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At now let×39’s get into the business of today in February 2015 the national pension Commission 10.com took the first step towards revamping the existing framework for the investment of pension fund assets in Nigeria by issuing an exposure draft of proposed amendments tithe regulation on investment of pension fund assets 2012 for review by various stakeholders the thrust of the amendment was to expand the asset classes in which pension fund assets under management by pension fund administrators PSA scan reinvested as well as the other thresholds stroke limits of such investment so it'about where our other words the money that you contribute what a world it goes what can they do with it while you awaiting to retire how is it getting your Valencia now joining us this morning isms pleasure to welcome the chairman concerned federal pensioners Nigeria Mr. David a-doodle community I do apologize coverage they did other good evening, and thanks for joining us also with us is the financial analyst Mr. Chuck's or NIA Mach good morning, and thank you for coming thank you we just want to say that we did make efforts to get the patient transitional arrangements Directorate to join us this morning, but they are unable to comes owe'll just continue with the guests behave in the studio now let me start with you Chuck#39’s now explain to us very clearly what pension means because some of us get it mixed up with other things that happen to us when we retire or whence stop working okay when you retreat×39’re supposed to get monthly inflows from your employer in terms of pensions, but that was on that the old arrangement now we have anew arrangement which is the contributed pension scheme where you have pension for administrators are not in standardformon your behalf while you are still inactive service so that by the time you now retire they will not be the one spaying your pensions so what pension Isis that form that you get on the monkey son a quarterly basis depend on yourgriemann with the PFE as in substitution to the current scenario receiving okays that#39’s what--when journey so while I am in service yes to whom do I pay that contribution now why are you service it would be a combination of your contribution are you in players contribution now 8% will be taking from your salary coming from you then 10×will be taking your implies going to contribute 10% make it a total of 18percent now come on a monthly basis and to go to the pension fund administrator on a monthly basis, so they collect this form on your behalf on your employers they invest it for you at the time of your retirement they will not take the responsibility of making pension payments to you, so your employer will no longer be a responsibility anymore the pier is another responsible to make pension payments to you or meet Ireland okay you mentioned it's the sense I was going through the pension and suspension Reform Act 2014 and say 10percent I think for companies they have15 more than 15 of...
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