Section 21: Retirement benefit fund for employees of the Corporation

(1) The Board shall make rules for the establishment and maintenance of a fund to be known as the "National Insurance Corporation of Nigeria Pension and Welfare Fund", for providing pensions to employees of the Corporation, and in the case of injuries or death of such employees, for providing benefits to them or their dependants,
(2) Provisions shall be made by the rules for the payment of contributions to the said fund by the Corporation or the employees of the Corporation, or both, as the Minister may direct or require.
(3) Rules made for the purpose of this section shall not have effect, until approved by the Minister.