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The Pension Reform Act 2014 provides the framework for compulsory retirement savings. It applies to all private sector companies with 15 or more employees and public sector with at least three employees as well as self-employed persons and is overseen by the National Pensions Commission (NPC). Those with less than three employees are not required to contribute.

Pension funds are privately managed exclusively by licensed Pension Fund Administrators (PFA). The main functions of the PFA are to:

1. Ìý

   •ÌýÌýÌýÌý open Retirement Savings Account (RSA) for employees

2. Ìý

   •ÌýÌýÌýÌý invest and manage pension fund assets

3. Ìý

   •ÌýÌýÌýÌý pay of retirement benefits, and

4. Ìý

   •ÌýÌýÌýÌý account for all transactions relating to the pension funds under their management

A list of authorised PFAs is available online.

Employers must register to obtain an identifying Employer Code. This requires:

1. Ìý

   •ÌýÌýÌýÌý a letter requesting the employer code

2. Ìý

   •ÌýÌýÌýÌý a certificate of incorporation/registration from the registering authority

3. Ìý

   •ÌýÌýÌýÌý the Taxpayer's Identification Number (TIN)

(Guidelines