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Nigerian pension reform act 2014
Name: Nigerian pension reform act 2014
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The PRA , which repeals the Pension Reform Act No 2 of , governs and regulates the administration of the contribu- tory pension scheme (the Scheme) in Nigeria. This Newsletter summarises some of the key provisions contained in the version of the Act signed by the President. EXPLANATORY MEMORANDUM. This Act repeals the Pension Reform Act No.2 , and enacts the Pension Reform Act, to continue to govern and. 2, and enact the Pension Reform Act, to make provision for the uniform contributory pension scheme for public and private sectors in Nigeria; and for.
Effectively, this means less than 5% of Nigerians are covered leaving over 95% exposed to social insecurity in their old age. On 1 July , President Goodluck Jonathan signed into law the new Pension Reform Act which repealed the Pension Reform Act of (repealed Act). Any Company that is set up by the Nigeria Social Insurance Trust Fund (NSITF) under the Pension Reform Act No.2 of shall continue to. The Act repeals the Pension Reform Act No.2, and would continue to govern and regulate the administration of the uniform Contributory Pension Scheme (CPS) for both the public and private sectors in Nigeria. The following are the major highlights of the new law.
Pension Reform Act, Printed and Published by The Federal Government Printer. Lagos. Nigeria. FGP 92//3, Annual Subscription from Ist. The Nigerian Pension Reform Act, signed into law July 1, will replace the social security pension system established in Reform Act governs and regulates the administration of the contributory pension scheme for both the public and private sectors in Nigeria. As pervasive as pension regulations appear to be within the economic system of countries the world over, here in Nigeria they are.