What are closed pension schemes?
These are private sector schemes that existed before the Act. They can continue to exist if they can show they were fully funded and that any shortfall is made up within 90 days. The pension assets must be segregated from the assets of the employer /company and transferred/held by a custodian. The employer must have managed pension assets for at least 5 years before the commencement of the Act. Most importantly scheme asset must be N500m and above.
