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Finance ministry hiring actuarial services to assess retirement schemes
National
January 12, 2021
ISLAMABAD: The Ministry of Finance has decided to hire actuarial services from qualified actuarial firms to assess and determine the Retirement Benefit Schemes liabilities of the federal government as on June 30th 2020.
The federal government has a Defined Benefit (DB) Pension Scheme for all its civil servants. It also has a contributory provident fund scheme besides a post-retirement medical benefits. The scope of work for hired consultant firms include reports for pension, general provident fund and medical schemes of the federal government for both civil and military service for all forms of pension systems applicable whether Contributory Pension Funds or gratuities paid to contract employees. Scope of work also includes policy options for a new Defined Contribution Pension Scheme for the newly hired in the government. The Federal Government employs some 1.36 million individuals
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The Association of Senior Civil Servants of Nigeria (ASCSN) has described the plan by the governors to borrow from the Contributory Pension Funds as a scheme by state governors to siphon N17trillion pension money.
In a statement issued on Monday titled: “Labour Condemns Plans by Governors to Borrow ₦17Trillion Pension Funds,” the union said it condemned “the plans by the 36 state governors to siphon ₦17 trillion from workers’ pension funds.”
In the statement signed by the ASCSN Secretary-General, Comrade Alade Bashir Lawal, the ASCSN regretted that the governors, “some of whom their states have not contributed a dime to the pension funds were now desperate to collect ₦17 trillion out of it to massage their insatiable greed.”