LAGOS STATE PENSION REFORM LAW

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

LAGOS STATE PENSION REFORM LAW

ARRANGEMENT OF SECTIONS

1.       Establishment of a Contributory Pension Scheme for Employees in the Public Service of Lagos State

2.       Objectives of the Scheme

3.       Retirement Age

4.       Notice of Retirement

5.       Refund of Excess Emoluments paid

6.       Withdrawal from retirement savings account

7.       Retirement benefits Constitution

8.       Certificate of Clearance

9.       Dismissal of an employee

10.     Death of an employee

11.     Missing employees

12.     Retirement benefits to be exempted from tax

13.     Pension Reform Act 2004

14.     Rate of Contribution to the Scheme

15.     Life Insurance

16.     Voluntary Contributions by employees

17.     Contribution under the Scheme to form part of tax deductible

18.     Retirement savings account and remittance of contributions,, etc

19.     Transfer of entitlement from defined benefits Scheme into the Scheme

20.     Transfer from one employment to another

21.     Retirement benefits

22.     Establishment of the Lagos State Pension Commission

23.     Objects of the Commission

24.     Composition of the Commission

25.     Tenure of Office

26.     Cessation of Membership

27.     Meeting of the Commission

28.     Quorum and voting

29.     Proceedings

30.     Remunerations

31.     Power to co-opt

32.     Functions of the Commission

33.     Powers of the Commission

34.     Secretary and other Staff of the Commission etc

35.     Fund of the Commission

36.     Estimates

37.     Accounts and Audit

38.     Annual Report, etc

39.     Power to accept gift

40.     Power to borrow

41.     Retirement Benefits Bond Redemption Funds

42.     Establishment of Pension Departments

43.     Functions of the Departments

44.     Payment of pension to existing pensioners and the exempted officers

45.     Funds and assets of existing pension offices etc

46.     The Departments to be supervised by the Commission

47 .    Death of exempted officer in service or in the course of duty

48.     Retirement of exempted officer as a result of incapacity

49.     Departments

50.     Pension Fund Administrators

51.     Functions of the Pension Board Administration

52.     Application for registration as a Pension Fund Administrator

53.     Requirement for registration as Pension Fund Administrator

54.     Publication of list Pension Administrator Fund

55.     Annual report Pension Administrators Fund

56.     Reporting obligation of external auditors

57 .    General obligation of the Pension Fund Administration

5 8.    Specific obligation of the Custodian

59.     Penalty for non-compliance

60.     Pension Fund Administrative expenses, etc

6l .     Minimum pension guarantee

62.     General penalty

63.     Offences relating to misappropriation of pension funds

64.     Offence arising from failure to report fraud and forgeries

65.     Offence by a body corporate

66.     Penalty for refusing to give information, etc

57 .    Jurisdiction

68.     Referral of dispute to the Commission

69.     Arbitration

70.     Arbitral awards

71.     Procedure in respect of suit against the Commission

72.     Service of notice

73.     Power to make regulations

74.     Exemption of pension funds from liquidation process

75.     Interpretations

76.     Repeal

77.     Short Title

SCHEDULE

Pension and Gratuity Computation Percentage

LAW REFORM PENSION LAW

A LAW TO ESTABLISH THE CONTRIBUTORY PENSION SCHEME FOR EMPLOYEES IN THE PUBLIC SERVICE OF LAGOS STATE AND FOR CONNECTED PURPOSES

[Commencement]                                                           [19th March 2007]

THE LAGOS STATE HOUSE OF ASSEMBLY enacts as follows:

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA