The National Pension Commission (PENCOM) is the body charged with the responsibility to formulate, direct and oversee the overall policy on pension matters in Nigeria. PENCOM is empowered to establish standards and rules for the management of the pension funds.
Under the Pension Act, an employer is required to contribute 10% of the employee’s salary to the scheme every month, and also to deduct 8% from the employee, such that both the employer and employee contribute a total of 18%.
PENCOM is empowered to receive complaints and investigate any pension fund administrator, custodian or other party involved in the management of pension funds.
The body imposes administrative sanctions or fines on erring employers or pension fund administrators or custodians.
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