A Study Of Impact And Implication Of Restructuring The Nigerian Pension Schemes

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A Study Of Impact And Implication Of Restructuring The Nigerian Pension Schemes

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PROJECT TOPIC AND MATERIAL ON A STUDY OF IMPACT AND IMPLICATION OF RESTRUCTURING THE NIGERIAN PENSION SCHEMES

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  • Name: A Study Of Impact And Implication Of Restructuring The Nigerian Pension Schemes
  • Type: PDF and MS Word (DOC)
  • Size: [70 KB]
  • Length: [56] Pages

 

 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY:

A pension scheme is a planned program, which enable corporate organization to acquire and set aside fund to cater for the well being of their staff after retirement from active service.

According to pension reform Act of 2004 by the Obasenjo led administration (Aderinokun&Adoba, 2004, National Pension Commission, 2008).

The reform is contributory in nature with the intent ofensuring that every person who has worked in either thepublic or private sectors receives his or her retirementbenefit as in when due. The reform was to serve associal welfare scheme for the aged, by ensuring thatworkers save to cater for their livelihood during old age(National Pension Commission, 2005; Sule, 2009).The scheme enables pension to benefits to be paid to the beneficiaries. It could be paid to retired employee, a widow or a disabled person. There are legal and administrative procedures and processes made to facilitate the realization of this objective in both to public and private sectors of our economy. Pension benefits are given for meritorious services to the organization.

The scheme is classified into two parts:

(a) A non-funded plan where the fund is under the control of employer. This is where payment to retired employees are made directly from operations by the organization as they become due without accumulation of funds. This is obtainable in the public services system and

(b) Contributory plan – where the employees bears parts of the cost (i.e. employees pay some portion for example, 10% of their gross monthly income, while the employer pays 15% of the gross monthly income. Organizations specific in their pension plan, the number of years an employee has to service before he/she qualifies for pensions. In Nigeria, most organization currently allows a minimum of five and ten years for gratuity and pension respectively.

The organizations that run a pension fund scheme usually have a pension board, such as the local government staff pensionsboard. There is also the Nigeria Social Insurance Trust Fund (NSITF), which now replaces the former national provident fund. This caters mainly for the needs of the private sector. When establishment pension plans through “retirement plans”, that qualify under the international Revenue Code, approval would be sought from the Joint Tax Board, so that the deductions would be tax-free.

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