Circular from Treasury to Public Retirement Benefit Schemes
The Treasury released a circular dated 24th November 2010 to all accounting officers of government bodies giving various directives that should be complied with by all public retirement benefit schemes. Deadlines for compliance were also given in the Circular. The Scheme was already in compliance with some of the directives issued by Treasury but was not in compliance with the following two: -
a) Rates of contribution
Pensions & Retirement Plans
- Pensions Act (Cap. 189);
- Pensions (Increase) Act (Cap. 190);
- Retirement Benefits Act (No. 3 of 1997);
- Income Tax Act (Cap. 470);
- National Social Security Fund Act (Cap 258);
- National Social Security Fund Act (No. 45 of 2013);
- National Health Insurance Fund Act (No. 9 of 1998);
Detailed Question