Nigeria Pension Calculator: RSA Contributions and Retirement Savings

Project your retirement savings account (RSA) in Nigeria: the 8% and 10% contributions of the Pension Reform Act 2014, voluntary savings and returns.

Basic + housing + transport (₦ a month)

Your contribution (%)

Employer contribution (%)

Voluntary pension contribution (₦ a month)

Current RSA balance (₦)

Years until retirement

Expected return (% a year)

Salary increase (% a year)

RSA balance at retirement

—Monthly contribution

—From you

—From the employer

—Total contributions

—Investment growth

Year	Monthly contribution	Balance

Projection with a steady return compounded monthly; real returns of pension fund administrators vary and are not guaranteed. Voluntary contributions are also tax-deductible.

What it does

Under the Contributory Pension Scheme of the Pension Reform Act 2014, employers with 3 or more staff pay at least 10% and employees at least 8% of their monthly emoluments (basic salary, housing and transport at least) into a retirement savings account (RSA) managed by a pension fund administrator (PFA) of their choice, regulated by PenCom.

How to use it

Type your monthly basic, housing and transport pay and the contribution rates.
Add your current RSA balance, the years to retirement, the expected return and pay rises.
Read the balance at retirement and how it grows year by year.

The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.

Frequently asked questions

How much will my RSA grow in 20 years?
With ₦400,000 a month of basic, housing and transport, 8% from you and 10% from the employer make ₦72,000 a month. At 12% a year for 20 years, ₦17,280,000 of contributions grow to ₦65,607,196.51.

How much do I and my employer contribute?
The Pension Reform Act 2014 sets at least 8% from the employee and 10% from the employer, on monthly emoluments of no less than basic salary, housing and transport allowances. Both may agree to pay more.

When can I take money from my RSA?
At retirement or from age 50, as a programmed withdrawal or an annuity, with a lump sum if what is left still pays at least 50% of your annual pay at retirement. After 4 months without a job you may withdraw up to 25% of the balance.

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