The National Pension Commission has set out modalities for the administration of retirement benefits of professors and public office holders to earn their last salaries as pension under the Contributory Pension Scheme.
The details were contained in the guidelines for the administration of retirement benefits of professors and some categories of political appointees obtained by our correspondent.
Under section two of the guidelines, professors, who are to be entitled to pensions at a rate equivalent to their annual salaries upon retirement, must be academic staff who retired as professors after serving continuously up to the retirement age of 70 years in a university recognised by the National Universities Commission; or must have served a minimum of 20 years as a professor in a university recognised by the NUC and retired before attaining the age of 70 years.
Political appointees covered by the guidelines are heads of civil service of the federation and permanent secretaries who are appointed by the President, for the Federal Government and Federal Capital Territory; and by the governors for state Ministries Departments and Agencies, and are subject to retirement upon attaining the prescribed retirement age or length of service.
For political appointees such as heads of service and permanent secretaries, the guidelines specified that they must have been appointed from the Civil Service of the Federation or state civil service commissions with a minimum of 20 years of pensionable service.
PenCom noted that prior to the enactment of the Pension Reform Act, 2004, retiring heads of service of the federation and permanent secretaries were entitled to receive 100 per cent of their annual total emoluments as pension for life.
Punch, December 5, 2017
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