On 1 July 2014, Nigeria's Pension Reform Act was signed into law. The key aspects of the law include:
- Increased employer pension contributions from 7.5% to 10%
- Increased employee pension contributions from 7.5% to 8%
- Employers are allowed to provide both the employer and employee contributions
- Employers must provide a life insurance policy equal to a minimum of 3 times the employee's emolument
The law also includes provisions concerning pension withdrawals, including that employees may wit…