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Retirement Planning in Nigeria – Frequently Asked Questions (FAQs)

Retirement Planning in Nigeria – Frequently Asked Questions (FAQs)

What is a Pension in Nigeria?

A pension refers to a regular income stream received by an individual upon retirement, typically triggered by reaching a certain age or due to health conditions that prevent further employment. Its purpose is to provide financial support during old age.

What is a Retirement Savings Account (RSA)?

A Retirement Savings Account (RSA) serves as a designated account established by an employee or contributor with their chosen Pension Fund Administrator (PFA). It serves as the repository for all pension contributions and investment returns. Under the contributory pension scheme (CPS), every contributor is mandated to open an RSA where their funds and returns are accumulated.

Is it possible to make withdrawals from a Retirement Savings Account (RSA) at any time?

Withdrawals from a Retirement Savings Account (RSA) are restricted, only permissible upon retirement, temporary job loss, or other circumstances subject to approval by the National Pension Commission (PenCom). PFAs are responsible for investing the funds in approved investment channels, with generated income credited to the RSA.

Who is a Pension Fund Administrator (PFA)?

A Pension Fund Administrator (PFA) is an entity licensed by the National Pension Commission, entrusted with managing and administering pension funds accumulated in RSAs on behalf of contributors.

Who is a Pension Fund Custodian (PFC)?

A Pension Fund Custodian (PFC) is a licensed institution authorized by the National Pension Commission to hold and safeguard pension funds and assets within the RSA, acting in trust for the employee on behalf of the PFA. The PFC handles contributions from employers, executes investment transactions, disburses benefits, and performs administrative duties.

What is the difference between PFAs and PFCs?

While PFAs oversee and invest pension funds, PFCS safeguard these funds and assets and carry out transactions on behalf of the PFAs. PFAs are primarily responsible for fund management, while PFCs focus on safekeeping and executing transactions under the PFA’s direction.

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20 Famous Female Motivational Speakers in Nigeria

What Makes Female Nigerian Motivational Speakers Stand Out?

Nigerian female motivational speakers stand out for their authenticity, resilience, and cultural insight, resonating deeply with audiences. They excel in storytelling, passion, expertise, empathy, and acknowledgment of influences. Fearlessly tackling tough topics, their presentations are clear, concise, and balanced with humor. They utilize simple yet engaging visuals and provide actionable steps for empowerment. They break traditional speaking norms when necessary, connecting authentically with their audience and inspiring real change.

Top 20 Famous Female Motivational Speakers in Nigeria

1. Ibukun Awosika

2. Tara Fela-Durotoye

3. Bibi Apampa

4. Chimamanda Adiche

5. Nike Adeyemi

6. Joke Silva

7. Stephanie Obi

8. Olajumoke Olufunmilola Adenowo

9. Patricia Ikiriko

10. Nimi Akinkugbe

11. Ifeoma Fafunwa

12. Adesuwa Onyenokwe

13. Bolanle Olukanni

14. Bunmi George

15. Adenike Oyetunde

16. Juliet Ehimuan Chizor

17. Yetunde Odugbesan-Omede

18. Temitope Olagbegi

19. Oluwatoyin Sanni

20. Abisoye Ajayi-Akinfolarin

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