The Pension Reform Act of 2004 was formulated to address challenges economically active individuals encountered, in securing their future upon retirement. No one remains active forever, and it is therefore important to plan for the inactive stage of life during the active, working period. The future therefore starts today, with First Guarantee Pension Limited as your life partner. The Pension Reform Act defines a new path for workers to retire comfortably, and secure without being dependant on state or relatives. With this in mind, we avail our services to you and ask that you choose First Guarantee Pension Limited as your Pension Fund Administrator (PFA) by completing our Retirement Savings Account (RSA) application form.

The Pension Reform Act 2004 provides that:
  • The Scheme shall apply to all employees in the Public Service of the Federation, Federal Capital Territory and the Private Sector.

  • Any person who contravenes any provision of this Act, commits and offence and is liable on conviction to a fine or to imprisonment.

  • Participants in the Scheme must be managed by a Pension Fund Administrator (PFA) licensed by the National Pension Commission (PENCOM), and that contributions must be paid to a Pension Fund Custodian (PFC), licensed by the National Pension Commission.

  • The contribution by employees must be 8% of their monthly emoluments comprising of their basic salary, housing and transportation allowance. This is to be matched by the employer's contribution of 10%, making it a total contribution of 18% every month.

  • Every person who worked in either the Public Sector of the Federation, Federal Capital Territory or Private Sector, receives their retirement benefits as and when due.

Getting started
  • Complete the application form to open a Retirement Savings Account (RSA) with First Guarantee Pension Limited, and you will receive a Personal Identification Number (PIN) user name and password after your form has been processed.

  • Inform the human resources (HR) department of your organization about your choice of First Guarantee Pension Limited as your PFA and furnish it also with your PIN number as soon as you receive it.

  • Your organization should make monthly remittances to the PFC on your behalf, at the latest seven days after your last salary is paid, with an advice to First Guarantee Pension Limited.

  • You can also make additional voluntary contributions of any amount you wish.

  • The contribution by employees must be 8% of their monthly emoluments comprising of their basic salary, housing and transportation allowance. This is to be matched by the employer's contribution of 10%, making it a total contribution of 18% every month.

  • After you receive your Personal Identification Number (PIN), inform the human resources (HR) department of your organization about your choice of First Guarantee Pension Limited as your PFA and furnish it also with your PIN number as soon as you receive it.

  • Your organization should make monthly remittances to the PFC on your behalf, at the latest seven days after your last salary is paid, with an advice to First Guarantee Pension Limited

  • You can also make additional voluntary contributions of any amount you wish

By selecting First Guarantee Pension Limited as your Pension Fund Administrator (PFA) of choice, you have embarked on a life long journey towards planning for your retirement. When you reach retirement age, it is expected that one should maintain the same standard of living, if not greater, than pre retirement. The reality however is that many individuals don't achieve this vision, and struggle to maintain their living standard of post retirement. We at First Guarantee Pension Limited would like to empower you to overcome this obstacle by encouraging you to make a monthly Additional Voluntary Contribution (AVC) towards your Retirement Savings Account (RSA).

Factors to consider for making an Additional Voluntary Contribution:
  • You may have joined the Scheme relatively late in your working career, and need to boost your Retirement Savings Account (RSA).

  • Your current monthly contribution is not sufficient to sustain the same living standard as pre retirement.

  • You are planning to retire early, and need to make provision to do so.

  • You have to provide not only for your family, but also extended family after your retirement.

What will the benefit be at retirement?

  • You have ensured that your lump sum withdrawal benefit at retirement has increased.

  • You have ensured that your monthly programmed withdrawal benefit at retirement has increased.

  • You can rest assured that you have made additional provision to look after those unexpected expenses encounter post retirement.

How much money can be paid as an Additional Voluntary Contribution?

  • There are no limits to the amount of money that may be paid as an Additional Voluntary Contribution (AVC).

    How does it work?
    The member may select a nominal value to make a monthly Additional Voluntary Contribution that will be paid to the Pension Fund Custodian (PFC) and invested by the Pension Fund Administrator (PFA), in conjunction with your normal monthly contribution. See a practical example below:
Getting started

  • Complete the application form to enable us to make provision for the monthly Additional Voluntary Contribution (AVC).

  • Inform the human resources (HR) department of your organisation about your choice to make monthly Additional Voluntary Contributions, and verify the amount to be paid.

  • Your human resources (HR) department will make monthly remittances to the Pension Fund Custodian (PFC) of First Guarantee Pension Limited on your behalf, at the latest seven days after your last salary is paid with an advice to First Guarantee Pension Limited.

  • You will receive your account statements from First Guarantee Pension Limited each quarter to monitor the activity on your Retirement Savings Account (RSA).

Our Unit Prices as at Sep 17, 2017

RSA Price: 2.9787
Retiree Price: 2.6105
View Price History
View Investment Portfolio
Our Contact Address
Head Office:
65 Kudirat Abiola Way,
Oregun Ikeja
Lagos, Nigeria.
Our Branches Nationwide
 
First Guarantee Account Details

SORT CODE 011154686
A/C Number 2007030987
Bank First Bank Nig PLC
CUSTODIAN First Pension Custodian
ACCOUNT NAME FPCNL RE FGPL CONTRIBUTION
Branch Phone Number
select
News Update

NSITF Contribution
Have your NSITF contribution under
the defunct NSITF scheme been
transferred to your RSA?