The Retirement Savings Account (RSA) administration begins with opening an RSA account with us and subsequent issue of a Personal Identification Number (PIN) to the individual. The Retirement Savings Account is funded by both the employee and the employer.
According to the Pension Reform Act (2014), an employer is mandated to remit the employee’s contributions into the individual Retirement Savings Accounts in the following proportions:
- The Employee contributes a minimum 8% of his/her monthly emoluments (i.e. Monthly Basic Salary, Transport Allowance and Housing Allowance).
- The Employer contributes 10% of the employee’s monthly emoluments.
However the employer may decide to take responsibility of both portions of the contributions which must not be less than 18% of the employee’s monthly emoluments.
The account RSA keeps records of contributions made by individual employee registered with Radix Pension Managers. Funds in this account are managed on behalf of the account holder until he/she retires.
Statements of account showing total contribution and growth in the account and current balances are to be sent to account holders regularly or account holders can check details online.
You can open an account with us today.