What is this new Pension Scheme? The Act which was passed on December 12th, mandated the establishment of a new contributory Three-Tier Pension Scheme with the National Pensions Regulatory Authority NPRA to oversee the efficient administration of the composite pension scheme The New Pension Scheme was launched on 16th September, and its implementation started in January Why the New Pensions Act, ?
To provide pension benefits to ensure retirement income security for workers. To ensure that every worker receives retirement benefit as and when due.
To establish a uniform set of rules and standards for the administration, payment of retirement and related benefits for workers. What is The 3-Tier Scheme. What are the contribution rates and how are they distributed between the Employer and Employee? Again out of the Who can become a member? Who is exempted from the Act ? What are the features of the scheme? It is a 3-tier scheme. The first two are mandatory for all workers. The Third-Tier is a voluntary, fully-funded by members and a privately managed provident fund and personal pension scheme.
The Act is for both the public and private sector workers. Minimum contribution rate — Minimum contribution period is months in aggregate or 15 years. Age Exemption — those who were 55 years and above before the commencement of Act were exempted from this new scheme.
On the other hand, a person who is 55 years and above exempted from the Act may opt to join the scheme. The new scheme includes almost all the various pensions systems in the country. What are the benefits under Act ? Emigration benefit. What are the qualifying conditions for the Superannuation Pension? Old Age Pension Full Pension Must be at least 60 years Must have made a minimum of months 15 yrs aggregate contributions.
Reduced Pension Must be 55 years and above, but below 60 Must have made a minimum of months 15 years aggregate contributions. What are the qualifying conditions for the Invalidity Pension? Qualifying Conditions To qualify for invalidity pension: You must have made a minimum of 12 months in aggregate within the last 36 months with the date of termination of appointment due to your invalidity as the reference point. You must have been declared permanently invalid and incapable of any normal gainful employment: By a qualified and recognized medical officer and Certified by a Regional Medical Board on which a SSNIT Medical Officer is represented.
You will be required to appear before a Medical Board for examination where your invalidity is certified by the Medical Board. What are the qualifying conditions for the Survivor's Lumpsum Benefit?
What are the workers' obligation? Every worker who has an employer-employee relationship must be registered with the Scheme. Every worker should have only one 1 social security number. Use same social security number for your whole working life. The Social Security Number is not transferable. Change your dependants regularly; at least once every five 5 years. A member shall take steps to update or correct any missing or inaccurate information in the Statement of Account presented by SSNIT and support it with any relevant accurate document.
Who is an employer? What are the employer's obligation under Act ? Ensure all employees are registered under the Scheme. They were also given a third that they had not realised was part of the lot.
As the third print, the work of Freud, was attached to pieces of cardboard, the owner took it home thinking the cardboard could be used as an oil drip tray when fixing his motorbike. Gildings Auctioneers, based in Market Harborough, Leicestershire, said the Warwickshire-based couple bought the print - depicting a man's face against a plain background - in the spring. The grandson of psycho-analyst Sigmund, Freud was born in Berlin in and fled from Nazi Germany to Britain with his Jewish family in Freud became an acclaimed portrait artist in a career spanning decades before his death in The print was confirmed to be his work following an inspection by Will Gilding, from Gildings Auctioneers.
He said: "I was delighted to be able to tell this couple that the print they had picked up for less than the price of a takeaway pizza, was indeed the work of arguably the most celebrated British figurative artist of the 20th Century. Send your story ideas to eastmidsnews bbc.
Lucian Freud painting genuine, says BBC. Gildings Auctioneers.
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