INAUGURATION OF THE BOARD: PENSION ISSUES

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.

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