HOW WILL THE ACCRUED BENEFITS UNDER EXISTINGFUNDED DEFINED BENEFITS SCHEMES BE HANDLED?

In the case of funded pension schemes in the public service of the
Federation and the private sector, employers shall undertake actuarial
valuation of the employee’s accrued benefits and credit the Retirement
Savings Accounts (RSAs) of its employees with such funds and in the
event of any deficiency, the shortfall shall become a debt and shall be
treated with same priority as salaries owed. The employer shall also
issue a written acknowledgement of the debt and take steps to meet
the shortfall.




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