Pension Reform Act, 2014

PENSION REFORM ACT, 2014

Arrangement of Sections

Section:

PART I - OBJECTIVES AND APPLICATION

1. Objectives.

2. Application.

PART II - ESTABLISHMENT OF A CONTRIBUTORY PENSION SCHEME

3. Establishment of Contributory Pension Scheme.

4. Rate of contribution to the Scheme.

5. Exemption from the Scheme.

6. Supervision of retirement benefits of employees exempted from the Scheme.

PART III - RETIREMENT BENEFITS

7. Retirement benefits.

8. Death of an employee.

9. Missing employees.

10. Exemption from taxes.

PART IV - RETIREMENT SAVINGS ACCOUNT

11. Retirement savings account and remittance of contributions.

12. Contributions of the Federal Government and Federal Capital Territory Administration.

13. Transfer of account from one Pension Fund Administrator to another.

14. Transfer from one employment to another.

15. Transfer of entitlement from defined benefits scheme into the Scheme.

16. Withdrawal from retirement savings account

PART V - THE NATIONAL PENSION COMMISSION

17. Establishment of the National Pension Commission.

18. Objects of the Commission.

19. Governing Board of the Commission.

20. Tenure of office.

21. Cessation of office.

22. Emoluments.

PART VI- FUNCTIONS AND POWERS OF THE COMMISSION

23. Functions of the Commission.

24. Powers of the Commission.

25. Functions and Powers of the Board.

PART VII - MANAGEMENT AND STAFF OF THE COMMISSION

26. Appointment and tenure of the Director - General and Commissioners.

27. Secretary and Legal Adviser.

28. Other staff of the Commission.

29. Service in the Commission.

30. Establishment of Departments, Divisions and Special Units.

31. Executive Committee of the Commission.

PART VIII - FINANCIAL PROVISIONS

32. Fund of the Commission.

33. Expenditures of the Commission.

34. Annual estimates.

35. Accounts and audit.

36. Annual report.

37. Power to borrow.

38. Power to accept gift.

PART IX - TRANSITIONAL PROVISIONS FOR THE PUBLIC SECTOR

39. Federal Government Retirement Benefit Bond Redemption Fund.