NIGERIAN PENSION ADMINISTRATION

Content

 

Introduction to Pension Administration

  • Overview of Pension Administration
  • Why? And Important of Pension Administration
  • Retirement with Pension
  • Emerging Issues in Pension Administration

 

Types of Pensions Available in Nigeria

  • Retiring Pension
  • Compensatory Pension
  • Superannuating Pension
  • Compassionate Allowance

 

The New Pension Act

  • Retirement Savings Account
  • Employees’ and Employers’ Contribution
  • The Pension Contribution Rate

 

Major Players in the New Pension Reform Scheme

  • Nigerian Pension Commission (PenCom)
  • Pension Fund Administrators (PFAs)
  • Pension Fund Custodians (PFCs)
  • Closed Pension Funds Administration (CPFAs)

 

Challenges of the New Scheme

  • Inadequate Coverage
  • Risk Management
  • Investment Outlets
  • Lack of Transparency
  • Financial Limitation of Workers

 

Future Pension Industry

  • Retirement Savings for Mortgages
  • Mergers and Acquisitions
  • Introduction of Biometric Technology
  • Investment of Pension Funds

FOR WHOM: Directors, Managers, Supervisors, Human Resources Managers, Union Leaders, Team Leaders, and All Employees working in an Organization.

DATE:          27th – 29th April, 2022

26th – 28th October, 2022

 

Objective

Older persons are a particularly vulnerable group of people, due to a decline in their physical, mental and consequently economic powers. In Nigeria, westernization and urbanization is also eroding away the traditional extended family kinship system which hitherto took care of the elderly. On account of the problems associated with the old pension scheme in Nigeria, the government developed a new scheme. Hence, the scheme may not necessarily translate into economics security for the retired. There is therefore the need for PenCom to be strengthened as an institution, to enable it carry out its operations more effectively. Secondly, investment outlets need be expanded so that more opportunities for investments may be available, thereby expanding the income from investments. Also, the pension houses have to be more transparent to allow pensioners the benefit of informed decision as to which pension house to engage. This workshop is designed to teach participants some aspects of the evolution of the new scheme, and finds that the scheme is limited in terms of coverage, investment outlets, lack of transparency, and financial limitation of workers.

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