PROCEDURAL STEPS ON ASSESSMENT AND VERIFICATION IN FILING COURT PROCESSES IN THE FCT
HIGH COURT OF THE FEDERAL CAPITAL TERRITORY, ABUJA. PROCEDURAL STEPS
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PENSION REFORM ACT, 2014
EXPLANATORY MEMORANDUM
This Act repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria.
PENSION REFORM ACT, 2014
ARRANGEMENT OF SECTIONS
Section:
PART I – OBJECTIVES AND APPLICATION
1. Objectives.
2. Application.
PART II – ESTABLISHMENT OF A CONTRIBUTORY PENSION SCHEME
3. Establishment of Contributory Pension Scheme.
4. Rate of contribution to the Scheme.
5. Exemption from the Scheme.
6. Supervision of retirement benefits of employees exempted from the Scheme.
PART III – RETIREMENT BENEFITS
7. Retirement benefits.
8. Death of an employee.
9. Missing employees.
10. Exemption from taxes.
PART IV – RETIREMENT SAVINGS ACCOUNT
11. Retirement savings account and remittance of contributions.
12. Contributions of the Federal Government and Federal Capital Territory Administration.
13. Transfer of account from one Pension Fund Administrator to another.
14. Transfer from one employment to another.
15. Transfer of entitlement from defined benefits scheme into the Scheme.
16. Withdrawal from retirement savings account
PART V – THE NATIONAL PENSION COMMISSION
17. Establishment of the National Pension Commission.
18. Objects of the Commission.
19. Governing Board of the Commission.
20. Tenure of office.
21. Cessation of office.
22. Emoluments.
PART VI- FUNCTIONS AND POWERS OF THE COMMISSION
23. Functions of the Commission.
24. Powers of the Commission.
25. Functions and Powers of the Board.
PART VII – MANAGEMENT AND STAFF OF THE COMMISSION
26. Appointment and tenure of the Director – General and Commissioners.
27. Secretary and Legal Adviser.
28. Other staff of the Commission.
29. Service in the Commission.
30. Establishment of Departments, Divisions and Special Units.
31. Executive Committee of the Commission.
PART VIII – FINANCIAL PROVISIONS
32. Fund of the Commission.
33. Expenditures of the Commission.
34. Annual estimates.
35. Accounts and audit.
36. Annual report.
37. Power to borrow.
38. Power to accept gift.
PART IX – TRANSITIONAL PROVISIONS FOR THE PUBLIC SECTOR
39. Federal Government Retirement Benefit Bond Redemption Fund.
40. Government obligation to be a charge on the Consolidated Revenue Fund.
41. Federal Capital Territory Retirement Benefits Bond Redemption Fund.
42. Establishment of Pension Transitional Arrangements Directorate for the
Public Service of the Federation
43. Miscellaneous Provisions Relating to Pension Arrangement Transitional Arrangements Directorate for the Public Service of the Federation.
44. Establishment of Pension Transitional Arrangements Directorate for the Federal Capital Territory.
45. Functions of the Federal Government and Federal Capital Territory Pension Transitional Arrangements Directorates.
46. Determination of gratuity and pension of exempted pensioners.
4 7. Transfer of assets of the pension offices existing before this Act.
48. Power of the Commission to regulate and supervise the Federal Government and Federal Capital Territory Pension Transitional Arrangements Directorates.
49. Cessation of the Federal Government Pension Transitional Arrangements Directorate and the Federal Capital Territory Pension Transitional Arrangements Directorate.
PART X – TRANSITIONAL PROVISIONS FOR PRIVATE SECTOR
50. Existing pension scheme in the private sector.
51. Closed Pension Fund Administrator.
52. The Commission to regulate closed pension administrator.
PART XI – PENSION FUND ADMINISTRATORS AND PENSION FUND CUSTODIANS
53. Funds with Nigeria Social Insurance Trust Fund.
54. Pension Fund Administrators.
55. Functions of Pension Fund Administrators.
56. Pension Fund Custodians.
57. Functions of Pension Fund Custodians.
58. Application for a licence as Pension Fund Administrator.
59. Operating as Pension Fund Administrator or Pension Fund Custodian without licence.
60. Requirements for licence as a Pension Fund Administrator ..
61. Application for licence as Pension Fund Custodian.
62. Requirements for a licence as Pension Fund Custodian.
63. Refusal of licence.
64. Revocation of licence.
65. Publication of list of Pension Fund Administrators and Pension Fund Custodians.
66. Proper books of account and audit of the Pension Fund Administrators and Pension Fund Custodians.
67. Annual reports by Pension Fund Administrators.
68. External auditor’s obligation to report to the Commission.
69. General obligations of the Pension Fund Administrator and Pension Fund Custodian.
70. Specific obligation of the Pension Fund Custodian.
71. Agreements or arrangements requiring consent of the Commission.
72. Operation of branch offices by a Pension Fund Administrator and a Pension Fund Custodian.
73. Returns on frauds and forgeries.
74. Notification of dismissed staff.
75. Prohibition of employment.
76. Penalty for non-compliance.
77. Prohibited transactions.
78. Risk Management and Investment Strategy Committee.
79. Appointment of chief executive officers for Pension Fund Administrators and Pension Fund Custodians.
80. Compliance officer.
81. Statutory Reserve .Fund.
82. Pension Protection Fund.
83. Pension fund administrative expenses.
84. Minimum pension guarantee.
PART XII – INVESTMENT OF PENSION FUND
85. Investment of pension funds.
86. Modes of investments of pension funds.
87. Investment outside Nigeria.
88. Restricted investment.
89. Restriction on sale of pension fund assets.
90. Additional restriction on investments.
91. Penalty of Pension Fund Administrator for non-compliance.
PART XIII – SUPERVISION AND EXAMINATION
92. Supervision and examination of Pension Fund Administrators and Pension Fund Custodians.
93. Appointment of examiners.
94. Powers of examiners.
95. Examination reports.
96. Powers of the Commission to order special investigation.
97. Duty to produce information to examiners.
98. Special powers of the Commission to intervene in the management of Pension Fund Administrators and Pension Fund Custodians.
PART XIV – OOFFENCES, PENALTIES AND ENFORCEMENT POWERS
99. Offences and penalties.
100. Offences relating to misappropriation of pension funds
101. Offences relating to Pension Fund Custodian.
I 02. Power of the Commission to impose additional sanctions.
103. Offences by body corporate.
104. Penalty for refusing to give information, etc.
105 Jurisdiction.
PART XV – MISCELLANEOUS
106. Disputes resolution.
107. Arbitration and arbitral awards.
108. Application of Public Officers Protection Act.
l 09. Limitation of legal actions.
110. Service of notice.
111. Restriction on execution against the property of the Commission.
112. Indemnity.
113. Obligation of confidentiality by Pension Fund Administrators and Pension Fund Custodians.
114. Obligation of confidentiality by the Commission.
115. Power to make regulations.
116. Exemption of pension funds from liquidation process or garnishee Proceedings
117. Repeal and savings provision.
118. Transitional provisions.
119. Enactments inconsistent with this Act.
120. Interpretation.
121. Citation
Schedules
PENSION REFORM ACT, 2014
An Act to repeal the Pension Reform Act No. 2, 2004 and enact the Pension Reform Act, 2014 to make provision for the uniform contributory pension scheme for public commencement and private sectors in Nigeria ; and for related matters.
ENACTED by the National Assembly of the Federal Republic of Nigeria-
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2 Responses
Hello,
Please, i will like to know the penalty for an Employer who deduct Pension from Employee salary but failed to remit both Employer 10% and Employee 8% into Employee pension account. Your swift quick response will be highly appreciated.
Dear Sir,
Thank you for your inquiry.
The proper counsel would be to find a lawyer close to your address and lay out the facts of your own case to that lawyer. That lawyer would then look at the applicable law and past cases to give you an advice that would work for you. There is no one shoe fits all advice for you. Everything will depend on the specific facts of your case as analysed by a specific lawyer.
Thank you.
Sam for LawNigeria