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THE CONTRIBUTORY PENSION SCHEME: WHAT YOU NEED TO KNOW.
The contributory pension scheme (CPS) is an arrangement whereby employees and employers are mandated to collectively contribute a percentage of an employee’s emolument from where the employee will be paid retirement benefits.
The Scheme (CPS) was established by Section 3 of the Pension Reform Act, 2014 and is regulated by the National Pension Commission.
The CPS ensures that every worker receives his retirement benefits as at when due and mitigates the challenges faced by pensioners in our today Nigeria.
The scheme also guarantees protection of the pension assets with:
1. Pension assets cannot be used to meet the claim of creditors, be seized, be sold be granted as loan.
2. Benefits can be paid to beneficiaries of a deceased contributor.
3. Pension assets cannot be subject to execution of a judgment or estopped from being transferred to another custodian.
The contributory pension scheme which is indeed commendable guarantees every contributor his/her entitlements and withdrawal upon fulfillment of the requisite conditions as stipulated by section 7 of the Pension Reform Act.
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This is banker-customer dispute, wherein the Respondent as plaintiff at the trial court took out a Writ of Summons before the Niger State High Court, Coram; Honourable Justice Mariyam Ismaila J. complaining of the negligent conduct of the bank in the handling of his account in an online transaction, which amounted to a breach of it’s duty of care and fiduciary duty.
This is a Banker-Customer dispute that commenced before the Federal Capital Territory High Court Coram: U.P Kekemeke.J wherein the claimant challenged the Post-No-Debit (PND) and/or Freezing Order placed on its account domiciled with the Bank without an Order of court. pleadings were filed and exchanged and the matter proceeded to trial.