The National Pension Commission has introduced
guidelines that will enable some categories of
retirees under the Contributory Pension Scheme to
earn their last full salaries like their counterparts in
the old Defined Benefits Pension Scheme , NIKE
POPOOLA writes


The National Pension Commission has set out
modalities for the administration of retirement
benefits of professors and public office holders to
earn their last salaries as pension under the
Contributory Pension Scheme .


The details were contained in the guidelines for
the administration of retirement benefits of
professors and some categories of political
appointees obtained by our correspondent.

Under section two of the guidelines, professors ,
who are to be entitled to pensions at a rate
equivalent to their annual salaries upon
retirement , must be academic staff who retired as
professors after serving continuously up to the
retirement age of 70 years in a university
recognised by the National Universities
Commission ; or must have served a minimum of
20 years as a professor in a university recognised
by the NUC and retired before attaining the age of
70 years.


Political appointees covered by the guidelines are
heads of civil service of the federation and
permanent secretaries who are appointed by the
President , for the Federal Government and Federal
Capital Territory; and by the governors for state
Ministries Departments and Agencies, and are
subject to retirement upon attaining the prescribed
retirement age or length of service .

PenCom noted that prior to the enactment of the
Pension Reform Act, 2004 , retiring heads of service
of the federation and permanent secretaries were
entitled to receive 100 per cent of their annual
total emoluments as pension for life.



It added that the Universities Miscellaneous
Provisions ( Amendment ) Act, 2012 provided that
retiring professors would be entitled to pension at
the rate equivalent to their annual salaries for life.
In recognition of the above provisions , Section
6 (2 ) of the PRA 2014 mandates PenCom to issue
guidelines to regulate the administration of
retirement benefits of professors covered under
the UMPAA 2012 and the category of political
appointees entitled by virtue of their terms and
conditions of employment to retire with full
benefits provided that any shortfall shall be
funded from budgetary allocations by the
employers .



It added that the shortfall in the RSAs and the
accrued rights of the eligible professors and
political appointees would be funded from the
Federal Government ’ s retirement benefit bond
redemption fund account maintained by the
Central Bank of Nigeria , which would be redeemed
into their RSAs.


In the case of the states that have joined the CPS , it
stated that the accrued rights of professors and
political appointees would be funded from the
state governments ’ retirement benefit bond
redemption fund, and that the employer or
employee pension contributions should be
deducted from the Consolidated Revenue Fund of
the Federation or states and remitted to their RSAs.


www.punchng.com/cps-professors-political-appointees-to-earn-full-salaries-as-pension/

Ok

But why?

Yes corruption would reduce
..

Atiku effect

Choi, Professors don hammer. With this condition, professor go want dey retire at very low age sef, then engage in other runs. Good one sha.

This will only instigate early retirement!
I wonder why this government can't make laws that would favour the Mr Nobody in the society!
What has this got to do with the astronomical rise in the unemployment rate now?

python1:
Choi, Professors don hammer. With this condition, professor go want dey retire at very low age sef, then engage in other runs. Good one sha.

Did you read that stuff

Either 20years of professorship or retire at the age of 70years.

To me, such a dream is like enslavement.

ok

EternalTruths:



Did you read that stuff

Either 20years of professorship or retire at the age of 70years.

To me, such a dream is like enslavement.

Actually, I didn't read it, lol. Na only the headline I read.