The Retirement Savings Account was initiated by the Federal Government under the Pensions Reform Act 2004 and is used to set aside money towards an individual’s retirement. The new pension Reform Act 2014 requires the employer and employee to contribute a minimum total of 18% of the employee’s monthly emoluments (basic salary, housing and transport) to a Retirement Savings Account (RSA) which will be managed by a private sector Pension Fund Administrator (PFA).

Your new RSA account starts here

Your new RSA account starts here

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Additional Voluntary Contributions (AVC) is the discretionary contribution made above the mandatory 18% employer and employee contributions into an individual’s Retirement Savings Account (RSA) and cannot be more than 100% percentage of your emolument. You also have the benefit of accessing your AVC any time before retirement. However, enjoying a TAX FREE withdrawal applies only after FIVE YEARS of making contributions!


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As a Pension Fund Administrator, our unique responsibilities include management of Gratuity scheme, Legacy funds and other managed funds with tailored deliverables and value taken into consideration.

Gratuity Funds
Gratuity Funds are lump sum amounts that employers give to their employees on leaving the organization as a way of rewarding them for their past service. This cash reward is called “Gratuity”. The amount paid to the employee is normally based on the number of years of service he/she worked for the organization. Please note that Gratuity Funds are separate from the normal RSA Fund or Lump Sum payment made at retirement.

Legacy Funds
Legacy Funds are pre-scheme funds (i.e. funds up to December 2004) which were privately invested by an organization for or its authorized agents on behalf of its workers before the Pension Reform Act 2004. They are usually treated as separate funds from the normal mandatory contributions.

Listen, Following the increasing interest by Nigerians abroad to take part in the Nigerian pension reform scheme, it is pertinent to note that cross-border employment often leads to loss of pension rights as a result of waiting or vested periods imposed by some schemes. Quite a number of schemes also do not allow for transfer of rights to countries they do not have cross-border arrangement with.

One key objective of the guidelines on cross-border arrangement (CBA) is to seek to encourage the participation of Nigerians abroad in the contributory pension scheme and assist them to save in Nigeria towards their old age and subsequent return.

The CBA shall involve the conditions and/or the set of guidelines under which Nigerian citizens serving in other countries could participate in the Nigerian pension scheme. The CBA, therefore, makes provision for Nigerians in Diaspora, who may wish to make voluntary contributions as provided in the Nigerian Pension Reform Act 2004.

The cross-border arrangement establishes a standard set of rules and procedures for foreign nationals and Nigerians resident abroad to participate in the new contributory pension scheme. It also encourages participation of Nigerians abroad in the contributory pension scheme and assists them to save in Nigeria towards their retirement and subsequent return.

Besides, it provides a platform to accommodate foreigners working in the country in the new scheme, thus guaranteeing a better retirement life for them. Any foreign employee of a company registered in Nigeria shall, at his/her discretion, join the scheme, without considering whether or not he/she has a pension arrangement in his/her home country. The employee shall inform his employer of his interest to join the scheme.

Any Nigerian working abroad, who is interested in joining the new pension scheme, shall be allowed to participate by making voluntary contributions. Nigerian employees of Nigerian institutions with offices abroad shall be allowed to participate in the scheme. Where the employee joins a retirement benefit scheme abroad, he/she shall be allowed to repatriate his/her accumulated benefits to his/her RSA with a PFA in Nigeria.

Any Nigerian employee already contributing into his/her RSA going on transfer to another country or leaving his/her employment in the country for another employment abroad, shall notify his/her PFA through his/her previous employer. Pursuant to the above, the employee shall indicate whether he/she intends to send voluntary contributions into the RSA.

A Nigerian previously working abroad shall be part of the scheme if upon his/her return to the country, secures an employment. Where the Nigerian wants to repatriate his accrued benefits into his RSA, he/she shall obtain anti-money laundry clearance/approval from relevant authorities in the home country (Nigeria) and the host country (where he was previously working).

The Pension Reform Act (PRA) 2004 made provision for contributions in the National Provident Fund (NPF) and its successor scheme the National Social Insurance Trust Fund (NSITF) referred to as the “old scheme” is to be transferred into members’ Retirement Savings Accounts (RSAs).

Customers who were members of the “old scheme” are required by NSITF to update their records on Trust fund’s website. They are also required to submit the following documents;

  1. Original copy of NSITF/NPF Card
  2. Means of identification (International Passport, Driver License, National ID, Voters’ card and Employer’s ID).
  3. Completed NSITF Transfer Form
  4. NSITF (Trust Fund) statement of accounts/schedule for evidence of contribution (optional)
  5. Passport.

In the event a customer does not have the original NSITF/NPF card or the organization no longer exists, the required documents to submit include:

  1. A personal indemnity letter from the customer signed and stamped at the High court.
  2. Sworn affidavit for missing certificate from an High court with the NSITF/NPF number boldly written.
  3. Completed NSITF Transfer form
  4. Means of identification (International Passport, Driver License, National ID, Voters’ card and Employer’s ID).
  5. NSITF (Trust fund) statement of accounts/schedule for evidence of contribution (optional).
  6. Passport.

NB: Where an organization still exists, the indemnity letter should be written on the organization’s letter headed paper using the standard format and stamped by an High court.

The SMS Request Service will enable customers send in requests via SMS and receive feedback on the Phone number registered on our database.

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