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PENSION REFORM ACT 2004

2004 ACT No. 2
ARRANGEMENT OF SECTIONS

Section:
P.\RT 1 - ESTABLISHMENT AND OBJECTIVES OF CONIRIBUTORY PENSION SCHEME FOR EMPLOYEES IN THE PUBLIC AND PRIVATE SECTORS

1.

2 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

Establishment of a Contributory Pension Scheme for employees in the public and private sectors. Objectives of the Scheme. Withdrawal from retirement savings account. Retirements benefits. Death of an employee. Missing employees. Retirement benefits to be exempted from tax. Exemption from the Scheme.

Rate of contribution to the Scheme.

.

Contribution under the Scheme to form part of tax deductible expenses. Retirement Savings Account and remittance of contributions, etc. Transfer of entitlement from defined benefits scheme into the Scheme. Transfer from one employment to another.
PART II - ESTABLISHMENT AND COMPOSITION OF THE NATIONAL PENSION COMMISSION, ETC.

14 15 16. 17 18 19

Establishment of the National Pension Commission, etc.

Object of the Commission. .
Membership of the Commission. Tenure of office. Cessation of membership. Emoluments, etc.
PART III - FUNCTIONS AND POWERS OF THE COMMISSION

20. 21. 22.

Functions of the Commission. Power of the Commission.
PART IV - STAFF OF THE COMMISSION

Secretary and other staff of the Commission. PART V Funds of the Commission.
FINANCIAL PROVISIONS

23.

A30

2004 No.2

Pension Reform

24. 25. 26. 27. 28.

Estimates. Accounts and Audit. Annual reports, etc. Power to accept gift. Power to borrow.
PART VI - TRANSITIONAL PROVISIONS Establishment etc of Transitional Provisions for the Public Sector

29. 30. 31.

32
33. 34. 35. 36. 37. 38.

Retirement Benefits Bond Redemption Fund. Establishment of Pension Depa11ment. Composition of the Department. Functions of the Department. Payment of pension to existing pensioners and...

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