Contributing to a Retirement Savings Account (RSA)

Contributing to a Retirement Savings Account

According to the Pension Reform Act 2014, your employer is mandated to make contributions from your salary into your Retirement Savings Account starting from July 2014, in the following proportions: Employee 8% and Employer 10%.

Are you an employer? Our contributions format will ensure that your staff members accounts are credited in good time.
 
Are you an employee? Simply forward your RSA PIN to your Human Resources department and inform them of the PFA you have chosen.

 

Register as an employer

To register as an employer and open pension accounts for your staff, your company would require an employer code. This is obtained through a registration process with the National Pension Commission (PenCom). To achieve this, we would require the Certificate of Incorporation (C of I) for your company along with some information about your company (please refer to the table below). The purpose is to have the employer code generated for your company which will enable you remit the pension contributions of your staff and also allow us to receive and subsequently credit the funds into your staff’s individual pension accounts.

Once this phase is completed, you can submit the signed and filled registration forms at any Stanbic IBTC Bank branch near you for your staff to enable us generate their  Retirement Savings Account (RSA) Personal Identification Numbers PINs .

As indicated earlier, scan a copy of your organization’s C of I and then fill in the required information in the space provided below to enable us forward a request to the National Pension Commision (PenCom) for the employer code creation and we will notify you once the code is ready;

Required

Details

A copy of the organization's certificate of incorporation (C of I) or business name registration certificate

A scanned copy of the C of I or business name registration certificate

 

RC/BN NO -  As indicated on the Certificate of Incorporation/Registration and assigned by CAC or any entity that approved the organization’s legal existence

RGW assigned by the Budget Office of the Federation

 

Employer Name- Full employer name without abbreviations (this should be as indicated on the C of I)

 

Employer Address- Current address with the street name and number, location and town is to be stated

 

 

Nature of Business - state the kind of business the organization does

 

 

Employer Contact E-mail Address – The e-mail address to reach employer/organization when employer code is generated by PenCom

 

Quoted(Q)/Unquoted(UQ) – Indicate “Q” if the company is listed on the Nigerian Stock Exchange  and “UQ” if the company is not listed on the Nigerian Stock Exchange

 

 

 


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