Pension reform act of 2006 pdf download

These among other factors forced stakeholders in the sector back to the drawing board to address certain issues and loopholes in the Act. The new Act is an improvement of the former and offers more assurance and safety to workers and retirees.

Some of these major improvements are highlighted below. Private organizations in which there are 15 or more employees are directly under the operation of the Act, while private organizations with less than 15 members will participate in the scheme in accordance with regulations to be stipulated by PenCom at a later date. It stipulates the same penalty for an attempt to commit an offence and the actual commission of the said offence. The Act stipulates increased and stringent penalties for misappropriation.

A fine of N50 million previously N10 million upon conviction, for a corporate entity that act as a PFA or PFC without being licensed by the commission. Executive Committee of the Commission. Fund of the Commission. Expenditures of the Commission. Annual estimates. Accounts and audit. Annual report. Power to borrow. Power to accept gift. Government obligation to be a charge on the Consolidated Revenue Fund.

Determination of gratuity and pension of exempted pensioners. Transfer of assets of the pension offices existing before this Act. Existing pension scheme in the private sector. Closed Pension Fund Administrator. The Commission to regulate closed pension administrator. Pension Fund Administrators. Functions of Pension Fund Administrators. Pension Fund Custodians. Functions of Pension Fund Custodians. Application for a licence as Pension Fund Administrator.

Requirements for licence as a Pension Fund Administrator.. Application for licence as Pension Fund Custodian. Requirements for a licence as Pension Fund Custodian. Refusal of licence. Revocation of licence. A number of these provisions are discussed in the following links. If you have a problem with your retirement plan, free help may be available from the U. Find help now. We're hearing from people around the country who are worried about cuts to their pensions.

These are their stories. This is an admirable example of a multi-authored comparative book. The two editors set the scene very carefully in the opening chapter and the subsequent chapters follow the framework set out and use the concepts explored there.

In this never simple policy area, national systems are explained as clearly as. Pension Reform in Six Countries.