Monday, 15 December 2014

The Beauty of the New Pension Scheme -Odunze Reginald




orelowitz.co.za

In May 2001, Engineer Mike Agboola  retired as the chief Engineer of  Deck Engineering services Ltd. As at that the time Agboola was retiring he was full hope, aspiring into the next phase of his life as a senior citizen, He quickly rushed to the schedule officer, who has been handling pension issues in the company. The schedule officer referred him to the authorities concerned, on reaching Agboola discovered that his name was not in the master list , the schedule officer has misappropriated the money, an order was issued for his immediate arrest but before they could muster the necessary documents to get hold of him, he has escaped and find his way to a foreign country. Engineer Agboola was left without any pension, the family of 5 were in serious dire need of the basic things of life, coupled with Agboola first son who was completing his medical course.
Engineer Agboola died few years later, a dissatisfied man, the son had a negative picture of the state of the Nigeria economy and pensions, but with the help of relatives, he was able to complete his medical profession. and eventually found his way outside the shores of Nigeria,  practicing  his medical profession and any time he remembers his father, he vowed that he will not put his services to the country.
These were the state of pension in Nigeria prior to the 2004 Pension Reform Act. But all that have change, the pensioners in this new scheme are happier , able to access their money as at when due as the objective of the scheme in 2004 as in enshrined  Section 2 subsection a, b and c
(a) ensure that every person who worked in either the Public Service of the
Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due:
(b) assist improvident individuals by ensuring that they save in order to cater for their livelihood during old age: and .
(c) establish a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the Public Service of the Federation, Federal Capital Territory  and the Private Sector.
And   in Pension Reform Act 2014, the objective under section 1 subsection a, b,c and d
(a)establish a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the Public Service of the Federation, Federal Capital Territory , state Government, Local Government  and the Private Sector.
(b)Make provision for smooth operation of the pension scheme.
       (C) ensure that every person who worked in either the Public Service of the
        Federation, Federal Capital Territory or  public service of the State Government , or the public service        of the Local Government and Private Sector receives his retirement benefits as and when due:
       d) assist improvident individuals by ensuring that they save in order to cater for their   livelihood during old age.
From the objectives of the scheme it should be noted that the basic objective is to receive your retirement benefit as at when due, anything short of that, may not augur well to the pensioners.
And when this is achieved, the pensioner desires and aspirations are achieved, no matter how small the benefit may look, it tend to make the retiree live longer and happily.
 
Culled from reginaldodunze.blogspot.com(REGINALD ODUNZE.COM)

No comments:

Post a Comment