Sunday, 22 January 2017

PENSION MANAGEMENT PLAN

The main objectives of this plan is to ensure that any person(s) who worked in either a private or public sector receives their retirement benefits and when due by establishing a uniform set of rules, regulations and standards for the administration of a programmed pension scheme that made provision for payments of retirement benefit to employees.
Both employer and employees are required by to make contributions that represent a percentage of employees' monthly emoluments as defined in the contract of employment. A total emolument is interpreted as that from the employee's basic salary, housing,transport allowance , also additional contribution can be made by individual to their retirement savings account.



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4 comments:

  1. Unknown10 February 2017 at 04:34

    What else can this policy do for me?

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    Replies
    1. Adebayo Ilori11 February 2017 at 11:53

      I believe you can decide to play around with the proceed or withdrawals from your fund account for example by subscribing to an annuity plen .

      Delete
  2. Unknown10 February 2017 at 04:42

    Can I make partial or full withdrawals if necessary?

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    Replies
    1. Adebayo Ilori11 February 2017 at 11:45

      In accordance with the pension reform Act, pension fund is expected to be managed by a PFA ( pension fund administrator ) of your choice. Yes, partial withdrawals is practicable; when a pensioner have met the required conditions as defined by the Act. Thanks

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