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Retirement
What is a pension and what are its benefits
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[QUOTE="springtech, post: 89276, member: 29282"] Pension just as you have rightly mentioned is that part of your salary you set aside monthly via contributions. The Nigerian labour law has a provision that makes it criminal for a company not to make provision for this savings. Pension is designed in such a way that it is contributory, that is, it is jointly contributed by both the employee and the employer alike. You make this contribution monthly while still in employment and it is a given percentage of your salary. The contribution is deducted from source and paid to your PFA( pension funds administrator). However this money is not accessible by you until you attain the compulsory retirement age or have spent 35 years in service. [/QUOTE]
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What is a pension and what are its benefits
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