High Quality
Open the downloaded document, and select print from the file menu (PDF reader required).
Pension Reform Process in Nigeria: Transition FromDefined Benefits to Defined ContributionBYM. K. Ahmad
National Pension CommissionAbuja
–
Nigeria
5 February, 2008
1
IOPS Workshop on Pension Supervision, Dakar
OUTLINE
•
Rationale & Objectives of Pension Reform
•
Key Policy Options
•
Comparing the Old and the New Schemes
•
Institutional Framework for Management & Custodyof Pension Assets
•
Transition Arrangements
•
Pension Reform Implementation Efforts
•
Transition Challenges
•
Prospects of the DC Scheme
5 February, 2008
2
IOPS Workshop on Pension Supervision, Dakar
333333
Rationale & Objectives of Pension Reform
PensionReforms
Most schemes were under or unfunded
Unsustainable outstanding pension liabilities
Weak and inefficient pensions administration
Demographic shifts and aging make defined benefit schemeunsustainable
Most workers in the Private Sector not covered by any form ofretirement benefit arrangements
Schemes not regulated
Ensurethateveryworkerreceiveshisretirementbenefitsasandwhendue
Empower the worker & assist workers to save in order to cater fortheir livelihood during old age
Stem the growth of pension liabilities
Establish uniform rules, regulations and standards foradministration of pension matters
Securecompliance&promotewidercoverage
Reform ObjectivesRationale for Reforms
5February, 2008IOPS Workshop on Pension Supervision, Dakar
Add a Comment