National Pension Commission Notice to the General Public on Discontinuation of Death Benefits Account (DBA) For Deceased Employees under the Contributory Pension Scheme

On 07/Nov/2019 / In Press Publications

Section 11(1) of the Pension Reform Act (PRA) 2014 mandates every eligible employee to maintain a Retirement Savings Account (RSA) with a Pension Fund Administrator of his/her choice.

The Act also mandates every employer to open a nominal RSA within six months of assumption of duty for the employee who tails to open an RSA in accordance with section 11(5) of the PRA 2014. Employers are therefore required to ensure that RSAs are opened for all their employees.

Prior to the PRA 2014, Death Benefits Accounts (DBA) have been used by legal beneficiaries to access the benefits of the deceased employees who did not open RSA during their lifetime. However, pursuant to the above cited statutory provisions, this practice is no longer valid.

National Pension Commission

Accordingly, the general public is hereby notified that the processing of DBA for death benefits claims would be discontinued with effect from 1 February, 2020. All PFAs have been directed to stop the opening of DBAs with effect from 31 January, 2020

The National Pension Commission reiterates the need for all employees to ensure that they open RSAs with any PFA of their choice. A list of licensed PFAs can be found on the Commission's website. www.pencom.gov.ng

For further enquiries. please contact:

The Director-General

National Pension Commission

Plot 174, Adetokunbo Ademola Crescent,

Wuse II

PMB 5170

Abuja, Nigeria

email:  info@pencom.gov.ng

Signed

Management

CLICK HERE TO ATTEND: Offshore/ Onshore Medic HSE Certificate Course for Doctors, Nurses, Paramedics and Healthcare Professionals

GET THE AMERICAN HEART ASSOCIATION FIRST AID CPR AED CERTIFICATE

Join the Medicalworld Nigeria Telegram group for latest Medical updates, news and jobs!!