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National Pension Commission Notice to all Employees on Their Rights to Life Insurance Policy and Pension Contributions
Date Posted: 24/Jan/2020

This is to remind all employees in the Public Service of the Federation, Federal Capital Territory and States that have implemented the Contributory Pension Scheme as well as private sector, that it is their rights; under Section 4(5) of the PRA 2014 to have Life Insurance Policy taken on their behalf by their employers for an insured amount of not less than three (3) times their annual total emolument.

Please note that employees are also required to ensure that all pension contributions deducted from salaries and/or contributed by employers are remitted to the Pension Fund Custodian (PFC) by the Employer not later than seven (7) working days from the date of payment of their salaries.

National Pension Commission

Employees are therefore advised to report to the Commission where the employer fails to:

  • Procure the minimum required Life Insurance Policy in their favour;
  • Submit the evidence of compliance with Life Insurance Policy to the Commission and place the certificate in a conspicuous place within the organization.
  • Remit the deducted pension contributions into their Retirement Savings Accounts.

For further enquiries, please contact:

The Director-General

National Pension Commission

Plot 174, Adetokunbo Ademola Crescent, Wuse II

PMB 5170 Wuse

Abuja, Nigeria

Signed

Management

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