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Operators in the Contributory Pension Scheme are putting in place measures that will help Nigerians in the informal sector to cultivate a savings habit and have retirement accounts. This was contained in a report on informal sector participation in the CPS, which was obtained from the National Pension Commission. “In the effort to encourage a…
Due to the problems which had existed in the Nigerian pension system including lack of reliable records of pensioners, huge amount of resources on what became yearly verification exercises that did not address efficient pension payment, the pension reform act (Pension Reform Act 2004) was enacted in 2004 by the Obasanjo administration.
In line with the provisions of the Pension Act of 2014, PenCom has released guidelines for the withdrawal of pension funds. This new development will enable Retirement Services Account (RSA) holders to make use of their pension fund balances to make acquisitions of their primary homes. In a statement made available to us by Chinelo Anohu-Amazu,…