Pension scheme in nigeria pdf

As at date, 26 states of nigeria have noticed the enormous benefits of the scheme and they have adopted and are at different stages of implementation of the contributory pension scheme. In executing its mandate, it licenses and regulates all pension operators and ensures an effective administration of pension for the benefit. The history of the nigerian pensions administration dates back to the 1950s. The national pension commission pencom is an agency of the federal government of nigeria established by the pra 2004 to regulate and supervise all pension matters in nigeria. This paper seeks to examine the evolution of pension fund administration in nigeria, the problems associated with the scheme, and suggests ways in which the scheme. Nigeria new pension rules for nigeria ey united states. A number of major changes are introduced in the new law with the pertinent new pension rules for nigeria ones being detailed below.

As a result of massscale pension exclusion, rapid life expectancy improvements, negligible lifetime savings and a. This report explores the key issues surrounding pension funds as a source of financing for african infrastructure and makes a compelling case for reforming the continents pension schemes so. The new pension scheme introduced a tripartite system with three key autonomous players the regulator, the administrator and the custodian to. The pension reforms act of 2004 brought into limelight the new pension scheme in nigeria which is a defined contributory. Pension scheme cps, which made it mandatory for employers and employees in both the public and private sectors to contribute towards employee retirement benefits. Nigeria s contributory pension scheme which was established under pra 2004 recorded tremendous success in its first decade of operation. Pdf the pension system and retirement planning in nigeria. Pension reform act 2004 national pension commission.