We have obtained a copy of the new Pension Reform Act as signed by President Goodluck Jonathan. Subject to any modification before gazetting, the commencement date is 1 July 2014. Attached below are our tax alert on the subject highlighting the key issues and a copy of the new law.
Some of the key changes include increase in the minimum number of employees required to make mandatory contributions under the Act, increase in the minimum contribution into the Scheme and the imposition of fines and penalties on Pension Fund Administrators (PFA) for failure to meet their obligations to contributors and violation of the provisions of the Act.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.