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PENSION REFORM ACT 2004
[EDITOR’S NOTE: THIS ACT HAS BEEN AMENDED BY THE PENSION REFORM (AMENDMENT) ACT, 2011 AND REPEALED BY THE PENSION REFORM (REPEAL AND RE-ENACTMENT) ACT 2014]
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PART I – ESTABLISHMENT AND OBJECTIVES OF CONIRIBUTORY PENSION SCHEME FOR EMPLOYEES IN THE PUBLIC AND PRIVATE SECTORS
1. Establishment of a Contributory Pension Scheme for employee in the public and private sectors.
2. Objectives of the Scheme.
3. Withdrawal from retirement savings account.
4. Retirements benefits.
5. Death of an employee.
6. Missing employees.
7. Retirement benefits to be exempted from tax.
8. Exemption from the Scheme.
9. Rate of contribution to the Scheme.
10. Contribution under the Scheme to form part of tax deductible expenses.
11. Retirement Savings Account and remittance of contributions, etc.
12. Transfer of entitlement from defined benefits scheme into the Scheme.
13. Transfer from one employment to another.
PART II – ESTABLISHMENT AND COMPOSITION OF THE NATIONAL PENSION COMMISSION, ETC.
14. Establishment of the National Pension Commission, etc.
15. Object of the Commission.
16. Membership of the Commission.
17. Tenure of office.
18. Cessation of membership.
19. Emoluments, etc.
PART III – FUNCTIONS AND POWERS OF THE COMMISSION
20. Functions of the Commission.
21. Power of the Commission.
PART IV – STAFF OF THE COMMISSION
22. Secretary and other staff of the Commission.
PART V -FINANCIAL PROVISIONS
23. Funds of the Commission.
24. Estimates.
25. Accounts and Audit.
26. Annual reports, etc.
27. Power to accept gift.
28. Power to borrow.
PART VI – TRANSITIONAL PROVISIONS
Establishment of Transitional Provisions for the Public Sector
29. Retirement Benefits Bond Redemption Fund.
30. Establishment of Pension Department.
31. Composition of the Department.
32. Functions of the Department.
33. Payment of pension to existing pensioners and exempt officers.
34. Funds and assets of existing pension office.
35. The Department to be supervised by the Commission.
36. Death of exempt officer in Service or in course of duty.
37. Retirement of exempt officer as a result of incapacity.
38. Cessation of Department, etc.
PART VII – TRANSITIONAL PROVISIONS FOR THE PRIVATE SECTOR
39. Existing pension schemes in the private sector, etc.
40. Closed pension fund administrator.
41. Any employer in the private sector managing its pension fund assets to be regulated by the Commission.
42. Transfer of pension fund assets of the Nigeria Social Insurance Trust Fund.
43. Transfer of pension fund assets of the Police and Paramilitary.
PART VIII – PENSION FUND ADMINISTRATORS AND CUSTODIANS
44. Pension fund administrators.
45. Functions of the pension fund administrators.
46. Pension assets custodian.
47. Functions of the custodians.
48. Failure of pension fund administrator or custodian to obtain licence.
49. Application for licence as a pension fund administrator.
50. Requirements for a licence as a pension fund administrator Cap. 59 LFN 1990.
51. Application for licence as custodian.
52. Requirements for licence as a custodian.
53. Refusal of licence.
54. Revocation of licence, etc.
55. Publication of list of pension fund administrators.
56. Proper books of accounts and audit of the pension fund administrators and custodians.
57. Annual reports by pension fund administrators and custodians.
58. Reporting obligation of the pension fund administrators and custodians.
59. General obligation of external auditors.
60. Specific obligation of the custodian.
61. Returns on frauds and forgeries.
62. Notification of dismissed staff, etc.
63. Prohibited employment.
64. Penalty for non-compliance.
65. Certain prohibited transactions.
66. Risk Management and Investment Committees and their functions.
67. Appointment of Director and Chief Executive Officer.
68. Compliance Officer.
69. Pension fund administrators to maintain statutory reserve.
70. Pension fund administrative expenses, etc.
71. Minimum pension guarantee.
PART IX – INVESTMENT OF PENSION FUND
72. Investment of pension funds.
73. How pension fund assets are to be vested.
74. Investment outside.
75. Restricted investment.
76. Restriction on sale of pension fund assets.
77. Additional restrictions on investment.
78. Penalty for non-compliance.
PART X – SUPERVISION AND EXAMINATION
79. Supervision and examination of pension fund administrators, etc.
80. Appointment of examiners.
81. Power of examiners.
82. Examination reports.
83. Power of the Commission to order a special examination.
84. The duty to produce information to examiners, etc.
PART XI – OFFENCES, PENALTIES AND ENFORCEMENT POWERS
85. General penalty.
86. Offences relating to misappropriation of pension funds.
87. Offences relating to custodian.
88. Power of the Commission to apply additional sanctions.
89. Offence by body corporate.
90. Penalty for refusing to give information, etc.
91. Jurisdiction -1999 No. 24.
PART XII -DISPUTE RESOLUTION
92. Referral of dispute to the Commission.
93. Arbitration Cap. 19 LFN.
94. Arbitral awards.
PART XIII – LEGAL PROCEEDING
95. Procedure in respect of suit against the Commission.
96. Service of notice.
PART XIV – MISCELLANEOUS PROVISIONS
97. Power to make regulations.
98. Exemption of pension funds from liquidation process.
99. Repeal, savings, etc.
100. Consequential amendments Cap. 23 LFN 1990.
101. Enactments inconsistent with this Act.
102. Interpretations.
103. Short title.
Schedules.
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ENACTED by the National Assembly of the Federal Republic of Nigeria-
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ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED)
LAWS MADE BY THE NATIONAL ASSEMBLY OF NIGERIA [1999 – 2019]