Retirement Benefits – NBC Institute

PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector

Identifies two categories of persons exempted from the contributory pension scheme and discusses three deficiencies of the scheme.

Question

In accordance with Section 2(1-2) of the Pension Act 2014, both the public and private sectors’ pension schemes are now contributory. The employers and employees are expected to contribute a minimum of 18% in aggregate towards the retirement of the employees. The rate is subject to review as may be agreed between the employer and employees.

Required:

Identify TWO categories of persons exempted from the scheme.
Discuss THREE deficiencies of the scheme.

Answer

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Tags: Deficiencies, Exemptions, Pension Schemes, Public Sector, Retirement Benefits
Level: Level 2

Topic: Pension Accounting in the Public Sector
Series: NOV 2019

PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector

Discuss the objectives of the Pension Reform Act and roles of pension administrators and custodians.

Question

In compliance with the extant directive of the Federal Government that all retiring employees should be documented in the year prior to that in which they are to retire, Hajia Muslima Ladipo applied to be registered in 2016.

She was employed as a junior officer on Grade Level 04 in the Ministry of Goods Exchange & Exhibition on July 1, 1981. She rose through the rank and was finally promoted to chief exhibition officer on salary grade level 14 on January 1, 2016.

The result and letter of her promotion were released in mid-2016. For documentation, national officers are posted to the nearest cities to their places of work/residence for the exercise. Hajia was therefore documented in Ibadan being the nearest centre to Lagos where her office was situated.

Retiring officers are to produce evidence of employment and retirement at the documentation centre and also be present physically for a biometric process.

Hajia retired from service with effect from June 30, 2017. She complained that she had not received any gratuity and her name was not in the pension register.

Required:
a. Identify four main objectives of the Pension Reform Act 2014, as it relates to employees. (8 Marks)

b. Explain three roles/functions of each of the Pension Fund Administrators and the Pension Fund Custodians. (6 Marks)

c. State whether any of the objectives of the Pension Reform Act has been breached in the case of Hajia Muslima Ladipo. (2 Marks)

d. Identify four documents required for proper documentation of a retiring officer under the guidelines issued by the Federal Government. (2 Marks)

e. Identify two categories of officers specifically exempted by Section 5 of the Pension Reform Act. (2 Marks)

Answer

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Tags: Pension Documentation, Pension Fund Administrators, Pension Fund Custodians, Pension Reform, Retirement Benefits
Level: Level 2

Topic: Pension Accounting in the Public Sector
Series: MAY 2019

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

Question

What are the features of the 3-Tier Ghana National Pension Scheme?
(5 marks)

Answer

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Tags: National Pension Scheme, Pensions, Retirement Benefits, Social Security
Level: Level 2

Topic: Ghana National Pension Scheme
Series: MAY 2020

PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration

Outline the main benefits and qualifying conditions of the 2nd Tier Mandatory Pension Scheme.

Question

What are the main benefits and qualifying conditions under the 2nd Tier Mandatory Occupational/Work-Based Pension Scheme? (5 marks)

Answer

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Tags: Mandatory Occupational Scheme, Pension Scheme, Retirement Benefits
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2020

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

Question

Distinguish between defined benefit schemes and defined contribution schemes.

Answer

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Tags: Defined Benefit, Defined Contribution, Pension Schemes, Retirement Benefits, Tax Reliefs
Level: Level 2

Topic: Tax Administration
Series: NOV 2021

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

Question

Ama Adaklu retired in December 2022 after contributing to SSNIT for 300 months, working with three different employers. The last 5 years of her annual salary are as follows:

Year	Annual Salary (GH¢)
2018	200,000
2019	220,000
2020	250,000
2021	450,000
2022	500,000

Required:
Compute the monthly pension payable to Ama Adaklu. (5 marks

Answer

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Tags: Income Tax, Pension Computation, Retirement Benefits, SSNIT
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector

Identifies two categories of persons exempted from the contributory pension scheme and discusses three deficiencies of the scheme.

Question

Required:

Identify TWO categories of persons exempted from the scheme.
Discuss THREE deficiencies of the scheme.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Deficiencies, Exemptions, Pension Schemes, Public Sector, Retirement Benefits
Level: Level 2

Topic: Pension Accounting in the Public Sector
Series: NOV 2019

PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector

Discuss the objectives of the Pension Reform Act and roles of pension administrators and custodians.

Question

Retiring officers are to produce evidence of employment and retirement at the documentation centre and also be present physically for a biometric process.

Hajia retired from service with effect from June 30, 2017. She complained that she had not received any gratuity and her name was not in the pension register.

Required:
a. Identify four main objectives of the Pension Reform Act 2014, as it relates to employees. (8 Marks)

b. Explain three roles/functions of each of the Pension Fund Administrators and the Pension Fund Custodians. (6 Marks)

c. State whether any of the objectives of the Pension Reform Act has been breached in the case of Hajia Muslima Ladipo. (2 Marks)

d. Identify four documents required for proper documentation of a retiring officer under the guidelines issued by the Federal Government. (2 Marks)

e. Identify two categories of officers specifically exempted by Section 5 of the Pension Reform Act. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Pension Documentation, Pension Fund Administrators, Pension Fund Custodians, Pension Reform, Retirement Benefits
Level: Level 2

Topic: Pension Accounting in the Public Sector
Series: MAY 2019

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

Question

What are the features of the 3-Tier Ghana National Pension Scheme?
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: National Pension Scheme, Pensions, Retirement Benefits, Social Security
Level: Level 2

Topic: Ghana National Pension Scheme
Series: MAY 2020

PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration

Outline the main benefits and qualifying conditions of the 2nd Tier Mandatory Pension Scheme.

Question

What are the main benefits and qualifying conditions under the 2nd Tier Mandatory Occupational/Work-Based Pension Scheme? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Mandatory Occupational Scheme, Pension Scheme, Retirement Benefits
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2020

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

Question

Distinguish between defined benefit schemes and defined contribution schemes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Defined Benefit, Defined Contribution, Pension Schemes, Retirement Benefits, Tax Reliefs
Level: Level 2

Topic: Tax Administration
Series: NOV 2021

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

Question

Ama Adaklu retired in December 2022 after contributing to SSNIT for 300 months, working with three different employers. The last 5 years of her annual salary are as follows:

Year	Annual Salary (GH¢)
2018	200,000
2019	220,000
2020	250,000
2021	450,000
2022	500,000

Required:
Compute the monthly pension payable to Ama Adaklu. (5 marks

Answer

Find Related Questions by Tags, levels, etc.

Tags: Income Tax, Pension Computation, Retirement Benefits, SSNIT
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

Question Tag: Retirement Benefits

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PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector

Identifies two categories of persons exempted from the contributory pension scheme and discusses three deficiencies of the scheme.

PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector

Discuss the objectives of the Pension Reform Act and roles of pension administrators and custodians.

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration

Outline the main benefits and qualifying conditions of the 2nd Tier Mandatory Pension Scheme.

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector

Identifies two categories of persons exempted from the contributory pension scheme and discusses three deficiencies of the scheme.

PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector

Discuss the objectives of the Pension Reform Act and roles of pension administrators and custodians.

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration

Outline the main benefits and qualifying conditions of the 2nd Tier Mandatory Pension Scheme.

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

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PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector

Identifies two categories of persons exempted from the contributory pension scheme and discusses three deficiencies of the scheme.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector"

PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector

Discuss the objectives of the Pension Reform Act and roles of pension administrators and custodians.

You're reporting an error for "PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector"

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

You're reporting an error for "PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration

Outline the main benefits and qualifying conditions of the 2nd Tier Mandatory Pension Scheme.

You're reporting an error for "PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration"

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

You're reporting an error for "PT – Nov 2021 – L2 – Q2e – Tax Administration"

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

You're reporting an error for "PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities"

PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector

Identifies two categories of persons exempted from the contributory pension scheme and discusses three deficiencies of the scheme.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q3a – Pension Accounting in the Public Sector"

PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector

Discuss the objectives of the Pension Reform Act and roles of pension administrators and custodians.

You're reporting an error for "PSAF – May 2019 – L2 – Q2 – Pension Accounting in the Public Sector"

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

You're reporting an error for "PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration

Outline the main benefits and qualifying conditions of the 2nd Tier Mandatory Pension Scheme.

You're reporting an error for "PT – Nov 2020 – L2 – Q5d – Withholding Tax Administration"

PT – Nov 2021 – L2 – Q2e – Tax Administration

Distinguish between defined benefit schemes and defined contribution schemes.

You're reporting an error for "PT – Nov 2021 – L2 – Q2e – Tax Administration"

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

You're reporting an error for "PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities"

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