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Don Faults New Pension Act Chris Nwachukwu and Juliana Taiwo in Abuja Professor Oluwole Akanle of the Centre for Law and Development has faulted the new Pension Act as not being specific on whether the current contributions by workers were meant for the Contributory Pension Scheme (CPS). Speaking while appraising the Act yesterday in Abuja at a one-day workshop organised by the Nigeria Labour Congress (NLC), Akanle observed that the role of the Nigeria Social Insurance Trust Fund (NSITF) under the new Pension Act must be clear and properly spelt out if it is to achieve its aims and objectives. Akanle stressed that the provisions of the fund had been changed about 10 times since plans to formulate the new Act got underway. "There is still the question of who owns the NSITF and who are the shareholders. Until this is answered, the question as to its establishment lingers on", he said. The university don called on NSITF to establish a Pension Fund Administrator (PFA) to manage the aspect of pension, while it should manage the aspect of social insurance for its contributors. While pointing out some gray areas in the Act, he said the law had not made distinction between pensionable staff, pensioners, deceased pensioners and their next of kins. He also noted that problems could arise as regard stipulation of the law that mandated every employee to maintain a retirement savings account with a PFA of his/her choice. "In the case of mismanagement or bankruptcy on the part of the PFA, would the government pay the entitlement of the affected staff? he asked, noting that existing Occupational Pension Schemes (OPS) of the private sector may continue, provided they are fully funded and the funds and assets properly separated from that of the employer. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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