The National Pension Commission has released the following to enable contributors know their role under the Contributory Pension Scheme (CPS).
Dear Contributor, Know your responsibilities.
Ensure that you receive quarterly statements of your Retirement Savings Account from your Pension Fund Administrator.
PensionNigeria recommends that you should do this on monthly basis rather than quarterly to enable you discover errors immediately.
Review your Retirement Savings Account (RSA) statement to check the performance of the fund.
PensionNigeria recommends you also pay attention to the monthly performance of all PFAs in Nigeria that we release on monthly basis.
Confirm that your employer is making complete monthly remittance to your Retirement Savings Account (RSA) i.e both employer and employee portions.
PensionNigeria recommends that you do this by comparing the amount stated on your payslip as transfer to pension with the actual amount in your pension statement.
Report non remittance or incomplete remittance of your monthly pension contributions to the National Pension Commission (PenCom).
PensionNigeria Comment, check here for more on how to report https://www.pensionnigeria.com/faq/what-can-i-do-if-my-employer-refuses-to-remit-my-pension-contributions/
Ensure that you do not open more that one Retirement Savings Account (RSA).
PensionNigeria Comment, You are to only have ONE Retirement Savings Account, under no circumstance is a person allowed to have more than one Retirement Savings Account. If you move from one employer to another, all you need to do is to give your new employer your Retirement Savings Account number to enable the employer add your name to their pension schedule and you should also contact your Pension Fund Administrator and inform them that you have changed employer to enable them update their records.
Verify that your employer has subscribed to a Group Life Insurance Policy for you and the premium is being paid annually, consistent with relevant laws.
PensionNigeria Comment, Know Your Right, contact your company HR to confirm whether they have Group Life Insurance Policy for employees and they are actually paying the premium.
Pension is Your Right
An Insurance for Old Age.