RSA retirement savings calculator
Every month, at least 18% of your emoluments goes into your Retirement Savings Account. Enter your pay and years to retirement to see what it could grow to.
The return is an assumption. Your Pension Fund Administrator's results will differ year by year.
How it's calculated
- Each month you pay 8% and your employer 10% of your basic, housing and transport allowances.
- The balance grows at the monthly rate, which is the yearly return divided by 12. Your pay rises by the percentage you enter at the start of each year.
An example
On ₦450,000 a month with 10% raises and 12% returns, 25 years of contributions could reach about ₦343 million.
Frequently asked questions
Is a 12% return realistic?
It depends on the fund and on inflation. Try several rates to see a range rather than one number.
Can I add voluntary contributions?
Yes. You can pay more than the minimum, within the limits PenCom sets. Add them to the emoluments here to see the effect.
What happens at retirement?
You draw your benefits through programmed withdrawal from your PFA or buy an annuity from a life insurer, under the rules of the Pension Reform Act.
Key terms
- RSA
- Retirement Savings Account, opened with a Pension Fund Administrator.
- PFA
- Pension Fund Administrator, the company that invests your savings.
The same calculation in other countries
United States (English)
United Kingdom
New Zealand
India
Tanzania
Ghana
Mauritius
Malta
Qatar (English)
Oman (English)
Ethiopia
Liberia
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