NATIONAL PENSION COMMISSION GUIDELINES FOR THE TRANSFER OF NSITF CONTRIBUTIONS INTO EMPLOYEES RETIREMENT SAVINGS ACCOUNT
Guideline · Finance
Guidelines govern the transfer of contributions from the Nigeria Social Insurance Trust Fund to employees' Retirement Savings Accounts. They target employees who previously contributed to NSITF and Pension Fund Administrators. This facilitates a seamless transition to the Contributory Pension Scheme.
NATIONAL PENSION COMMISSION GUIDELINES FOR THE TRANSFER OF NSITF CONTRIBUTIONS INTO EMPLOYEES RETIREMENT SAVINGS ACCOUNT
What Is This Policy?
Guidelines governing how contributions previously made to the Nigeria Social Insurance Trust Fund (NSITF) may be transferred into an employee's Retirement Savings Account under the Contributory Pension Scheme.
Who Does It Target?
Employees who made contributions to the old NSITF scheme PFAs receiving transferred NSITF funds NSITF as the transferring institution PenCom as the oversight regulator
What Does It Aim to Achieve?
Facilitate a seamless transition from the old NSITF defined contribution scheme to the new Contributory Pension Scheme, ensuring workers do not lose accumulated savings.
Key Features
Transfer Process: Defines the step-by-step process for NSITF contributors to request transfer of balances to their RSA. Documentation: Specifies identity, employment, and contribution history documentation required for transfer requests. Computation of Transferred Amount: Prescribes how accumulated NSITF contributions and declared interest are computed for transfer. Timelines: Sets timelines for NSITF to process and execute transfer requests.
Current Status
Rollout Stage: Active Coverage: All former NSITF contributors who are now enrolled in the CPS Beneficiaries: Former NSITF contributors Funding: NSITF and PenCom
How to Access
Former NSITF contributors must open an RSA with a licensed PFA Submit transfer request to NSITF with required documentation Verify transfer credit in RSA statement after processing Application method: Contact NSITF to initiate transfer; engage your PFA for RSA details.
Important Terms
Transferred funds become part of the RSA and are subject to CPS rules Transfer amounts are based on actual contributions and credited interest, not a defined benefit formula Fraudulent claims for NSITF transfers attract criminal prosecution
Official Resources
Website: https://www.pencom.gov.ng Contact: National Pension Commission (PenCom) / Nigeria Social Insurance Trust Fund (NSITF)
Legal Framework
Issued under the Pension Reform Act 2014, which established the National Pension Commission (PenCom) and the Contributory Pension Scheme. Derives authority from PenCom's regulatory mandate under the Pension Reform Act and operates alongside the Investment Regulations for Pension Fund Administrators and the Guidelines for Pension Fund Operators.