My RSA Account

All about my pension

An employee will make monthly contributions of a minimum of 8% of the total of his/her monthly emoluments (i.e., monthly basic salary, transport allowance and housing allowance) into his/her RSA.

The employer will contribute a minimum of 10% of the employee’s monthly emoluments towards the retirement benefits of the employee.

Contributions towards your pension are taken out of your salary by your employer every month.  In addition to this, the employer makes a contribution towards the pension.  The two contributions are jointly paid to the Pension Fund Custodian who puts the funds into an account which is held in your name with your PFA.

The contributions made for you are kept in a Retirement Savings Account which is managed by your PFA.  The PFA must issue a Statement of Account to you at least once every quarter or on demand. Also you will receive transactional and quarterly balance SMS alerts so that you can watch and monitor your pension as it grows.

What can my pension do for me?

Under Normal Retirement (50 years above) the customer is entitled to minimum of 25% and maximum of 50% of RSA balance as Lump Sum payment and a monthly or quarterly programmed withdrawal.

Retiree above 50 years with 500,000 naira below as RSA balance is paid off (enbloc payment)
Temporary loss of job and voluntary retirement before the age of 50 years is paid 25% of RSA balance 4 months after exit.

Death benefits is full payment of RSA balance to nominated Next of Kin, this also applies to group life insurance payment.

My pension savings: What do I need to do?

An employee will make monthly contributions of a minimum of 8% of the total of his/her monthly emoluments (i.e., monthly basic salary, transport allowance and housing allowance) into his/her RSA.
The employer will contribute a minimum of 10% of the employee’s monthly emoluments towards the retirement benefits of the employee.

Movement from one employment to another does not affect pension under the new scheme. The account (RSA PIN) remains yours for life. You just need to notify your PFA of the change, forward your RSA PIN and PFA details to your new employer to ensure that the pension contributions/deductions from the new employer will be sent to that account.

Securing my RSA

To download an Account Opening form, visit: www.premiumpension.com
Complete the application form to open a Retirement Savings Account and submit to our nearest branch office. The form and white background passport size photograph. A personal identification number (RSA PIN) will be issued to you as evidence of successful registration.

Growing my RSA

You can increase your pension by making additional voluntary contribution over and above the 8% prescribed by PRA, 2014. Similarly, your employer may increase the employer’s pension contribution above the 10% minimum contribution prescribed by law.

 

Pension Calculator



Fund Prices

RSA Fund Unit Price
3.4029

Retiree Fund Unit Price
2.5410

Customer Satisfaction Survey

CLICK HERE

Pension Calculator

Make sure you are on track for the retirement you want.

LEARN MORE >