Pension Reform Act, 2004 🇳🇬

Nigeria Repealed: 2014-07-01

Repeal Notice

This legislation was repealed on 2014-07-01 by Pension Reform Act, 2014

Preface

Part I – Establishment and objectives of Contributory Pension Scheme for Employees in the Public and Private Sectors

1. Establishment of a Contributory Pension Scheme for employees in the Public and Private Sectors

2. Objectives of the Scheme

3. Withdrawal from retirement savings account

4. Retirements benefits

5. Death of an employee

+8 more sections

Part II – Establishment and composition of the National Pension Commission, etc.

14. Establishment of the National Pension Commission, etc.

15. Object of the Commission

16. Membership of the Commission

17. Tenure of office

18. Cessation of membership

+1 more sections

Part III – Functions and powers of the Commission

20. Functions of the Commission

21. Powers of the Commission

Part IV – Staff of the Commission

22. Secretary and other staff of the Commission, etc.

Part V – Financial provisions

23. Funds of the Commission

24. Estimates

25. Accounts and audit

26. Annual report, etc.

27. Power to accept gift

+1 more sections

Part VI – Transitional provisions

29. Retirement Benefits Bond Redemption Funds

30. Establishment of Pension Department

31. Composition of the Department

32. Functions of the Department

33. Payment of pension to existing pensioners and the exempt officers

+5 more sections

Part VII – Transitional provisions for the private sector

39. Existing pension schemes in the private sector, etc.

40. Closed pension fund administrator

41. Any employer in the private sector managing its pension fund assets to be regulated by the Commission

42. Transfer of pension fund assets of the Nigeria Social Insurance Trust Fund

43. Transfer of pension fund assets of the police and paramilitary

Part VIII – Pension fund administrators and custodians

44. Pension fund administrators

45. Functions of the pension fund administrators

46. Pension assets custodian

47. Functions of the custodian

48. Failure of pension fund administrator or custodian to obtain licence

+23 more sections

Part IX – Investment of pension fund

72. Investment of pension funds

73. How pension fund assets are to be invested

74. Investment outside

75. Restricted investment

76. Restriction on sale of pension fund assets

+2 more sections

Part X – Supervision and examination

79. Supervision and examination of pension fund administrators, etc.

80. Appointment of examiners

81. Powers of examiners

82. Examination reports

83. Power of the Commission to order a special examination

+1 more sections

Part Xl – Offences, penalties and enforcement powers

85. General penalty

86. Offences relating to misappropriation of pension funds

87. Offences relating to custodian

88. Power of the Commission to apply additional sanctions

89. Offences by body corporate

+2 more sections

Part XII – Dispute resolution

92. Referral of dispute to the Commission

93. Arbitration

94. Arbitral awards

Part XIII – Legal proceedings

95. Procedure in respect of suit against the Commission

96. Service of notice

Part XIV – Miscellaneous provisions

97. Power to make regulations

98. Exemption of pension funds from liquidation process

99. Repeal, savings, etc.

100. Consequential amendments

101. Enactments inconsistent with this Act

+2 more sections

First Schedule [Section 8 (3)]

Second Schedule [Section 16 (5)]

Paragraph 1.

Paragraph 2.

Paragraph 3.

Paragraph 4.

Paragraph 5.

+10 more sections

Pension Reform Act, 2004

Published in Official Gazette supplement 60 on 30 June 2004
Assented to on 25 June 2004
Commenced on 25 June 2004
[This is the version of this document from 30 June 2004.]

[Repealed on 1 July 2014 by Pension Reform Act, 2014 (Act 4 of 2014)]

An Act to establish a Contributory Pension Scheme for employees in the Public Service of the Federation, Federal Capital Territory and Private Sectors in the Federal Republic of Nigeria.

Part I – Establishment and objectives of Contributory Pension Scheme for Employees in the Public and Private Sectors

1. Establishment of a Contributory Pension Scheme for employees in the Public and Private Sectors

(1)There shall be established for any employment in the Federal Republic of Nigeria, a Contributory Pension Scheme (in this Act referred to as "the Scheme") for payment of retirement benefits of employees to whom the Scheme applies under this Act.

(2)Subject to section 8 of this Act, the Scheme shall apply to all employees in the Public S…

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Pension Reform Act, 2004 🇳🇬

Repeal Notice

Table of Contents

Pension Reform Act, 2004

Part I – Establishment and objectives of Contributory Pension Scheme for Employees in the Public and Private Sectors

1. Establishment of a Contributory Pension Scheme for employees in the Public and Private Sectors

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