When the
representative of all interst grops have been nominated, the board members are then
sworn in at an inaugural meeting where they formalize the acceptance of their
appointments by taking of oath and apprenticing their signatures to an
authority. Accordingly, the edit is up held. Board members are enjoined to read
the edit and digest the rules for effective
Board membership participation.
Meeting and
quorcem
Quarterly meeting are advocated but
emergency meetings could be summed when
necessary and a two third majority with
the chairman present can effective decisions.
Role power and members
responsibilities of the Board:
The board members have joint
responsibility for the success of the pension scheme.
1) it function
in the principal of majority vote on decision taken at meeting.
1
its
members can Act in the interest of the scheme with a prior mandate.
2
It
can seek expertise advice from professional e.g act varies and others when nece
ssary.
3
It
can disburse moneys.
4
It
can operate bank accounts.
5
It
can take discretienancy decision on investments and payments.
6
Authorization
of payments
7
Verification
of accounts.
8
It can appoint auditors
9
Accept
new members into the board.
Immunity of
board members
Board members are absolved from
ligation or prose cutions on actions taken in the interest of the board
except actions designed to defrand the
pension board.
Pension office
The pension will
be the body to supply necessary information to the board. The office will need
to educate members of the scheme on their responbilities and rights as far as
pension os concerned. The office
Keeps custody of
all pension related document in conjunction with the personal unit, require
adequate knowledge of record keeping. It will keep record of existing and
deceased members with the primary aims of paying death benefit when necessary o
he recorded authorized next of kin.
Chairmanship of
the pension board
This mantle always fall on the chief
executive of the organization or his designed representative or the chairman of
the local government service commission is the chairman of the board.
Secretary to the
board
The secretary may be not necessary
be a members of the board through appointment by the following:
A He is
responsible for the board
B He keeps records and takes care of all
correspondences
C he is
responsible for the success.
D He co-ordinates
/liaises with the pension office.
E He carte for the welfare of members.
F He carried out other functions or
assignments as may be directed by the chairman.
Signatories to
bank accounts
The board will agree on which bank
(s)to patronize for the various accounts that it may need to operate. It will
receive cheques from the federal government t or other moneys from investments
or may need to operate savings as to generate interest on “excess” fund. The
board will be also appoint two signatory to the account (s)as they can not all
be signatories and be around to sign all cheques from time to time under this
dispensation the chairman of the board
and the account are the designated signatories.
2.5 computation
pf pension /
computation of the retirements
determination or making out of the entitlement of a retire officer. This does
not only entail the mathematical caculations of the rights of a retired officer
but an essential aspect of pension-administration. Any mistake arising from
wrong computation of entitlements could lead to over or under payment of
retirement benefits sometime with very grave consequences for eight the
organization or the retiree. It could lead to payment of benefits to someone
who id not qualified for any retirement benefits at all. Considering
magnitude and skill required in this
act of computation it is therefore necessary that this will be carried out by a
competent and versed accountant a this is the uithat convents to naira and kobo
all the various data accumulated over the working life of a retiring officer.
The administrative wil only collects
documents as required for processing benefits and produce a Performa which is
then passed on to the computation unit. This unit being the account
division provided the opportunity of scrutinizing these documents form the
accounting viewpoint midrange. They can query and return files owing to one
fact or the other that was not dected by the administrative arm.
Another important of this through
examination is that pension is a direct charge to the consolidated revenue fun
d and of net properly monitored, could have grave-consequences on the nation’s
finances if there are missing information links it will be very diffcult for
this computation officer to perform an objective and accurate job. So the
officer maning this nit must have patience to read every file from page to page
and the application of relevant circulars and rules governing computation with
regard to thhhe information so required an d supplied by the retiree. To determine
the total benefits that all rules to a retiree, certain factors will be
considered. Such retirement. Length of service and in consnance with circular
No. pen 35548/vol. 399 of 14/1/80.
Another important factors is the
total emolument with allowance inclusive. The length of service so determined
is furthen ju+taposed with the scheduled on cicular no pension as appended on
cicular no. b63216/5.1/+1T/8 of 22/7/92 with commercement date of 1/6/92. The
effect of this is to determine the percentage of pension and gratuity which
according to the scheduled, pension is 80% and gratuity 300%at 35years of
service.
A little dricc is involved in the
determination of the length of service as case of approximation might arise e.g
for audicting and extraction of certain forms for information. There after the
files are sent to the Local government pension accounts for payment.
Gratuity and pension are paid
depending on the availability of cash the very month the office file came out
from the audict and deductives if any is made to recover money owned to
government.