The NPRA wishes to issue the following administrative arrangements for the purpose ofproviding the basic procedures for the Transfer of 2nd Tier funds in the Temporary Pensions.
Funds Account (TPFA) to be allocated to registered schemes of licensed Trustees, pursuant to the provisions under section 218 of the National Pensions Act, 2008 (Act 766), hereinafter referred to as the Act.
In view of this, the transfer of 2nd Tier Funds would be done per employee per employer under a registered scheme.
The funds to be transferred would comprise actual remittances paid on monthly contributions from January, 2010 to December, 2013 plus interest earned on the amount valued as at October 31st, 2014 and every month thereafter per employer for its current (ACTIVE) employees, excluding resigned, retired and deceased members of schemes.
Category I: All contributors’ retired, resigned or retrenched and unemployed, survivors of deceased, should contact NPRA for claims or request for transfer of member contributions to another Scheme.
Category II: All employers without a scheme should either enroll on a registered Master Trust Scheme with any licensed Corporate Trustee or register a scheme with NPRA as an Employer Sponsored Scheme, before they can make a claim for the transfer of employee contributions from the TPFA to the registered scheme.
ISSUED BY NPRA : Posted on the website - Dated: 23/12/14