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FG Begins Pension Deductions Soon From Juliana Taiwo in Abuja Deduction from workers wages for the new contributory pension scheme by the Federal Government would begin by the end of this month. The Director General, National Pension Commission (NPC) Mr. Kabiru Ahmad, disclosed this while addressing representatives of the Ministry of Labour and Productivity and members of the Petroleum and National Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of petroleum and Natural Gas Workers (NUPENG) at a meeting yesterday in Abuja. Ahmad said not all commercial banks in the country would participate as Pension Assist custodian (PAC) to the fund because of the sensitive nature of pension matters in the country. Answering questions on the fears expressed by NUPENG and PENGASSAN regarding their inclusion in the new pension scheme, the DG said for an already existing scheme to continue, it must be fully funded, meaning that there would not be any deficit in the scheme. Ahmad said assets of the fund must be separated from the company's assets, and the assets must be held by a custodian to be licensed by a Pension Fund Administrator. An employee who is also a member of the scheme, the DG said has the right to opt out of it. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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