Contributory Pension Scheme (CPS)

What is Pension?
A pension is a retirement fund for a formal employee and is paid into the employee's Retirement Savings Account (RSA) by the employer.
The employer contributes 10% while the employee contributes 8% of his/her gross salary to his/her Retirement Savings Account. On reaching a certain age or based on a health conditions an annuity is paid to the employee and is calculated by the terms of the pension.
The pension system in Nigeria presently functions through the implementation of the Contributory Pension Scheme (CPS). Under this system, the management of pension funds is entrusted solely to licensed Pension Fund Administrators (PFA), while the safekeeping of pension assets in trust for contributors is the responsibility of Pension Fund Custodians (PFCs).

The Pension Reform Act

The Pension Reform Act (PRA 2004) of the Federal Republic of Nigeria (in this Act referred to as “the Scheme”) speaks to the payment of retirement benefits to employees under the Contributory Pension Scheme whom the Scheme applies under this Act.

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