Pension Reform Act (PRA) 2014 Breakdown with comments.
Section 2 – Application of PRA 2014
Subsection 3 states that,
(3) Notwithstanding the provisions of subsection (2) of this section, employees of organisations with less than three employees as well as self employed persons shall be entitled to participate under the scheme in accordance with guidelines issued by the Commission.
PensionNigeria Comment on PRA 2014 Section 2(3)
Recall that Subsection 2 mandates that employees of organisations with at least 3 employees must contribute under the Scheme.
Subsection 3 explains that even if you work in an organisation with less than 3 employees or you are a self employed person, you can still voluntarily participate under the Scheme in accordance with guidelines issued by the Commission.
The guidelines referred to here is on Micro Pension Scheme which National Pension Commission is expected to launch in the first quarter of 2019.