WHAT HAPPENS TO THE RETIREMENT BENEFITS OF ANEMPLOYEE WHO IS ALREADY UNDER A PENSION SCHEMEEXISTING BEFORE THE COMMENCEMENT OF THE NEW PENSIONSCHEME?

Employee’s right to accrued retirement benefits for the previous years
he/she has been in employment is guaranteed by the Pension Reform
Act 2004. In the case of the public service of the Federation and the
Federal Capital Territory, where pension scheme was unfunded, the
right would be acknowledged through the issuance of a ‘Federal
Government Retirement Bond’ to such employee. The bond will be
redeemable upon retirement of the employee.




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