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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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