(employee)
(minimum)
into your RSA
Enter your salary and age above to project your retirement corpus.
How Nigeria's Contributory Pension Scheme Works
Open a Retirement Savings Account
Every employee covered under the CPS must open an RSA with a licensed Pension Fund Administrator (PFA). You choose your PFA — not your employer. Your RSA Pin is unique to you and follows you across jobs.
Monthly Contributions Go Into Your RSA
Your employer remits 18% of your monthly emolument (basic + housing + transport) to your RSA every month: 8% deducted from you, 10% paid by the employer. Contributions must reach your RSA within 7 days of salary payment.
Your PFA Invests the Funds
PFAs invest across multi-fund structures (Fund I–IV) depending on your age. Younger contributors default to higher-growth funds (Fund II/III); those nearing retirement migrate to conservative Fund IV. PenCom publishes net asset values monthly.
Access at Retirement
At 50 or upon retirement, you may access your RSA. You can take a lump sum (up to 50% of RSA balance above what funds a minimum monthly pension of 50% of last salary) as programmatic withdrawal, or purchase a life annuity from a licensed insurer.
Licensed Pension Fund Administrators (PFAs)
All PFAs are regulated by PenCom and must publish quarterly financial statements. Choose based on fund performance, service quality and reachability. Below are the major ones as of 2026.
Check current PFA performance at pencom.gov.ng — PenCom publishes quarterly fund rankings.
Frequently Asked Questions
Who is covered by the CPS?
All employees in the Federal Public Service and organisations with 15 or more employees in the private sector. State governments have adopted the scheme at varying stages. Self-employed individuals can contribute voluntarily through a Micro Pension Plan.
Can I withdraw from my RSA before retirement?
Yes, in limited cases: if you lose your job, you may withdraw up to 25% of your RSA balance after four months of unemployment. You may also access up to 50% for equity contribution towards a mortgage under the RSA Mortgage Programme.
What happens to my RSA if I change jobs?
Your RSA follows you. Give your new employer your RSA Pin — contributions continue into the same account. You cannot open a second RSA; PenCom allows one RSA per individual.
What is pensionable emolument?
Pension contributions are calculated on basic salary + housing allowance + transport allowance only — not bonuses, commissions or other variable components, unless your employment contract specifies otherwise.
What are the multi-fund options?
Fund I (aggressive growth — equity-heavy, for those who opt in); Fund II (default for under-50s, balanced); Fund III (conservative, default for 50+); Fund IV (strictly capital preservation, nearing retirement). You can request a transfer between funds once per year.
What is the Micro Pension Plan?
Introduced in 2019, the Micro Pension Plan lets informal sector workers and self-employed individuals contribute any amount at any frequency to an RSA. 60% is locked until retirement; 40% is a contingency fund accessible at any time.
How accurate is this projection?
This calculator uses a compound growth model with constant monthly contributions and salary growth. Real returns fluctuate — PenCom reports 8–12% historical averages. Inflation, fund fees, and missed contributions will reduce actual outcomes. Use this for planning, not as a guarantee.