Every employee or contributor under the new pension scheme is expected to open RSA in his/her name with a PFA of his/her choice into which all his/her contributions and returns on investment are paid.
A Retirement Savings Account (RSA) is a pension account maintained with a Pension Fund Administrator (PFA) such as Fidelity Pension Managers, followed by the issuance of a distinctive Personal Identification Number (PIN) by the National Pension Commission (PenCom). Monthly contributions of employer and employee are paid. 10% Employer contribution and 8% Employee contribution. An admin fee of N105 is charged by the PFA for managing your account.