10. In the case of an organization that has an Approved Existing Scheme (AES) or a Closed Pension Fund Administrator (CPFA), are its employees eligible to join the CPS? – PensionNigeria

10. In the case of an organization that has an Approved Existing Scheme (AES) or a Closed Pension Fund Administrator (CPFA), are its employees eligible to join the CPS?

Employees of an organization that is operating an AES, which is being managed by a PFA or a Closed PFA, are entitled to choose to remain in the AES/CPFA or open RSAs with any PFA of their choice and request that their retirement benefits be transferred into such RSAs. However, new employees of such organizations, from July 2014, cannot join the AES/CPFA, but are mandated by the PRA 2014 to join the CPS.

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