How To Register Your Company For Pensions In Nigeria

The federal government has made it compulsory by law for every organization with a staff of more that three to pay pensions for their staff.

It becomes a problem when an organization does not comply because it becomes a crime and you are at the risk of being closed and or fined.

To apply is easy:

1. Investigate a good pension funds manager in your location. We suggest Stanbic pensions, Pal pensions and a host of others.
2. Invite their marketing team to pitch to you for consideration.
3. Get a detailed analysis of how pension is run at their company. Usually it is general everywhere.
8% of the staff salary is taken while you the employer contributes 10% into their pensions account monthly.
4. Get the respective staff registered and activated. They will be given a pension account number to which payment would be made.
5. Authorize your human resources, the HR head or payroll department to initiate the process of payment.
6. Confirm that payment is done and that each staff can log in to their respective accounts to verify.
7. Simple! Yes that simple and they are registered.

Read about pension calculations here: Pension Calculations And Eligibility

Note: It is important that you educate your staff as to why the funds may not be accessible to them as required by law until a certain age or in the case of job loss.

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