A key feature of the Contributory Pension Scheme (CPS) is the periodic growth in the pension contributions of Retirement Savings Account (RSAs) holders
A key feature of the contributory pension scheme is the periodic growth in the pension contributions of retirement savings account in safe financial instruments for fair returns.that constitute the total pension fund assets under the CPS, which are often cited as a key performance indicator of the scheme.
Also, section 85 states that “Pension funds and assets shall only be invested in accordance with regulations and guidelines issued by the Commission, from time to time”. The Regulation on Investment of Pension Fund Assets provides that pension funds and assets shall be invested in bonds, bills and other securities issued by the Federal Government through the Central Bank of Nigeria, as well as State and Local Governments; Bonds, debentures, redeemable shares and other debt instruments issued by corporate entities and listed onregistered under the Investment and Securities Act; ordinary shares of public limited companies listed on a Stock Exchange under the...
Meanwhile, a key benefit of the CPS is that the investment returns generated from pension contributions are compounded over the years, thus resulting in increased RSA balances that avail the contributor of greater financial security during retirement. Indeed, due to the sound investment regulatory framework issued by PenCom, returns on investment have been fair over time such that it contributes a significant proportion of the RSA balances of contributors., it is important for employees to monitor andThe employers are obliged by law to deduct and remit pension contributions into their employees’ RSAs not later than seven working days from the date salaries are paid.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pension Insight: PenCom’s framework simplifies pension consumers’ complaints resolutionNigeria's independent online newspaper
Read more »
Police retirees storm N’Assembly, protest unpaid pensionsPolice retirees under the Contributory Pension Scheme (CPS) stormed the National Assembly in Abuja, yesterday, in protest over unpaid pensions and their forced inclusion in the CPS.
Read more »
Pension Insight: What workers should do for a rewarding retirementNigeria's independent online newspaper
Read more »
C’River Assembly impeaches Speaker as CPS debunks devtThe Cross River State House of Assembly Speaker, Elvert Anyambem, has been impeached. The impeachment, which occurred
Read more »
PSC promotes five DIGs, 15 CPs, 36DCPs, 61 ACPsThe Police Service Commission has approved the appointment of AIG Yahaya Sahabo Abubakar as Deputy Inspector General of Police. Ikechukwu Ani, Head of Press and Public Relations, said in a statement on Friday that DIG Yahaya Sahabo was, until his appointment, the AIG in charge of Zone 14 Katsina.
Read more »
PSC appoints Abubakar DIG, promotes nine AIGs, 15 CPs, othersThe Police Service Commission has appointed Yahaya Sahabo Abubakar as Deputy Inspector General (DIG) and promoted 122 Police officers
Read more »