Employee Contribution (8%)
NGNNaN
Monthly Emoluments (Pension Base)
NGNNaN
Employer Contribution (10%)
NGNNaN
Total Monthly Pension Credit
NGNNaN
Annual Pension Credit
NGNNaN
Nigeria Pension Contribution Calculator — Monthly Basic Salary (₦) ₹2,00,000
With monthly basic salary (₦) of ₹2,00,000, the employee contribution (8%) is NGN24,000.
Pension is calculated on Basic + Housing + Transport allowances only
Monthly Emoluments (Pension Base)
NGN3,00,000
Employee Contribution (8%)
NGN24,000
Employer Contribution (10%)
NGN30,000
Total Monthly Pension Credit
NGN54,000
Annual Pension Credit
NGN6,48,000
Pension Reforms Act 2014. Minimum contribution: 8% employee + 10% employer. Employers in the energy sector contribute 12.5% employer + 7.5% employee. Contributions credited to individual RSA (Retirement Savings Account) with a licensed PFA.
What is the Nigeria Pension Contribution Calculator?
Nigeria's Contributory Pension Scheme (CPS), regulated by PenCom, requires 8% employee + 10% employer contributions based on monthly emoluments (basic salary + housing allowance + transport allowance). Contributions go into an individual Retirement Savings Account (RSA) managed by a licensed Pension Fund Administrator (PFA).
Formula
Monthly Emoluments = Basic + Housing + Transport. Employee = Emoluments × 8%. Employer = Emoluments × 10%.- E
- = Monthly emoluments (basic + housing + transport)
- P_employee
- = Employee monthly pension contribution
- P_employer
- = Employer monthly pension contribution
How to use the Nigeria Pension Contribution Calculator
- 1
Step 1
Enter monthly basic salary.
- 2
Step 2
Enter housing and transport allowances.
- 3
Step 3
View employee and employer contributions.
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Frequently asked questions
What is the minimum pension contribution in Nigeria?
The minimum is 8% employee + 10% employer = 18% total of monthly emoluments. Employers and employees can voluntarily increase contributions for higher pension accumulation.
When can I access my pension in Nigeria?
Normal retirement is at age 50 or upon retirement. You can also access 25% of RSA balance if unemployed for 4 months. Programmed withdrawal or life annuity options are available at retirement.
What is an RSA and PFA in Nigeria?
RSA (Retirement Savings Account) is your individual pension account. PFA (Pension Fund Administrator) is the licensed company managing your pension investment. PenCom (National Pension Commission) regulates the system. Major PFAs include AIICO, ARM, Trustfund, and Stanbic IBTC.
Sources
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