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INSURANCE & PENSIONS

Documentation: The Challenge Of Pension Administration

The new pension regime, Contributory Pension Scheme (CPS), has come to stay in Nigeria but not without its own share of challenges in the running of the scheme. The new pension scheme through the inauguration of the Pension Reform Act 2004 replaced the former derived benefits or Pay-as-you-go (PAYGO), scheme where contribution to pension account of a worker was one sided. Incorrect, inaccurate and inefficient documentation of workers contributions to retirement savings account, RSA, by both pension fund administrators and employers of labour has been identified by experts as one challenging factor militating against smooth procession of pension benefits at point of exit under the newly introduced contributory pension scheme in the country.
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BWN
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