Pension Contribution Schedule (Nigeria)
PENSION CONTRIBUTION SCHEDULE
Pension Reform Act 2014, Section 4 and Section 11(3) | National Pension Commission (PenCom)
Employer: [Employer Name]
PenCom Registration No.: [PenCom Reg Number]
Payroll Month: [Payroll Month]
Salary Payment Date: [Salary Payment Date]
Remittance Due Date: [Remittance Due Date]
EMPLOYEE CONTRIBUTION DETAILS
Employee 1: [Emp1 Name]
RSA PIN: [Emp1 RSA Pin] | PFA: [Emp1 PFA]
Monthly Pensionable Emoluments: [Emp1 Emoluments]
Employer Contribution (10%): [Emp1 Employer Contrib]
Employee Contribution (8%): [Emp1 Employee Contrib]
Note: Pensionable emoluments comprise basic salary, housing allowance, and transport allowance only, as defined in Section 4(4) of the Pension Reform Act 2014. Additional employees should be listed on continuation sheets following the same format. All RSA PINs must be verified against PenCom records before remittance.
CONTRIBUTION SUMMARY
Total Pensionable Emoluments: [Total Emoluments]
Total Employer Contributions (10%): [Total Employer Contrib]
Total Employee Contributions (8%): [Total Employee Contrib]
Grand Total to be Remitted: [Grand Total]
Actual Remittance Date: [Remittance Date]
Bank Transfer Reference: [Bank Transfer Ref]
This schedule confirms that all pension contributions for [Payroll Month] have been calculated in accordance with Section 4(1) of the Pension Reform Act 2014 (employer minimum 10%, employee minimum 8% of monthly pensionable emoluments) and remitted to the respective PFAs within 7 working days of salary payment as required by Section 11(3) of the Pension Reform Act 2014.
HR / Finance Officer
________________
Signature
What Is a Pension Contribution Schedule (Nigeria)?
A Pension Contribution Schedule in Nigeria records the particulars required for the matter it documents.
Section 11(3) of the Pension Reform Act 2014 requires every employer to remit pension contributions to the respective PFAs within 7 working days of salary payment for each month. Monthly emoluments for pension purposes comprise the employee's basic salary, housing allowance, and transport allowance — as defined in Section 4(4) of the Pension Reform Act 2014. The Pension Contribution Schedule provides the documentary record of each month's contributions and remittances, which is required as evidence when applying for a PenCom Compliance Certificate.
All pension contributions are credited to each employee's Retirement Savings Account (RSA) maintained with their chosen PFA. Nigeria has 22 PenCom-licensed PFAs, including ARM Pension Managers, Stanbic IBTC Pension, Access Pensions, Sigma Pensions, Crusader Sterling Pensions, and others. Pension fund custodianship is provided by PenCom-licensed Pension Fund Custodians (PFCs) including Zenith Bank, First Bank, and others.
A Pension Contribution Schedule differs from a PAYE Schedule (which records income tax deductions) and from a payslip (which is the individual document given to each employee). The Pension Contribution Schedule is the employer's consolidated monthly record used to prepare PFA remittance instructions, as the CBN requires separate remittance schedules for each PFA where employees have accounts with different administrators.
The legal framework governing the Pension Contribution Schedule (Nigeria) in Nigeria draws on several key statutes and regulatory bodies. Under Nigerian law, the Companies and Allied Matters Act 2020 (CAMA) regulates corporate entities through the Corporate Affairs Commission (CAC). The Labour Act (Cap L1 LFN 2004) and the National Industrial Court of Nigeria (NICN) govern employment disputes. The Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Commission (NDPC) protect personal data. The Federal Inland Revenue Service (FIRS) administers tax obligations under the Companies Income Tax Act. The Federal High Court and state High Courts have jurisdiction over civil matters. Parties executing a Pension Contribution Schedule (Nigeria) in Nigeria should confirm the document reflects current law, including any amendments enacted since the original drafting date. The Labour Act (Cap. L1, LFN 2004) sets the foundational requirements.
When Do You Need a Pension Contribution Schedule (Nigeria)?
A Pension Contribution Schedule in Nigeria is required every month by any employer covered by the Pension Reform Act 2014.
A Pension Contribution Schedule is required when an employer makes monthly salary payments and must remit pension contributions to employees' PFAs within 7 working days of payment under Section 11(3) of the Pension Reform Act 2014. The schedule provides the remittance instruction to the employer's bank and to each PFA.
A Pension Contribution Schedule is needed when applying to PenCom for a Compliance Certificate, as PenCom requires evidence of 12 months of regular contribution remittances. The schedule serves as the primary evidence document submitted with the compliance certificate application.
A Pension Contribution Schedule is required when a company's pension compliance is audited by PenCom under its periodic employer inspection programme, or when the company is the subject of a whistleblower complaint filed with PenCom by an employee who alleges non-remittance of deducted contributions.
A Pension Contribution Schedule is needed when a company undergoes a due diligence review in connection with a merger, acquisition, or private equity investment, as the transaction team requires documentary evidence of compliance with all employment-related statutory obligations including pension contributions.
Parties in Nigeria should prepare a Pension Contribution Schedule (Nigeria) proactively rather than waiting for a dispute to arise. Courts interpret agreements based on the written terms rather than oral representations. Under Nigerian law, the Companies and Allied Matters Act 2020 (CAMA) regulates corporate entities through the Corporate Affairs Commission (CAC). The Labour Act (Cap L1 LFN 2004) and the National Industrial Court of Nigeria (NICN) govern employment disputes. The Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Commission (NDPC) protect personal data. The Federal Inland Revenue Service (FIRS) administers tax obligations under the Companies Income Tax Act. The Federal High Court and state High Courts have jurisdiction over civil matters. Where the transaction involves regulated activities, prior approval from the relevant authority may be required before execution.
What to Include in Your Pension Contribution Schedule (Nigeria)
A valid Pension Contribution Schedule for Nigeria must contain the following elements to satisfy PenCom requirements and the Pension Reform Act 2014.
Employer Details: Full legal name of the employer, CAC RC number under CAMA 2020, PenCom employer registration number, and the payroll period (month and year).
Employee Information: Each employee's full name, staff ID, PFA name, Retirement Savings Account (RSA) PIN (Personal Identification Number) issued by the PFA, and employment status (permanent or contract).
Monthly Emoluments: Each employee's monthly basic salary, housing allowance, and transport allowance — the three components that constitute pensionable emoluments under Section 4(4) of the Pension Reform Act 2014. Other allowances are not pensionable.
Employer Contribution: The employer's contribution at a minimum of 10% of each employee's monthly emoluments, stated in NGN. The employer may voluntarily contribute more than 10%.
Employee Contribution: The employee's contribution at a minimum of 8% of monthly emoluments, deducted from the employee's salary. The employee's voluntary additional contribution (AVC) should be listed separately if applicable.
Total Contribution: The sum of employer and employee contributions for each employee, representing the total amount to be remitted to that employee's RSA with their PFA.
Remittance Summary by PFA: Where employees have accounts with different PFAs, the schedule should summarise the total contributions remitted to each PFA to support bank transfer instructions.
Remittance Date: The date on which contributions were remitted (must be within 7 working days of salary payment under Section 11(3) of the Pension Reform Act 2014) and the bank transfer reference number.
Additional compliance elements for a Pension Contribution Schedule (Nigeria) used in Nigeria include: Under Nigerian law, the Companies and Allied Matters Act 2020 (CAMA) regulates corporate entities through the Corporate Affairs Commission (CAC). The Labour Act (Cap L1 LFN 2004) and the National Industrial Court of Nigeria (NICN) govern employment disputes. The Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Commission (NDPC) protect personal data. The Federal Inland Revenue Service (FIRS) administers tax obligations under the Companies Income Tax Act. The Federal High Court and state High Courts have jurisdiction over civil matters. Forms-legal.com provides this template as a starting point for Nigeria-compliant documentation.
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author = {{Forms Legal}},
title = {Pension Contribution Schedule (Nigeria) (Nigeria)},
year = {2026},
howpublished = {\url{https://forms-legal.com/nigeria/employment/hr-forms/pension-contribution-schedule-nigeria}},
note = {Free legal document template. Based on Labour Act (Cap. L1, LFN 2004)}
}Frequently Asked Questions
Under Section 4(4) of the Pension Reform Act 2014, pensionable emoluments for the purpose of computing pension contributions in Nigeria comprise three specific components: basic salary, housing allowance, and transport allowance. Other allowances — such as meal allowance, medical allowance, entertainment allowance, or performance bonuses — are not included in the pension base unless the employer voluntarily elects to include them. This definition means that employers who structure employees' remuneration with a large non-pensionable allowance component and a small basic salary may be underpaying pension contributions relative to the total remuneration. PenCom has issued guidance cautioning against artificial restructuring of salaries to reduce the pension base. The National Pension Commission (PenCom) may challenge and reassess pension contributions where it finds that the defined pensionable emoluments have been understated.
Under Section 11(3) of the Pension Reform Act 2014, an employer in Nigeria must remit pension contributions to the relevant Pension Fund Administrators (PFAs) within 7 working days of the payment of the employees' salaries for each month. For example, if salaries are paid on the 25th of each month, pension contributions must be remitted by the 5th or 6th working day of the following month (depending on public holidays). An employer who fails to remit within this period is in default and is liable to a penalty of not less than 2% of the total contribution for each month of default under Section 50 of the Pension Reform Act 2014. The 7-working-day requirement is stricter than the PAYE remittance deadline of the 10th of the following month under Section 81 of PITA, so employers must plan payroll processes accordingly.
Yes. Under Section 11(1) of the Pension Reform Act 2014, every employee covered by the Contributory Pension Scheme (CPS) in Nigeria has the right to choose their own Pension Fund Administrator (PFA) from the list of PFAs licensed by the National Pension Commission (PenCom). The employee must open a Retirement Savings Account (RSA) with their chosen PFA and provide the employer with the RSA PIN and PFA account details for remittance purposes. An employee may transfer from one PFA to another once every 12 months under the PenCom RSA transfer window, by filing a transfer form with the new PFA. The employer has no authority to dictate which PFA an employee must use. Employers who fail to respect employees' choice of PFA or who remit contributions to the wrong PFA are in breach of the Pension Reform Act 2014 and may be penalised by PenCom.
Under the Pension Reform Act 2014 and PenCom's regulations, unclaimed or misallocated pension contributions in Nigeria are addressed through the National Pension Commission's (PenCom's) Enhanced Contributor Registration System (ECRS). Where an employee's RSA PIN is not available or the contribution is misallocated, the PFA holds the contribution in a suspense account pending resolution. Section 15(2) of the Pension Reform Act 2014 requires PenCom to maintain a database of all contributors and their RSA PINs. Employees who believe their contributions have not been remitted or have been misallocated can file a complaint with PenCom using the PenCom online complaint portal (pencom.gov.ng). PenCom has powers under Section 50 of the Pension Reform Act 2014 to compel employers to make good any unremitted contributions plus accumulated penalties.
Executive directors and directors employed by a company under a contract of employment in Nigeria are covered by the Contributory Pension Scheme (CPS) under the Pension Reform Act 2014, provided the company employs three or more persons and the director meets the qualifying criteria (age and employment status). Non-executive directors who are not employees but receive director fees are generally not covered by the mandatory CPS. Self-employed individuals and sole proprietors are not mandatorily covered by the CPS but may voluntarily participate in the micro pension plan introduced by PenCom in 2019 under the Pension Reform Act 2014 (Amendment) Act 2014, which is designed for the informal sector. The micro pension plan allows self-employed persons, artisans, and informal workers to make flexible contributions to an RSA with a PenCom-licensed PFA.
This template is provided for informational purposes only and does not constitute legal advice. Laws vary by jurisdiction and change over time. Consult a qualified attorney for advice specific to your situation.Full disclaimer
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