Share with your friends

Nigeria: Rules concerning pension fund administrators, employee retirement savings accounts

Nigeria: Rules concerning pension fund administrators

The National Pension Commission has directed all pension fund administrators to stop opening death-benefit accounts for legal beneficiaries of deceased employees, effective 31 January 2020.


Related content

Legal representatives have been using death-benefit accounts to access benefits due to deceased employees who did not open retirement savings accounts during their lifetime. However, such a death-benefit account is not recognized under the Pension Reform Act, 2014 (PRA).

Accordingly, the discontinuation of this use of death-benefit accounts is to encourage all employees to open their retirement savings accounts during the course of their employment. A provision of the pension reform law mandates that employers must open retirement savings accounts for employees who fail to open their own accounts within six months after the start of employment.

Read a January 2020 report [PDF 114 KB] prepared by the KPMG member firm in Nigeria

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal