- WHAT IS NSITF?
NSITF which stands for Nigerian Social Insurance Trust Fund was a social insurance scheme in place before the Pension Reform Act (PRA) commenced in 2004. It was formerly known as the National Provident Fund (NPF).
Contributions to NSITF ceased with the commencement of the PRA 2004. Under PRA 2004, these contributions were to remain with NSITF for a period of 5 years from the commencement of the Act. Hence, the contributions are to be transferred with effect from 1st of July 2009 to the RSA's of contributors.
In line with PRA 2004, NSITF established a Company (known as Trustfund) which was licensed by the National Pension Commission as a PFA, to manage NSITF contributions in accordance with the provisions of the PRA 2004 during this five (5) year period.
- WHAT HAPPENS TO EXISTING PENSIONERS WHO MADE CONTRIBUTIONS UNDER NSITF?
Retirement benefits shall be paid to existing pensioners by Trustfund under the rules upon which contributions were made, under the supervision of the National Pension Commission.
- WHAT HAPPENS TO THE CONTRIBUTIONS OF THOSE EXEMPTED FROM THE NEW SCHEME BUT HAVE MADE CONTRIBUTIONS UNDER NSITF SCHEME?
The contributions into NSITF made by those exempted from the new scheme shall be computed and credited into their respective RSAs opened by NSITF pending retirement of such contributors.
- WHAT HAPPENS TO THOSE THAT CONTRIBUTED UNDER NSITF BUT DIED BEFORE THE COMMENCEMENT OF TRANSFER OF NSITF FUNDS IN LINE WITH THE PRA 2004?
Beneficiaries are paid the entitlement of the deceased RSA holder including NSITF contributions transferred into the deceased RSA.
(Provided they are able to supply the relevant documents stated in the guidelines for NSITF withdrawals i.e. original NSITF certificate, employer ID or driver’s license or National ID card and completed transfer form)
