Resource
Federal Republic of Nigeria. Report to the Government. Actuarial assessment of NSITF accrued liabilities under the new Pension Scheme.
Technical Cooperation Series
- English
ILO, International Financial and Actuarial Service
International Labour Office
2006
92-2-118965-1 & 978-92-2-118965-7 (web pdf)
37
Summary (English)
The Government of Nigeria adopted a Pension Reform Act on 25 June 2004 introducing a defined contribution scheme (DC) to replace the Nigeria Social Insurance and Trust Fund (NSITF) that operated under a defined benefit approach (DB). NSITF was preceded by the National Provident Fund (NPF), which operated between 1961 and 1994. The Reform foresaw transitional arrangements for existing pensioners and new arrangements for existing and future contributors. The estimation of existing liabilities under the NSITF was mandated to the ILO who agreed to undertake such calculations to help preserve as much as possible the accrued rights of NSITF members.
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