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The pension scheme in Apapa, Nigeria, as with other parts of the country, is governed by the Pension Reform Act (PRA) 2004, recently updated in 2014. The Act ensures that every person who worked in either the Public Service of the Federation, Federal Capital Territory, States and Local Governments, or the Private Sector receives their retirement benefits as and when due.
Understanding pension laws and regulations can be complicated, and failing to do so can result in costly errors or loss of benefits. You may require legal assistance if you're not receiving your deserved pension, having divergence of pension amounts, going through a litigation related to your pension fund, or planning to sue your employer for pension issues. An expert lawyer can also provide guidance in understanding the Pension Reform Act and its relevance to your situation.
The key local pension laws in Apapa revolve around the Pensions Reform Act of Nigeria. According to the Act, an employee is required to contribute 8% of their monthly basic salary, housing allowance, and transport allowance to a pension fund, while the employer contributes an additional 10%. The Act also mandates the formation of a National Pension Commission to oversee pension matters nationwide, and also requires that pension funds be privately managed by licensed Pension Fund Administrators.
Typically, the pension fund is only accessible upon retirement. However, according to the Pension Reform Act, under specific circumstances, such as job loss, you can access 25% of your pension fund.
Your pension fund remains intact and would be still managed by your Pension Fund Administrator, even if you change jobs. Your new employer will continue to contribute to your existing pension fund.
If your employer fails to contribute to your pension fund, it’s considered an offence under the Pension Reform Act and can be reported to the National Pension Commission.
Upon your demise, your pension fund will be given to your named next of kin or your legally married spouse as per Nigerian law.
Yes, you have an option to voluntarily contribute more to your pension fund above the mandatory 8% as specified by the law.
For additional help related to pensions in Apapa, you might find these organisations helpful:
If you require legal assistance, look for a lawyer who specialises in Pension Law in Nigeria. They can provide a thorough understanding of the Pension Reform Act and how it applies to your situation, help navigate any disputes you might have to do with your pension, and provide advice on the legal routes available to you.
