An Act Of Parliament To Establish A National Social Security Fund, To Provide For Contributions To And The Payment Of Benefits Out Of The Fund; And For Matters Connected Therewith And Incidental Thereto.
Tier I contributions shall be credited to the employee’s Tier I Fund Credit and, subject to the provisions of section 21, Tier II contributions shall be credited to the employee’s Tier II Fund Credit.
Every voluntary member shall contribute to the Provident Fund;
a prescribed proportion of the benefits accruing to a member under this Fund may be assigned and used by the member to secure a mortgage loan from a bank, building society or other similar institutions and on such terms and conditions as may be prescribed under the Retirement Benefits Act.
What are Pension Fund and Provident Fund benefits?
What is the description of Pension Fund Benefits?
What are the requirements of a retirement Pension?
· A survivors’ pension shall be paid to the dependants, if the member dies before pensionable age and was contributing to the Pension Fund at the time of his death and not less than thirty six monthly contributions had been made by the member immediately preceding the date of death.
· The survivors’ pension payable shall, in aggregate, be equal in value to the member’s Pension Fund Credit except that the Tier I Credit in respect of the deceased member shall be increased by an amount equal to the last Tier I monthly contributions multiplied by the lower of half the number of months of potential employment between the member’s date of death and attainment of pensionable age and 90 months.
· The survivors’ pension payable shall be held by the Board on trust, and paid to the nominated beneficiary within one year after the death of the member in such proportions as stipulated by the member for the absolute use and benefit of the beneficiary.
· The Board may exercise its option with regard to any nomination under this section.
· Notwithstanding any written law, a benefit payable by the Fund upon the death of a member shall not form part of the assets in the estate of a member.
· Where a deceased member did not satisfy the qualifying conditions, his dependants shall be entitled to the payment of a lump sum benefit equal to his Pension Fund Credit.
Provident Fund Benefits
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