Officers who are covered under Section 291 of the Constitution of theFederal Republic of Nigeria 1999.The Act also instituted a uniform pension scheme for both the Publicand the Private Sectors of the country. Similarly, it established theNational Pension Commission (The Commission) as the sole regulatoryauthority on all pension matters in Nigeria.The key objectives of the contributory pension scheme could aptly beposited as follows:a) to ensure that every person who has worked in either thepublic or private sector receives his/her retirement benefits asand when due;b) to empower the worker;c) to assist improvident individuals by ensuring that they save tocater for their livelihood during old age;d) to establish a uniform set of rules and regulations for theadministration and payment of retirement benefits in both thepublic and private sectors;e) to secure compliance and wider coverage; andf) to stem the growth of outstanding pension liabilities.
2.0 NATURE OF THE CONTRIBUTORY PENSION SCHEME
As the name suggests, the new Contributory Pension Scheme iscontributory in nature. Under the Scheme, both employers andemployees are each obliged to contribute a minimum of 7.5% of thetotal monthly emolument of the employee. In the case of the Military,the minimum rate of contribution is 12.5% and 2.5% for the employerand employee respectively. In all cases however, the employer may