Regulation on Administration of Retirement and Terminal Benefits

INTRODUCTION

Objective and Coverage

These regulations, which are considered the applicable minimum, have been put in place for the purpose of establishing uniform set of rules of general application, procedures, regulations and standards in relation to the application of the relevant sections of the Pension Reform Act 2004 (PRA) by pension fund operators in the administration of retirement and terminal benefits under the contributory pension scheme (the Scheme).

They provide the basic framework for administering specific issues regarding retirements, death and missing persons. They also provide framework for notification and documentation, consolidation and payment of benefits as well as programmed withdrawal modalities.

Read More