107 TUTORIAL QUESTIONS on
acc 425-pension fund and trust administration
(CONTACT PATRIOT FOR SOLUTIONS ON 08038454008)
TOPIC 1: 1999 CONSTITUTIONAL PROVISIONS
1. Discuss the supremacy of the 1999 Constitution of the Federal Republic of Nigeria.
2. Explain the doctrine of separation of powers as provided in the 1999 Constitution.
3. Prepare:
(a) Federation Account
(b) Consolidated Revenue Fund
From the following information for the month of December 31, 2024:
Inflows: N’000
Import duties 1,000,000
Export duties 750,000
Excise duties 500,000
Petroleum profits tax 200,000,000
Companies income tax 177,500,000
PAYE: deductions from the emolument of the Armed Forces 1,000,000
Police personnel 75,000
Residents of Abuja 50,000
Dividend from Federal Government Investments 300,000
Outflows:
Remuneration of Statutory Officers 34,500,000
Recurrent expenditure 3,750,000
Transfer to: Development Fund 6,250,000
Contingency Fund 50,000
Note: The revenue allocation formula is:
Federal Government 50.65%
State Government 25.62%
Local Government 23.73%
4. Outline and discuss the fundamental human rights guaranteed by the 1999 Constitution.
5. Discuss the qualifications and tenure of the President of Nigeria under the 1999 Constitution.
6. Analyze the constitutional provisions for citizenship in Nigeria.
7. Explain the process of constitutional amendment under the 1999 Constitution.
8. Discuss the provisions of the 1999 constitution regarding the Local Government System.
9. Describe the judicial system under the 1999 Constitution of Nigeria.
10. Prepare:
(a) Federation Account
(b) Consolidated Revenue Fund
From the following information for the month December 31, 2024:
Inflows: N’000
Import duties 20,000
Export duties 35,000
Excise duties 50,000
Petroleum profits tax 1,600,000
Companies income tax 355,000
PAYE: deductions from the emolument of the Armed Forces 15,000
Police personnel 3,000
Residents of Abuja 2,000
Dividend from Federal Government Investments 6,000
Balance b/f 3,000
Outflows:
Remuneration of Statutory Officers 13,000
Recurrent expenditure 750,000
Transfer to: Development Fund 50,000
Contingency Fund 10,000
Note: The revenue allocation formula is:
Federal Government 50.65%
State Government 25.62%
Local Government 23.73%
11. Explain the functions and composition of the National Assembly under the 1999
Constitution.
12. Discuss the federal structure of Nigeria as established by the 1999 Constitution.
TOPIC 2: PENSION REFORM ACT, 2014
13. Explain the objectives of the Pension Reform Act, 2014, and discuss how it differs from the Pension Reform Act of 2004.
14. Discuss the composition and functions of the National Pension Commission (PenCom) under the Pension Reform Act, 2014.
15. Explain the contribution structure under the Contributory Pension Scheme (CPS) as stipulated in the Pension Reform Act, 2014.
16. Alhaji Tolotolo, a civil servant joined the service of the Defunct Northern Region of Nigeria on July 1, 1958 and worked in many duty stations. He left the services of the Defunct Northern Region of Nigeria on March 16, 1968 and commenced work with the Kano State Government on April 1, 1968 from which the finally retired on June 30, 1986 on annual salary of N160,000
Required:
(a) Calculate the gratuity and pension due to Alhaji Tolotolo on retirement.
(b) Apportion Alhaji Tolotolo`s gratuity between the Federal and Kano State Governments.
(c) Apportion Alhaji Tolotolo`s pension claim between the Federal and Kano State Governments
17. Identify and explain the roles of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) under the Pension Reform Act, 2014.
18. Mr. Amala & Ewedu whose record of service spanned between 1st January 1969 and 31st December 1998, retired voluntarily. Out of this period, 7 years were spent in the State services and the rest in various Ministries at the Federal level.
Mr. Amala & Ewedu was 52 years when he retired.
He had accumulated leave of one year which the appropriate authority had approved on terminal departure. He commenced the leave on 1st January 1999.
The rates of gratuity and pension are given as follows:
|
Years in Service |
Gratuity As |
Pension As |
|
|
% of Final Pay |
% of Final Pay |
|
28 |
244 |
66 |
|
29 |
252 |
68 |
|
30 |
260 |
70 |
|
31 |
268 |
72 |
|
32 |
276 |
74 |
Mr. Amala & Ewedu’s terminal emolument is as follows Per month
N
Basic salary 42,000
Housing allowance 12,500
Transport allowance 21,500
Utility and other allowance 3,000
You are required to:
(i) Calculate the gratuity and pension due to Mr. Amala & Ewedu .
(ii) Apportion his gratuity between the Federal and State Governments.
(iii) Apportion his pension between the Federal and State Governments
19. Discuss the benefits and challenges associated with the implementation of the Pension Reform Act, 2014 in Nigeria.
20. Explain the circumstances under which a Retirement Savings Account (RSA) holder can access his/her pension benefits before retirement under the Pension Reform Act, 2014.
21. Critically examine the provisions of the Pension Protection Fund under the Pension Reform Act, 2014.
TOPIC 3: EXEMPTION FROM THE NEW PENSION REFORM ACT, 2014
22. Explain the concept of exemption under the Pension Reform Act, 2014. Who are the categories of persons exempted from the Contributory Pension Scheme (CPS)?
23. Discuss the rationale behind granting exemptions under the Pension Reform Act, 2014.
24. Examine the process and conditions required for an organization to obtain exemption from the Contributory Pension Scheme under the Pension Reform Act, 2014.
25. Differentiate between total exemption and partial exemption as it relates to the Pension Reform Act, 2014. Provide examples.
26. Discuss the implications of exemption from the Contributory Pension Scheme on employees and employers.
27. Identify and explain the role of the National Pension Commission (PenCom) in managing exemptions under the Pension Reform Act, 2014.
28. Critically evaluate the advantages and disadvantages of granting exemptions from the Contributory Pension Scheme (CPS) in Nigeria
TOPIC 4: RETIREMENT BENEFITS: A COMPREHENSIVE OVERVIEW
29. Define retirement benefits and explain the major objectives of providing retirement benefits to employees.
30. Discuss the major types of retirement benefits available to employees in Nigeria.
31. Identify and explain the factors that determine the amount of retirement benefits payable to an employee.
32. Explain the difference between defined benefit and defined contribution pension schemes in the context of retirement benefits.
33. Discuss the procedures for accessing retirement benefits under the Pension Reform Act, 2014.
34. Highlight and explain the challenges associated with the payment of retirement benefits in Nigeria.
35. Examine the importance of retirement benefits to employees, employers, and the national economy.
TOPIC 5: RETIREMENT SAVINGS ACCOUNT (RSA): A DETAILED
OVERVIEW
36. Explain the meaning of a Retirement Savings Account (RSA) as provided under the Pension Reform Act, 2014.
37. Discuss the procedures for opening a Retirement Savings Account (RSA) under the Pension Reform Act, 2014.
38. Enumerate and explain the features of a Retirement Savings Account (RSA) under the Contributory Pension Scheme
39. Discuss the benefits that an employee derives from maintaining a Retirement Savings Account (RSA).
40. Explain the conditions under which a Retirement Savings Account (RSA) holder can access funds before retirement.
41. Describe how contributions in a Retirement Savings Account (RSA) are managed and safeguarded.
42. Discuss the challenges associated with the administration of Retirement Savings Accounts (RSA) in Nigeria.
43. Critically analyze the impact of Retirement Savings Accounts (RSA) on pension administration and national economic development in Nigeria.
TOPIC 6: NATIONAL PENSION COMMISSION (PENCOM): A
DETAILED OVERVIEW
44. Discuss the establishment and objectives of the National Pension Commission under the Pension Reform Act, 2014.
45. Explain the major functions of the National Pension Commission as provided under the Pension Reform Act, 2014.
46. Discuss the composition and appointment of the Board of the National Pension Commission.
47. Examine the powers of the National Pension Commission under the Pension Reform Act, 2014.
48. Explain the significance of the National Pension Commission in safeguarding contributors’ interests.
49. Assess the challenges faced by the National Pension Commission in implementing the Pension Reform Act, 2014.
TOPIC 7: PENSION FUND ADMINISTRATION: A COMPREHENSIVE
OVERVIEW
50. Explain the concept of Pension Fund Administration under the Pension Reform Act, 2014.
51. Discuss the roles and responsibilities of Pension Fund Administrators (PFAs) under the Pension Reform Act, 2014.
52. Explain the relationship between Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
53. Discuss the licensing requirements for Pension Fund Administrators as provided under the Pension Reform Act, 2014.
54. Enumerate and explain the functions of Pension Fund Custodians (PFCs) in Pension Fund Administration.
55. Assess the importance of Pension Fund Administration in achieving the objectives of the Contributory Pension Scheme.
56. Highlight and discuss the challenges of Pension Fund Administration in Nigeria.
TOPIC 8: PENSION FUND CUSTODIAN: A COMPREHENSIVE
OVERVIEW
57. Explain the concept of a Pension Fund Custodian (PFC) under the Pension Reform Act, 2014.
58. Discuss the key functions of Pension Fund Custodians under the Pension Reform Act, 2014.
59. Explain the relationship between Pension Fund Custodians (PFCs) and Pension Fund Administrators (PFAs).
60. Discuss the licensing requirements and qualifications for Pension Fund Custodians under the Pension Reform Act, 2014.
61. Explain how Pension Fund Custodians contribute to the security and transparency of pension funds in Nigeria.
62. Identify and discuss the challenges faced by Pension Fund Custodians in Nigeria.
63. Examine the significance of Pension Fund Custodians to the success of the Contributory Pension Scheme (CPS).
TOPIC 9: REFUSAL AND REVOCATION OF LICENCE OF PENSION
FUND ADMINISTRATOR AND CUSTODIAN
64. Explain the circumstances under which the National Pension Commission (PenCom) may refuse to grant a licence to a Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC).
65. Discuss the grounds upon which the National Pension Commission may revoke the licence of a Pension Fund Administrator.
66. State and explain the procedures followed by the National Pension Commission in revoking a licence issued to a Pension Fund Custodian.
67. Differentiate between the refusal and revocation of a licence of a Pension Fund Administrator or Custodian under the Pension Reform Act, 2014.
68. Explain the consequences of the revocation of a Pension Fund Administrator’s licence under the Pension Reform Act, 2014.
TOPIC 10: MINIMUM PENSION GUARANTEE
INTRODUCTION
69. Explain the concept of Minimum Pension Guarantee (MPG) under the Pension Reform Act, 2014.
70. Discuss the objectives of the Minimum Pension Guarantee in Nigeria’s Contributory Pension Scheme.
71. Identify and explain the conditions a retiree must meet to qualify for the Minimum Pension Guarantee.
72. Discuss the role of the Federal Government and the National Pension Commission (PenCom) in the implementation of the Minimum Pension Guarantee.
73. Critically assess the challenges affecting the effective implementation of the Minimum Pension Guarantee in Nigeria.
74. Explain how the Minimum Pension Guarantee contributes to poverty reduction among retirees in Nigeria.
75. Evaluate the importance of actuarial valuation in determining the Minimum Pension Guarantee level.
TOPIC 11: INVESTMENT OF PENSION FUNDS AND RESTRICTED
INVESTMENTS
76. Explain the meaning and objectives of investment of pension funds under the Pension Reform Act, 2014.
77. Discuss the guiding principles that govern the investment of pension funds in Nigeria.
78. Identify and explain the major classes of assets approved by the National Pension Commission for the investment of pension funds.
79. Explain the term “restricted investments” as it applies to pension fund management in Nigeria.
80. List and explain five (5) types of restricted investments under the Pension Reform Act, 2014.
81. Discuss the roles of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) in the investment of pension funds.
82. Examine the importance of regulating pension fund investments in Nigeria.
83. Highlight and discuss the major challenges facing the investment of pension funds in Nigeria.
84. Critically assess how diversification helps in mitigating risks in pension fund investments.
TOPIC 12: OFFENCES, PENALTIES AND ENFORCEMENT POWERS
85. Discuss the major offences stipulated under the Pension Reform Act, 2014, and explain the penalties attached to each.
86. Explain the enforcement powers of the National Pension Commission (PenCom) under the Pension Reform Act, 2014.
87. State and explain the penalties applicable to Pension Fund Administrators and Custodians that fail to comply with the provisions of the Pension Reform Act, 2014.
88. Discuss the importance of offences, penalties, and enforcement powers in ensuring compliance under the Pension Reform Act, 2014.
TOPIC 13: DEFICIENCIES OF PENSION REFORM ACT, 2014
89. Discuss five major deficiencies of the Pension Reform Act, 2014, and their implications for effective pension administration in Nigeria.
90. Highlight and explain the major administrative and structural weaknesses of the Pension Reform Act, 2014.
91. Evaluate the deficiencies of the Pension Reform Act, 2014 in relation to the informal sector and proffer possible solutions.
92. Identify and explain the legal and regulatory deficiencies of the Pension Reform Act, 2014.
93. Critically analyze the extent to which the deficiencies of the Pension Reform Act, 2014 have affected pensioners in Nigeria.
TOPIC 14: PENSION TRANSITIONAL ARRANGEMENTS \
DIRECTORATE (PTAD)
94.Explain the establishment, mandate, and functions of the Pension Transitional Arrangements Directorate (PTAD) under the Pension Reform Act, 2014.
95. Discuss the key departments under the Pension Transitional Arrangements Directorate (PTAD) and their specific responsibilities.
96. Highlight and explain the major objectives of the Pension Transitional Arrangements Directorate (PTAD).
97. Examine the challenges faced by the Pension Transitional Arrangements Directorate (PTAD) in the discharge of its duties.
98. Assess the impact of the Pension Transitional Arrangements Directorate (PTAD) on pension administration in Nigeria since its establishment.
99. Explain the difference between the Pension Transitional Arrangements Directorate (PTAD) and the National Pension Commission (PenCom).
100. Discuss measures taken by the Pension Transitional Arrangements Directorate (PTAD) to enhance transparency and accountability in pension administration.
TOPIC 15: PENSION PROVISIONS FOR PRIVATE SECTOR
101.Explain the key pension provisions applicable to private sector employees under the Pension Reform Act, 2014.
102. Discuss the responsibilities of private sector employers under the Pension Reform Act, 2014.
103. Identify and explain the benefits of the Contributory Pension Scheme to private sector employees.
104. Examine the challenges affecting the implementation of pension provisions in the private sector.
105. Assess the role of the National Pension Commission (PenCom) in ensuring effective pension administration in the private sector.
106. Explain how retirement benefits are accessed by private sector employees under the Pension Reform Act, 2014.
107. Discuss how the Pension Reform Act, 2014 protects the interest of private sector employees.
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