NSITF Fund Transfer
By virtue of Section 53(2)of the Pension Reform Act 2014, all funds contributed to the Nigeria Social Insurance Trust Fund (NSITF) by any person before the registration of a pension fund administrator under this Act including any attributable income thereof not required for the purpose of administering minimum pension as determined by the Commission shall be computed and credited into the respective retirement savings accounts opened under this Act by each contributor or beneficiary of the contributions made under the Nigeria Social Insurance Trust Fund Act.
By this provision, all contributors with balances from contributions under the Nigeria Social Insurance Trust Fund (NSITF) Act are eligible to transfer their balances to their Retirement Savings Account (RSA) opened and maintained with a Pension Fund Administrator (PFA).
Do you have a balance in your NSITF Account as a customer of Tangerine Pensions Limited? All you need to do is to visit any of our branches or service centers nationwide with the following documents;
- Original NSITF membership certificate.
- Completed copy of NSITF Transfer Form.
- Valid means of identification.
NSITF Funds belonging to contributors who went into retirement before the commencement of the Pension Reform Act (PRA) 2014 are to be paid in lumpsum or in accordance with Section 7 of the PRA 2014. Where the contributor died prior to the commencement of the Act, the estate or legal beneficiary of the deceased shall be entitled to the funds in accordance with the Nigeria Social Insurance Trust Fund (NSITF) Act.
All pension funds and assets held and managed by the Nigeria Social Insurance Trust Fund shall be transferred to the contributors Pension Fund Administrator (PFA) or its Pension Fund Custodian (PFC) in line with the guidelines issued by the National Pension Commission.