Pension Thieves Risk 10 Years Jail Term - Politics - Nairaland
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| Pension Thieves Risk 10 Years Jail Term by paramedic: 7:45am On Jul 02, 2014 |
[b] President Goodluck Jonathan on Tuesday assented to the Pension Reform Bill (2014) at the State House, Abuja. The bill was recently passed into law by the National Assembly. The Pension Reform Act 2014 repeals the Pension Reform Act 2004. The new law prescribes a 10-year jail term for anyone who misappropriates pension funds. The law also reviewed upwards, the minimum rate of pension contribution from 15 per cent to 18 per cent of monthly emolument, where 8 per cent will be contributed by employee and 10 per cent by the employer. This is aimed at providing additional benefits to workers’ Retirement Savings Accounts (RSA), and thereby enhance their monthly pension benefits at retirement. The Act expanded the coverage of the Contributory Pension Scheme (CPS) in the private sector organisations with three employees and above, in line with the drive towards informal sector participation. Under the old law, only employers in the private sector with a minimum of five employees were mandated to join the Contributory Pension Scheme. To ensure safety of pension funds, the law also prescribes other punishments besides the 10-year jail term for anyone who misappropriates pension funds. It also provides for a fine of N10 million against any Pension Fund Administrator (PFA) that fails to meet the obligations of the contributors. Each of the directors of the PFA will also pay N5 million as fine. This is apart from refunding three times higher, the amount embezzled by him or her. The law also stipulates that whoever attempts to misappropriate pension funds, would on conviction, be liable to the same punishment as it is prescribed for the full offence in the law. It added that all monies received as penalty by the National Pension Commission (PenCom) must be paid into the Pension Protection Fund, which would have been established under Section 82 of the law. In addition to payment of fines and serving the required jail terms, the law provides that anyone who misappropriates pension funds must forfeit to the Federal Government, any property, asset or fund with interest on the stolen money. The 2014 Act also empowers PenCom, subject to the fiat of the Attorney General of the Federation, to institute criminal proceedings against employers who persistently fail to deduct and/or remit pension contributions of their employees within the stipulated time. This was not provided for by the 2004 Act. While taking into cognisance the paramount principle of ensuring the safety of pension fund assets, the Pension Act also makes provisions that will enable the creation of additional permissible investment instruments to accommodate initiatives for national development, such as investment in the real sector, including infrastructure and real estate development.[/b] http://dailyindependentnig.com/2014/07/pension-thieves-risk-10-years-jail-term/ |
| Re: Pension Thieves Risk 10 Years Jail Term by babylawyr(f): 1:37pm On Jul 07, 2014 |
please i need a copy of the new Pension Reform Act |
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