Our History
About Trustfund
Regulated pensions for employees in the Organized private sector, began in 1961 with the establishment by an Act of Parliament of the National Provident Fund (NPF). The Act provided income loss protection for employees as stipulated by the International Labour Organization (ILO) Convention 102 of 1952 on Social Security (minimum Standard). Under the NPF the monthly contribution was 6% of basic salary, subjected to a maximum of N8.00 to be contributed in equal proportion of N4.00 each by the employer and the employee.
In 1993, the National Provident Fund (NPF) metamorphosed into the Nigeria Social Insurance Trust Fund (NSITF) following the promulgation of the NSITF Decree No 73 of 1993. The Act mandated all employers of labour in the Organized Private Sector (OPS), with a workforce of not less than 5 persons to register as members of the scheme and remit monthly contributions. The NSITF was a Defined Benefits Scheme and the initial monthly contribution was 7.5% of basic salary, of 2.5% to be borne by the employee, and 5% by the employer. This was reviewed upwards in 2001 to 10% of gross salary, 3.5% to be borne by the employee and 6.5% by the employer.
Pension Reform Act 2004
The Pension Reform Act (PRA) No 2 of 2004 was promulgated in 2004. The Act established the Contributory Pension Scheme for employees in the public and organized private sectors to correct the failures of the Defined Benefit Scheme. The Act assigned the administration, management and custody of pension funds to private sector companies, specifically, Pension Fund Administrators (PFAs) and Pension Fund Custodian (PFCs). The Act further mandated the Nigeria Social Insurance Trust Fund (NSITF) to set up its own PFA to compete with other PFAs in the emerging pensions industry and manage the accumulated pension funds of current NSITF contributors.
On the 1st of July 2014, an Act which repealed the Pension Reform Act 2004, was signed into law. The Pension Reform Act (PRA) 2014 had some significant amendments such as the increase of contributions, exemption of military and Department of State Security personnel from the CPS, introduction of new investment outlets and an improved sanctions grid to be implemented by PenCom.
Under the PRA 2014, the rate of contribution is 18% with employers contributing 10% of the employee’s monthly emolument (previously 7.5%) and the employees are to contribute 8% (previously 7.5%). The Act like the previous is binding and applicable nationwide.
The Contributory Pension Scheme (CPS) is designed to be fully funded with individuals opening retirement savings accounts managed by PFAs while pension assets are held by PFCs. The rate of contribution is 15% made up of 7.5% by the employer and 7.5% by the employee. The CPS will be under the strict supervision of a Regulator, the National Pension Commission (PenCom).
Establishment of Trustfund Pensions Limited
In compliance with Section 42 of PRA 2004, NSITF in collaboration with other institutional investors (namely, Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Nigeria Employers Consultative Association (NECA), Skye Bank Plc, Niger Insurance Plc and ChapelHill Denham Management Limited) incorporated Trustfund Pensions Limited (“Trustfund”) and ceded its pensions assets of approximately N54 billion.
Trustfund Pensions Limited, got its license to operate as a PFA from PenCom on January 13th, 2006 and commenced operations immediately. The Company’s mission statement is to create future value for the economically active workforce: to assure a quality standard of living at retirement. Its vision statement is to be the leader and market maker for funds management in the Pension Services Industry
Trustfund at 20: Two Decades of Trust, Growth & Excellence
Since commencing operations in 2006, Trustfund Pensions Limited has grown into an industry leader in pension management. Remaining steadfast in delivering value and securing the futures of our customers, we have built a nationwide presence spanning 44 branches and service centers, supported by a dedicated team of 387 professionals. As of 31st December 2023, our journey of impact is marked by:
- ₦1.03 trillion in Assets Under Management (AUM)
- ₦20.5 billion in Shareholders’ Fund
- ₦10.08 billion in Total Revenue
- ₦3.8 billion in Profit Before Tax
This milestone is more than just numbers—it demonstrates our resilience, unwavering commitment and the trust reposed in us by our customers, partners and stakeholders. As we step into the future, we are not just reflecting on our legacy; we are embracing a bolder, brighter and even more impactful future.
The best is yet to come! Here’s to the next chapter of trust, innovation, leadership and excellence—because at Trustfund, Trust is our Foundation!
Looking Forward
On September 8th, 2016, the shareholders of Trustfund Pensions Limited took the bold step of re-registering the Company as a Private Limited Liability Company. The re-registration of the company will increase stakeholders’ value and also impact positively on the growth trajectory for the next 10 years.
Trustfund, in addition to adding value to its stakeholders, prides itself on being ethical and is committed to rendering excellent customer service delivery to its teeming customers.