited to the Retirement Savings Account of the contributor in his present PFA five years from commencement of the scheme.
The National Pension Commission has made it mandatory that, only the Will or a letter of Administration, on benefit payment on the RSA; can give access to the deceased beneficiary(ies).
No! The Pension Reform Act 2004 specifically prohibits this.
| Fund Type - Default Description | Exposure to Variable Investment Instruments | |
|---|---|---|
| Minimum | Maximum | |
| Fund I – Based on individual choices | 20% | 75% |
| Fund II – Contributors 49 years and lower | 10% | 55% |
| Fund III – Contributors of 50 years and above | 5% | 20% |
| Fund IV – Contributors in RSA Retirees | 0% | 10% |
Fund I is an aggressive Fund and it is targeted at contributors with a high risk appetite. It is also suitable for young contributors who have a long time before they retire. The long duration ensures that the contributors have enough time to realize potential gains and recover from potential losses that may occur in variable income instruments. Contributors in this Fund must be younger than 50 years old.
Fund II is a balanced Fund and it is suitable for middle aged contributors and those with a medium risk appetite. It is designed to be less risky when compared to Fund I. All Contributors, other than those who are retired may find Fund II suitable.
Fund III is a conservative Fund and it is designed for contributors close to retirement and contributors with a low risk appetite. It is ideally suited to contributors between the ages of 50 and 60 years. However, younger contributors may participate in this Fund.
The multi-Fund structure allows Leadway Pensure better serve its contributors by building portfolios that closely reflect their risk appetite. This implies that contributors with a large risk appetite are compensated for taking more risk whilst contributors with a low risk appetite are appropriately compensated.
The new structure also recognizes that a contributor’s risk appetite may change over time due to a myriad of factors, thus the flexibility to switch from one fund to the other is an added advantage.