Duties And Responsibilities Of Stakeholders In Pension Scheme..

Goodmorning distinguished ladies and gentlemen of this incredible platform. Today i will be writing on the specific roles of the stakeholders in pension scheme.

Employee.
• To approach your Pension fund administrator(PFA) to be enrolled in a pension scheme. Once you register, they assign you to an identification pin to show your employer as a proof that you've registered in the scheme.

• You're to know the benefits you're entitled to and it is stated in the employer's handbook.

• You can prefer to change your PFA anytime.

• You can access your benefit on the event of recapitalization.

Employer.
• To ensure that the employee is enrolled into a pension scheme.

• Obtain a certificate of compliance issued by PenCom.

• Remit the contributions of his monthly salary to the PFC and this must be done later than 7 days of salary being paid.

• Open a retirement savings account for their employee 6 years of being employed if the employee has not done so.

Federal Govt. And FCT.
• Setting aside 50% into account in order to help persons who were not transited.

• Contribute her part in the contributory account; employee 80%, 1% for pension protection fund, 5% for the public sector.

Pension fund Administrator(PFA).
• They administer pension.

• They must have a fidelity guarantee insurance.

PFC.
• They're in custody of all penaion funds and do what the PFA tells them to do.

• They must have a fidelity guarantee insurance.

• Notify the PFA within 24 hours of contribution received from employees or employer.

Insurance companies.
• Making available group life policies and ensuring benefits are paid in the event of someone who dies whilst still in service.

• Provision of life annuities or pension.

PenCom.
• They ensure all laid rules and regulations are duly followed.

• Investment of pension funds are dully regulated.

Thanks for reading and God bless you all.

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