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Know Your Pension Rights As An Employee. by Nk (f): 3:22pm on July 2

100Level, Nigeria.
Employees under the Contributory Pension Scheme, CPS, have the right to determine how to access retirement benefits as provided under the enabling law, The Pension Act (2014).
A brief citing of the provisions in the Act would give you a starting point for exercising your pension rights.“Section 7(1) provides that a holder of a retirement savings account shall, upon retirement or attaining the age of 50 years, whichever is later, utilize the amount credited to his retirement savings account for the following benefits: withdraw a lump sum from the total amount credited to his retirement savings account provided that the amount left after the lump sum withdrawals shall be sufficient to procure a programmed monthly or quarterly withdrawals calculated on the basis of an expected life span or annuity for life purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payment. The decision to access benefits either through programmed withdrawal or annuity is the sole right of the employee.

“The right to contributions to the Scheme forming part of tax deductible expenses in computation of tax payment as well as retirement benefits being exempted from taxation. Section 10 of the Act provides that notwithstanding the provisions of any other law, contributions to the Scheme under the Act shall form part of tax deductible expenses in the computation of tax payable by an employer and employee under the relevant Income Tax Law; moreover, all interests, dividends, profits, investment and other income accruable to pension funds and assets under the Act, as well as any amount payable as a retirement benefit under this Act shall not be taxable.

“The other right, is the right to choose a Pension Fund Administrator (PFA). Section 11(2) provides that an employee to whom the Act applies shall notify his employer of the Pension Fund Administrator chosen by him. This means that the worker, has the sole right to choose a PFA, with no interference by the employer.”
Source: vanguardngr

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