| Question: |
| WHAT IS A PENSION FUND ADMINISTRATOR? |
| Answer: |
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A Pension Fund Administrator is an entity licensed by the National Pension Commission (Commission) and charged with the responsibility of managing and investing the pension funds. Each employee is free to choose a PFA.
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| Question: |
| WHAT WILL HAPPEN TO THE CONTRIBUTION? |
| Answer: |
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The total contribution will be paid out by the employer directly to a Pension Assets Custodian (PAC) and will be managed and invested by the Pension Fund Administrator (PFA), of the employee’s choice
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| Question: |
| HOW DOES IT WORK? |
| Answer: |
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An employee contributes a percentage of his salary and the employer contributes a percentage of the employee’s salary towards the retirement benefits of the employee.
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| Question: |
| WHAT IS THIS NEW SCHEME? |
| Answer: |
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The new scheme is a contributory, fully funded, privately managed pension scheme that is based on individual accounts. It ensures that everyone who has worked receives his retirement benefits as and when due
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