Pension Scheme

The pension scheme is backed up with the pension reform act 2004. It is made mandatory for employers to put in place a contributory pension scheme at a rate of 15% of the employees' total emolument i.e. Basic salary, housing and transport allowances. This contribution is to be shared between the employer and employee in 10%/8% either way respectively. But note that the employer can effect higher rate to boost the employees' morale. The essence of the pension scheme is to afford the employee continuity in their finances after retirement.

It is important to mention here that if there had been an existing pension scheme under the old dispensation which you still wish to continue with, please let us know. Otherwise, a fresh one will be arranged on your behalf with any of the approved PFA of your choice.