The statutory requirement for every eligible Nigerian employee to maintain a Retirement Savings Account (RSA) in his or her name with a Pension Fund Administrator (PFA) is now common knowledge.
The benefits are immense as it helps promote a savings culture and prepares employees for retirement.
The opening process for a Retirement Savings Account is similar to that for a bank account. Every contributor can open a RSA with a PFA of his or her choice.
Here are the Steps in opening a RSA
Decide on which PFA to use:
Research through the internet on the list of Pension Fund Administrators in the country and decide to which to use.
Pencom.gov.ng has a list of all active and closed PFAs in the country.
Visit the website of the company you have decided on and check for the business offices and agent locations closest to you.
Download RSA form from their website
Here is a checklist for filling the form:
– Date of Birth
– Date of first employment
– Surname
– Designation
– Next of kin
– Black ink required for thumb printing
Documentation needed
– Letter of Appointment/ Proof of business ownership
– Letter of last promotion
– Letter of transfer (if applicable)
– Copy of pay slip
– 1 passport photograph
– Means of identification (International passport, Driver’s license, National I.D. card, Staff I.D.)
-Third Party identification confirming applicant’s identity
For client who are unable to provide the supporting documents above, the following documents would suffice
– 1 passport photograph
– Employer (staff) ID
– Recent bank statement
Other additional document as may be specified by the National Pension Commission(PenCom) from time to time.
Activation and Notification
After submitting the completed form, the PFA will forward to you the following details to enable you access your account
– A unique Personal Identification Number (PIN) as issued to you by the National Pension Commission.
– A username and password
These details will enable you gain access to your account online.
Note: If you are an employee of a company you must notify your employer of your RSAPIN and the PFC account number given to you immediately after you receive them for the subsequent remittance of your contribution.
