Veritas Glanvills House 26, Commercial Avenue Sabo, Yaba Lagos
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FAQs

What is this new scheme?

The new scheme is a contributory, fully funded, privately managed pension scheme that is based on individual accounts. It ensures that everyone who has worked receives his retirement benefits as and when due.

How does it work?

An employee contributes a percentage of his salary and the employer contributes a percentage of the employees salary towards the retirement benefits of the employee.

What will happen to the contribution?

The total contribution will be paid out by the employer directly to a Pension Assets Custodian (PAC) and will be managed and invested by the Pension Fund Administrator (PFA), of the employees choice.

What does fully funded mean?

It means that the amount contributed by the employer and employee is actually paid to a Custodian and invested by the Pension Fund Administrator. This gives the employee immediate ownership of his/her pension benefits.

What is a Pension Fund Administrator?

A Pension Fund Administrator is an entity licensed by the National Pension Commission (Commission) and charged with the responsibility of managing and investing the pension funds. Each employee is free to choose a PFA.

What is a Pension Assets Custodian?

The Pension Assets Custodian is an entity licensed by the National Pension Commission to hold pension assets in safe custody.

What minimum financial resources must a Pension Assets Custodian possess?

An applicant Custodian must be a licensed financial institution with a minimum net worth of N5,000,000,000 unimpaired by losses and has a total assets of N125,000,000,000 or is wholly owned by a licensed financial institution with similar financial resources. This is to ensure the safety of the funds considering the huge amount of funds to be warehoused by the Custodians.

How do I know which PFA to choose?

The Commission will have a schedule of all licensed PFAs, which will be made available to the public.

What is the difference between a PFA and a custodian?

The PFA manages the pension funds and decides which kind of investments to make while the Custodian holds the pension funds assets and acts to the order of the PFA.

Are pension contributions paid to the PFA?

No. The employer sends his contribution as well as the employees contribution directly to the Custodian.

How about individual accounts?

This is similar to a bank account. Every contributor will open Retirement Savings Account (RSA) with a Pension Fund Administrator of his choice. The PFA will be required to issue a statement of account at least once every quarter.

Can I switch PFAs?

Yes. The employee has the freedom to, not more than once a year, transfer his/her Retirement Savings Account (RSA) from one PFA to another.

What happens to my account when I change jobs?

Nothing happens. The accounts are portable and will remain with you for life. You simply notify your new employer of the PFA that manages your account and thereafter your contributions will be sent to its Custodian.

How much will I need to contribute?

A minimum of eight percent of your monthly basic salary, housing and transport allowances except for the Military which requires two and one half percent.

How much will my employer contribute?

A minimum of ten percent of your monthly basic salary, housing and transport allowances. However, the employer may elect to bear the full burden of the scheme provided that the total contribution shall not be less than eighteen percent of the monthly basic salary, housing and transport allowances of the employee.

Will this lead to a decrease in my salary?

No. You just save a part of your pay towards your old age and the employer contributes his portion.

Will this involve everyone that works?

Yes, with the exception of existing pensioners, those who have 3 years or less to retire as well as categories of persons under S.291 of the Constitution of Federal Republic of Nigeria. Employees in the private sector who are in employment in an organisation in which there are five or more employees are also covered.

How does this differ from the existing scheme?

The existing scheme in the public service is one of Defined Benefits. Pension payments are not regular and in some cases never made. The new scheme is a Defined Contribution Scheme, which ensures that pension payments are made monthly, just like salaries thereby making it more sustainable.

What is the difference between the defined benefit scheme and the defined contributory scheme?

Whereas the Defined Benefit pegs the amount a retiree could receive, the new scheme, based on Defined Contribution (DC), is a function of the level of an employee and employers contribution in addition to returns on investment. Under the DC, the pension is immediately funded as funds exist from the outset and payments will be made as and when due.

How will I benefit?

You have the assurance that your old age is well catered for and that in the event of death your family will have something to fall back on.

Who is the regulator, and what is its role?

The National Pension Commission is charged with the regulation and supervision of the pension schemes as well as the powers to formulate, direct and oversee the overall policy on pension matters in Nigeria.

What happens if a PFA fails?
Your savings will not be affected as the Pension Fund Custodian keeps the funds. Moreover, Pension Funds will be invested in a diversified portfolio of investments including Government Securities, Stocks and Real Estate.
How can I be sure that my contributions are safe?

All those administering or holding pension funds will be properly licensed and continually regulated and supervised by the Commission. The Commission is empowered to sanction and if need be prosecute defaulting operators.

How can I keep track of my investments?

Pension Fund Administrators will issue regular statements to employees. You can equally track the progress of your investment online.

When will I have access to this money?

Upon either retirement or at the age of 50, whichever falls later.

Can I withdraw any portion of it?

Yes, upon the later of either retirement or reaching the age of 50, and then only to the extent that what is left is sufficient to guarantee that at least 50% of your last salary will be paid to you monthly through an annuity or a programmed withdrawal. If an employee retires before the age of 50 years in accordance with the terms and conditions of his employment or resigns voluntarily he or she may withdraw a lump sum of money not more than 25% of the amount standing to his credit of RSA provided that such withdrawals shall only be made after four months of retirement /resignation and the employee does not secure another employment

What is programmed withdrawal?

A programmed withdrawal is the method by which the employee collects his accumulated benefits in periodic sums for the length of an estimated life span.

What is an annuity?

An annuity is an income purchased from a licensed life insurance company approved by the Commission with monthly or quarterly payments during the lifetime of a retiree.

What is the retirement age in the act?

The Act did not stipulate a Retirement Age. That is entirely dependant on each employees terms and conditions of service.

What is the minimum period required by an employee to qualify for pension under the act?

here is no minimum period required to qualify for pension as each employee has his individualized Retirement Savings Account. Withdrawal from the account is, however, limited to retirement according to an employees condition of service or attainment of the age of 50.

Who can I complain to if I am not satisfied?
The National Pension Commission.
What is the role of the government?
The government has set up a specialist Regulator of pension schemes and appointed the members of the board of the Regulator. Government will not temper with the savings, as it will not have access to them. In fact, the Government shall be primarily concerned with ensuring the safety of the savings through the establishment of the Commission.
How will the economy benefit?
There will be a huge pool of long-term funds available for investments, which will form a foundation for economic development.
What happens to the retirement benefits of an employee who is already under a pension scheme existing before the commencement of the Pension Reform Act 2004?
Employees right to accrued pension for past service is guaranteed by the Act. In the case of the Public Service of the Federation and Federal Capital Territory where the Scheme is unfunded, the right shall be acknowledged through a Federal Government Retirement Bond which shall be redeemed upon the retirement of the employee. In anticipation of the redemption of the Bond, the Federal Government shall establish a Retirement Benefits Bond Redemption Fund at the Central Bank of Nigeria into which it shall pay 5% of the total monthly wage payable to its employees on a monthly basis. However, in the case of funded schemes and the private sector, employers shall credit the Retirements Savings Accounts of its employees with any funds to which each employee is entitled to and in the event of deficiency, the shortfall shall become a debt and treated with same priority as salaries owed. The employer shall also issue a written acknowledgement of the debt and take steps to meet the shortfall.
What will happen to existing private sector pensioners?
Pension Boards in Private Sector already in existence will continue to administer their pensions and the Commission will supervise them. Departments have also been created to carry out the functions of the relevant Pension Boards or offices in the Public Service to ensure regular and prompt payment of pension benefits.
Will private sector schemes continue to exist?

Yes, if they can show that the schemes are fully funded at all times and any shortfall is made up within 90 days. The pension funds and assets must be segregated from the assets of the Employer/Company and held by a licensed Custodian. The employer must have also effectively managed pension fund assets for at least 5 years before the commencement of the Act, and have met certain criteria set by the Commission.

What is a closed PFA?

It is similar to a licensed PFA, except that it is for a particular pension scheme. Employers managing pension fund assets of N500,000,000 and above may apply to the Commission for a closed PFA license to enable them administer their own schemes.

What if my scheme has less than N500,000,000 pension fund assets? Can I still keep it?

Yes, you can still maintain the scheme but it will have to be administered by a PFA.

Is the scheme optional?

Not for those contemplated by the law. It is only those that are exempted by law that have a choice as to whether or not to join.

Will gratuity be paid under the new scheme?

Yes, but under different arrangement. A retiree can draw a lump sum from the balance of his Retirement Savings Account provided the balance after the withdrawal could provide an annuity or fund monthly payments that would not be less than 50% of his monthly pay as at the date of his retirement. The employer may pay gratuity over and above the Scheme payments.

Will inflation and devaluation not erode the value of the contributions?

The job of the PFAs is to administer the contributions and invest in such a manner that will safely ensure reasonable returns. Furthermore, the Commission would ensure prudent management of pension assets through supervision and regulation. In addition, the different layers of compensation provided would outperform such erosion if they occur.

What is the minimum value of pension guaranteed by the new scheme?

The value of the minimum pension guarantee is to be determined from time to time by Commission.

What is the guarantee that the accruals in the scheme will be well managed and not diverted to other ends?

The functions of the PFA and Custodian are so clearly delineated that it is difficult for either to misuse the pension funds and assets to the detriment of the contributor. Further more, the Commission would be unrelenting in protecting contributors fund through effective regulation and supervision of the PFAs and Custodians.

Some persons consider that the composition of the proposed national pension commission is dominated by government appointees. Is there adequate provision for good representation of all stakeholders on the commission?

Yes. In addition to the government representatives, other stakeholders such as Labour, the Nigerian Union of Pensioners, and the Nigerian Employers Consultative Association are also members of the Commission.

Transparency, accountability and good governance are prerequisites for a thriving and effective administration of pension funds. Does the act reflect the application of these principles?

Yes. The new scheme entrenches the principles of good governance. The scheme would be regulated and supervised by an independent Commission and would be managed by private sector operators. An employee can choose who manages his Retirement Savings Account including receiving a statement of his account quarterly with details of contributions made and returns on investment.

Why establish independent PFAs rather than allow existing financial institutions with proven experience in pension funds management to apply for licence from the commission?

The safety of the pension funds is paramount. It is, therefore, imperative that the operators are single purpose vehicles dealing with pension funds management and investment only. It also ensures that the PFAs do not mix pension matters with other businesses, as this will hinder effective regulation and supervision.

How is NSITF affected?
NSITF shall establish a PFA, which will manage Pension Funds and will continue to provide services other than pension to the nation. It will also be regulated and supervised by the Commission. NATIONAL PENSION COMMISSION JULY 2004
Joining & Contributing
What makes up my contribution?
Ideally, and as captured in the Pension Reform Act, 2014 (PRA), your total monthly contribution to your Retirement Savings Account (RSA) is made up of two (2) parts: a deduction from your salary/allowances, as well as a contribution by your Employer.
The PRA dictates that the sum of these contributions should be at least 18% of the sum of your basic, housing and transport allowances. Employee contributes maximum of 8% while employer contributes minimum of 10%.
How does Veritas Glanvills Pensions receive my contribution?
Upon deduction from your salary/allowance, your employer will send the total contribution to our Pension Fund Custodian (PFC) –First Pension Custodian in this instance, who will, in turn, notify us. These remittances MUST be accompanied with a schedule detailing the beneficiaries of the funds and the proportions contributed by the employer & employee, respectively.
To speed up the process of crediting contributions into your RSA, it is always advisable that your employer notifies us by sending us a copy of the deposit/remittance slip and a matching schedule of contributors.
What are the fees involved in the management of my RSA?
The charges, as stipulated by the National Pension Commission (PENCOM) amounts in aggregate to 2.25% of the net asset value, and is split 3 ways between the PFA, the PFC and PENCOM.
How can I monitor my contributions/RSA?
In addition to the instant SMS when your contribution is credited into your RSA, PENCOM regulation mandates us to send quarterly statements of accounts to all contributors. At Veritas Glanvills Pensions, we have created even more innovative ways for you to be actively involved in the monitoring of your RSA.
Whether by mobile phone text messages, email, online or just walking into any of our numerous offices and outlets across the country, Veritas Glanvills Pensions has made it easy to follow the activities in your RSA.
Please visit www.veritasglanvillspensions.com for the various ways to check your balances online and via text messages.
What if my employer deducts my contributions and does not remit?
While this is not the norm, should it occur, we encourage you to immediately bring it to the notice of the PFA with evidence of deduction (which should be your pay slip). In the remote instance that the PFA is unable to resolve this, PENCOM encourages that we escalate same to them for a resolution.
What additional contributions may I participate in?
As a Pension Fund Administrator, PENCOM only permits us to receive funds for investment/management from clients two ways: the Retirement Savings Contribution and the Additional Voluntary Contribution (AVC).
The Additional Voluntary Contribution, as the name implies, allows the contributor to put aside additional monies towards his/her retirement, and/or other short to medium-term savings needs. As one of its unique features, the AVC can also act as a ‘target’ savings account, as it allows tax-free access (subject to a 5-year minimum contribution term), to the contributed sum.
Remittance for AVC should be made by your employer.
Fund Management
How is my RSA managed, and what is a Fund Price?
Ideally, and as captured in the Pension Reform Act, 2014 (PRA), your total monthly contribution to your Retirement Savings Account (RSA) is made up of two (2) parts: a deduction from your salary/allowances, as well as a contribution by your Employer.
The PRA dictates that the sum of these contributions should be at least 18% of the sum of your basic, housing and transport allowances. Employee contributes maximum of 8% while employer contributes minimum of 10%.
How is my fund invested?

There are different asset classes permissible for investment within the RSA Fund, as stipulated by PENCOM guidelines. Based on our view of the economy, various financial markets, investment objective of the RSA Fund, as well as other considerations, we invest in a mix of asset classes, and make adjustments over time as the need arises. This we do in compliance to regulations.

Can I determine how my fund is invested?
No, you cannot currently determine specific assets to be bought because your contributions are pooled into one Fund designed to preserve capital.
However, there are plans by PENCOM to introduce a “4-fund” (comprising four distinct types of funds) structure which will allow contributors invest in funds that reflect their risk appetite and ethical profile. The four funds will have structures reflecting a balanced fund, aggressive fund,
conservative fund & Ethical fund. We will provide further information on this as progress is made by the Regulator in this regard.
Are there guidelines for the investment process/decisions?
Yes. In addition to each PFA having a mandatory Investment Committee, PENCOM has also set out required investment guidelines for ALL PFAs.
The guidelines, as well as the respective committees, are regularly monitored by PENCOM for relevance and adherence. PFAs are required to send a Daily Valuation of their investment portfolio to PENCOM.
In addition, Veritas Glanvills Pensions has internal investment guidelines to complement the guidelines from PENCOM.
Benefits Payment
What do I need to put in place for seamless Benefits payments?
Depending on the payment type and the ultimate beneficiary, there are different sets of documents that the PFA needs to process through PENCOM before payment is made.
The different payment/Benefit types are:-
  • 25% Payment– for those who left or lost their jobs before age 50
  • En-bloc Payment– for those who are over 50 but have less than N550, 000.00 in their RSA
  • Lump sum and Programmed Withdrawal– for those over 50 years and have more than N550, 000.00
  • Payment to the Beneficiary of a Deceased/Missing RSA holder
  • Additional Voluntary Contribution (AVC)
  • Pre-Scheme –for those who accumulated pension contributions before 2004
  • NSITF – for those who made contributions under NSITF or NPF
  • Owing to its detailed nature, the Benefit types and required documents (as well as other issued and regularly updated guidelines) are hosted on the Regulator’s website www.pencom.gov.ng. It is critical that you take out time to study the relevant requirements and arrange to provide these documents in ample time to make the process as seamless as possible for you and/or your beneficiaries.
What is the mode of benefits payment?

Payments can only be made into designated bank accounts.

Can I calculate my expected bulk & monthly/quarterly payments?

Unlike the old scheme, the new scheme does not have a tabulated benefit schedule. However, as the amount to be paid is dependent on: 1) Retiree Account Balance; (2) Retiree Age; (3) Retiree Gender; and (4) Details of retiree’s last salary, these variables will be plugged into a PENCOM template driven by mortality and interest rates. The resulting lump sum must be between 25% and 50% of the total sum of benefits accruing to RSA holder.

How much longer after retirement can I expect these payments?
The expected number of years is only used for the purpose of lump sum and programmed withdrawal calculations. By regulation, for a male of 60 years, this is 18; and for a female of same age, it is 20.
However, and irrespective of the number of years used, as we continue to judiciously manage the funds, our experience is that there are sufficient funds to meet payments well after these years.
In the case of death, what will be the benefits due to my next of kin?
It is the en-bloc payment of:
1. Proceeds of Life Insurance Policy/Group Life (if RSA holder was still in employment)
2. Accumulated contributions in the RSA (plus income)
3. Deceased’s Accrued Rights (Public Sector)
4. Deceased’s Outstanding Contributions (if any)
How do I ensure my benefits are paid to the intended beneficiary?
It is always important that you review the information with your PFA as regularly as possible. Ensure your next of kin’s details are correct, and always reflect your true preference, as this is the person your PFA will contact in the event of your demise to provide relevant documents for accessing your RSA in line with the law on administration of a Deceased Person’s Estate.
In addition, it is always advised that the RSA holder prepares and registers a will. This is important as the Probate Registry may appoint an Administrator at variance with the holder’s desire upon death if there is no registered will in place.
Getting Access to my RSA
1.) Staff to customer interfacing
2.) Web site facilities
3.) Text message facilities
4.) Statement of account deliveries
5.) Responses to questions during customer interactive sessions
Depending on the retiree’s age and RSA balance the following will occur.
If the retiree is below age 50years and has been disengaged or terminated from her place of work.

He/she is entitled to apply for 25% of his/her total RSA Balance, six months from the time of termination/disengagement provided he has been unable to secure another job. The following documentations are required for this are as follows

1. Copy of Exit letter
2. Birth certificate/Declaration of age
3. Last payslip
4. Completed Standard Notice of Retirement Form
5. RSA statement of account,
6. Confirmation Letter from employer
7. Personal letter of request

If the retiree is above 50 years with a balance of N550, 000.00 or below

He/she is entitled to an enbloc withdrawal of the total balance of his RSA account. The following documentations are required for this are as follows

1. Copy of Exit letter
2. Birth certificate/Declaration of age
3. Last payslip
4. Completed Standard Notice of Retirement Form
5. RSA statement of account,
6. Confirmation Letter from employer
7. Personal letter of request

Once all the documentation is received on any of the applications, the request is sent to PENCOM with all earlier mentioned requirements

If the retiree is above 50years with a balance of above N550, 000.00

He/she is entitled to a Lumpsum arrears and subsequent monthly pension’s withdrawal. The following documentations are required for this are as follows

1. Copy of Exit letter
2. Birth certificate/Declaration of age
3. Last payslip
4. Completed Standard Notice of Retirement Form
5. RSA statement of account,
6. Confirmation Letter from employer
7. Personal letter of request

Once all the documentation is received on any of the applications, the request is sent to PENCOM with all earlier mentioned requirements.Please note that NSITF details can be added for processing

Statutory Group Life Insurance under the Contributory Pension Scheme

Group life insurance policy is an insurance arrangement that provides for the family of a policy holder if he dies during the policy tenure which is a year and renewable thereafter. The advantage is that a life insurance policy will help to ensure that your dependents have adequate funds when you are no longer around to care for them.

Why

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money which is the benefits upon the death of the insured person. In Nigeria, there are two categories of life insurance and this includes individual life and group life insurance. Factors that distinguish group life insurance from individual insurance policies include guaranteed coverage amounts. Individual life insurance generally is underwritten taking into account the actuarial risk of death of the individual being insured. This is one person and one policy type of coverage. Meanwhile, group life insurance is typically offered as a benefit through your employer.

What Established the Group Life Assurance Scheme Under the Pension Scheme?

In accordance with the provisions of Section 9(3) of the Pension Reform Act (PRA) 2004 and Section 5.5 of the guidelines for Life Insurance Policy for employees, employers of labour covered by the PRA are required to submit copies of the Insurance Certificates and schedule of benefits to the National Pension Commission and Pension Fund Administrators (PFA) where the employees maintain their Retirement Savings Accounts.

Who Bears the Cost

In Nigeria, group policies under the Pension Reform Act 2004 offer three times an employee annual salary in coverage. The Pension Reform Act 2004 Section 9 made it mandatory for all employer of labour with five or more employees to establish and maintain a life insurance policy for their employees at a minimum amount three times their annual total emolument. Group life assurance can also be arranged by clubs and association for the benefit of the dependant of their members and covers death only by any means. However, a group life assurance scheme is an annual contract and can offer in the event of an employee’s death while they are on the pay roll of an organization a multiple of salary or a lump sum benefit to the employee family and dependent.

Where does Proceed go to?

In the eventual death of a policy holder the proceeds from the group life assurance policy is to be remitted by the employer of the deceased into his RSA from where it is to be disbursed together with other contribution in the deceased RSA to the family of the deceased this is in accordance with National Pensions Commissions stipulation regarding payment of death benefit.

The National Pension Commission (PenCom) recently published/released the Amended Regulation on Investment of Pension Fund Assets for the Pension Industry precisely in April 2017. The new investment guideline introduces a multi-fund structure, which would replace the one fund structure that puts all active contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile of such contributors.
What is the multi-fund structure?

The Multi-Fund structure is a framework that contains four funds class. The current RSA Fund will be sub-divided into three separate Funds, while the RSA Retirees Fund would be the 4th Fund. RSA holders are assigned to groups based on their age and risk profile.

Are their differences between the 4 Funds?

Yes. The respective funds differ based on their overall exposure to variable income instruments such as equities (that is, Ordinary Shares) and the age profile of the members.

Fund Type Exposure to Variable Investment Instruments Membership
Fund I 20% to 75% of Portfolio Strictly based on request but not accessible to Retiree and active contributors of 50 years and above.

 

Fund II 10% to 55% of Portfolio Default for active contributors of 49 years and below

 

Fund III 5% to 20% of Portfolio Default for active contributors of 50 years and above

 

Fund IV 0% to 10% of Portfolio Strictly for Retirees
What are variable income instruments?

Variable income instruments is defined as the sum of a PFA’s investments in Ordinary Shares and participation units of Open Close-ended and Hybrid Funds; Real Estate Investment Trust; Infrastructure Funds; and Private Equity Funds comprising its current holdings and any future financial commitments to the acquisition of participation units in these Funds. These categories of investments have potentials to generate high returns over the long term but could be risky owing to uncertainty and fluctuations in market prices and returns.

Why should age and risk profile determine how my pension funds should be invested?

There is what is called “Risk Tolerance”. Everyone has a limit to the amount of risk that they can take and the amount of uncertainty they can handle. Typically, younger people tend to have more capacity for risk because they still have time to recover from loses (if any). Once a person is nearing retirement, it is advisable that they limit the amount of risks they take and reduce exposure to uncertainty as they would start drawing down on their pensions within a short period.

Consequently, the allowable exposures to variable income instruments have been designed such that Fund I has the highest allowable limit, followed by Fund II, III and IV respectively. This reduces the risk and uncertainty of contributors in line with their ages.

Can I decide which Fund Type to be assigned to?

Yes. On the day of commencement, Multi-fund Structure, contributors are allowed to choose the Type of Fund in which they desire to be. However, the following rules shall apply:

  1. An active Contributor in Fund II who wishes to be assigned to Fund I shall make a formal request to the PFA.
  2. An active Contributor in Fund III who wishes to be assigned to Fund II shall make a formal request to the PFA.

iii. An RSA Retiree or active Contributor who is 50 years and above shall not be allowed to choose Fund I.

However, a default mechanism shall first apply. According to the default mechanism, all active contributors that are 49 years and below would be placed in Fund II while active contributors that are 50 years and above would be placed in Fund III and Membership of Fund I shall strictly be by formal request by a Contributor.

How often can I move between Fund types?

An active contributor may switch from one Fund type to another Fund type within a PFA, once in 12 months without paying any fees (subject to a formal application). Any additional requests for switches among Funds within a 12 month period by the active Contributor shall attract a fee, of an amount not less than a minimum value, to be determined by PenCom from time to time.

Are there any benefits in this multi-fund structure?

Yes. The new structure allows RSA holders more control over how their pension funds are invested based on their risk tolerance. For instance, an RSA holder in Fund III owing to the default classification based on age may have more tolerance for risks and uncertainty and could opt to be assigned to Fund II.

Can I request for my choice fund class immediately?

No, PenCom is yet to provide the operational framework to guide the transition to the Multi-Fund structure. Once the framework is released, there will be proper guidance regarding when contributors can be assigned based on the default age classification. Contributors will subsequently have the option to be assigned to a Fund of their choice depending on their risk tolerance.

What are the impacts on my pension balance when my PFA moves into the multi-fund structure?

None. The balance in your RSA will not change due to the movement to the multi-fund structure because the entire balance would be moved to the appropriate fund without charges.

What is/are the requirement(s) for switching from one fund type to another?

A formal request must be submitted by the contributor to his or her PFA.

Will the RSA and VC funds have separate fund price or the same?

The RSA and VC will have the same fund price because they will be invested in the same fund the contributor selects.

What impacts does Multi-Fund structure have on my future pension assets at the point of retirement?

The Multi-Fund structure provides more alignment between your retirement goals, risk appetite and age. Consequently, there will be a better chance for your pension assets to meet your expectations when you retire.

With the new multi-fund structure, can I be given the option to choose which specific variable income instruments my funds can be invested in?

No, the regulation only allows contributors to select a Fund, but the PFAs would continue to have the responsibility of selecting the specific instruments that the Funds would be invested in.

What impacts does Multi-Fund structure have on my future pension assets at the point of retirement?

The Multi-Fund structure provides more alignment between your retirement goals, risk appetite and age. Consequently, there will be a better chance for your pension assets to meet your expectations when you retire.

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