Pension contribution calculator

Under the Contributory Pension Scheme, you and your employer pay into your Retirement Savings Account (RSA) every month. Enter your pay to see both shares.

How it's calculated

Contributions are a share of your monthly emoluments, which can be no less than basic salary plus housing and transport allowances.
You pay at least 8% and your employer at least 10%, so at least 18% goes into your RSA.

An example

With ₦250,000 basic, ₦125,000 housing and ₦75,000 transport, ₦36,000 comes from you and ₦45,000 from your employer: ₦81,000 a month.

Frequently asked questions

Can my employer pay all of it?

Yes. An employer can take on the whole contribution, as long as the total is not less than 18% of your monthly emoluments.

Can I contribute more than 8%?

Yes, as a voluntary contribution, provided your total contributions and other deductions stay within one third of your monthly emoluments.

Is my pension contribution taxed?

No. Your contributions under the Pension Reform Act are a deduction when your income tax is worked out.

Key terms

RSA: Retirement Savings Account, the personal account your contributions go into.
PFA: Pension Fund Administrator, the company that invests your RSA.
PenCom: National Pension Commission, the regulator of the scheme.