An RSA is a Retirement Savings Account. Under the Pension
Reform Act 2004, every employee must open a Retirement Savings Account
with a licensed Pension Fund Administrator, into which his employer will
pay a minimum of 15% of his monthly emolument. To make up that 15%, his
employer should contribute at least 7.5%, and he should contribute the
remainder.
Voluntary Contribution Account (VC)
A VC is a Voluntary Contribution Account. Every person is entitled to a Voluntary Contribution Account, either soley or in addition to an RSA account.
Pension fund up 27.33%, may hit N1.6trn by 2011.
As more workers in both the private and public sectors of the economy continue to register with licensed Pension Fund Administrators (PFAs) under the contributory pension scheme, there is growing optimism that the scheme would achieve its ambitious growth target of N1.6 trillion in asset by 2011. Read More
