Pension Reform Act (PRA) 2014 Breakdown with comments.
Section 1 – Objective of PRA 2014
Section 1a states that;
(a) establish a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the Public Service of the Federation, the Public Service of the Federal Capital Territory, the Public Service of the State Governments, the Public Service of the Local Government Councils and the Private Sector;
PensionNigeria Comment on PRA 2014 Section 1a
There are lots of uniform set of rules, regulations and standards that National Pension Commission (PenCom) has released for the industry.
Some of which are;
Regulation on Investment of Pension Funds Asset
Regulations For Administration of Retirement & Terminal Benefits, Template for programmed withdrawal etc.
All Pension Fund Administrators (PFAs) in Nigeria follow these uniform rules when investing pension funds or paying RSA holders.