Pension Reforms: The Threat of Non Compliance and Non Sanction

The laudable Contributory Pension scheme is now under threat. The threat of non-compliance and non-sanction is making the reform bleed. According to Vangard of 16th Dec 2019 “None of the 36 states of the federation and the Federal Capital Territory, FCT, Abuja, is fully complying with the Pension Reform Act, 2014, as amended. Investigations revealed that all the states and FCT are breaching the act in one way or the other.”Speaking on the development, a former board member of PenCom, Issa Aremu, said: “It is a scandal that as former governors ensured illegal states pension laws for non-pensionable political offices, many states are yet to pass the compulsory pension scheme for their employees. Pension arrears are in trillions of Naira in most states. “

This year Pension conference will show Pension Desk Practitioners the way forward.  It is unacceptable that all 36 states that rush to pass states pension laws for few governors are reluctant to pass Contributory Pension Scheme laws for millions of their employees. Life-after-work pay is not guaranteed for many states’ employees.

With this low compliance from employers, there could be hitches with the drive by PenCom to secure a better retirement life for employees in both Public and Private sector, as the commission with its mandate to oversee all pension matters in Nigeria remains incapacitated, dealing with issues relating to employers’ compliance.
The purpose of the conference is to address the current issue of Non-Compliance and examine issues of non-sanction of the defaulters.

Conference Objectives

• Update participants on recent developments about programmed withdrawal and Annuity
• To enhance the expertise of Pension Desk Officers
• Discuss better ways of handling death benefits
• Equip attendees on rights and privileges of RSA holders
• enlightenment about management, regulation and updates on the current pension scheme
• To know the nitty-gritty of pension administration
• To be more professional in handling pension matters
• To be equipped with working tools and exposed to current trends in pension administration

The conference Outline

• Overview of Pension Management
• Pension Reform: The Threat of Non-Compliance and Non-Sanction
• Offences, Penalties and Enforcement of the New Pension Scheme
• New Pension Scheme: Pension Reform Act 2014
• Understanding the global pensions crisis
• Personal Effectiveness and Financial Planning
• Business Ideas and Investment Opportunities for Employees and Retirees
• Ways to reduce the amount of stress in your life.

Benefits of the Conference to Pension Desk Practitioners

• To ensure that every person who worked in their organisation receives his retirement benefits as and when due.
• To assist individuals in their establishment, save to cater for their livelihood during old age and thereby reducing old-age poverty;
• To ensure that pensioners are not subjected to untold suffering due to inefficient and cumbersome process of pension payment.
• To understand uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the Public Service of the Federation, Federal Capital Territory and the Private Sector.

Delivery Method

Lectures, discussions, syndicate work, case studies, role-play and exercises. Audio-visual aids will be used to enhance learning.

Target Group:

Pension Desk Officers and Managers, Human Resource Managers, Pension Fund Custodians and Administrators, Accountants, Auditors, Lawyers, Pension Regulatory Agency, Trainers and others who perform related functions in both Public and Private Sector

Accommodation:

This course is non-residential. Participants are to lodge in hotels of their choice near the Training centre. A list of these Hotels will be provided on request.