The Pension Scheme Trust Deed is a fundamental document required under Nigerian law for establishing and operating an occupational pension scheme. It is mandated by the Pension Reform Act 2014 for organizations with three or more employees. The document creates the legal framework for the pension scheme, establishing the trust relationship between the employer, trustees, and beneficiaries. It must comply with PenCom regulations and includes detailed provisions for scheme administration, contributions, investments, and benefit payments. The trust deed serves as the primary reference document for all aspects of the pension scheme's operation and governance, ensuring clear delineation of rights, responsibilities, and procedures for all parties involved.
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1. Parties: Identifies the principal parties: the employer(s), the trustees, and initial beneficiaries
2. Background: Sets out the context and purpose of establishing the pension scheme
3. Definitions and Interpretation: Defines key terms used throughout the deed and interpretation rules
4. Establishment of the Scheme: Formally establishes the pension scheme and sets out its primary purpose
5. Appointment and Powers of Trustees: Details the appointment process, powers, and duties of trustees
6. Contributions: Specifies contribution rates and payment procedures for both employer and employees
7. Investment Powers: Details the investment powers of trustees in line with PenCom regulations
8. Membership: Defines eligibility criteria and conditions for scheme membership
9. Benefits: Specifies the types of benefits available and conditions for payment
10. Administration of the Scheme: Sets out administrative procedures and responsibilities
11. Records and Accounts: Requirements for maintaining scheme records and accounts
12. Amendments to the Deed: Procedures for amending the trust deed
13. Termination and Winding Up: Circumstances and procedures for scheme termination
14. Dispute Resolution: Procedures for handling disputes between parties
1. Multiple Employers: Required when the scheme covers multiple participating employers
2. International Transfers: Needed if the scheme accepts transfers from international pension schemes
3. Special Categories of Employees: Required when certain employee groups have different benefit structures
4. Additional Voluntary Contributions: Included when the scheme allows for additional voluntary contributions
5. Life Insurance Arrangements: Required when the scheme includes separate life insurance benefits
6. Transitional Provisions: Needed when converting from an existing scheme to a new arrangement
1. Schedule 1 - Trustee Powers: Detailed list of trustee powers and limitations
2. Schedule 2 - Contribution Rules: Detailed rules regarding contributions, including rates and procedures
3. Schedule 3 - Benefits Rules: Comprehensive rules regarding calculation and payment of benefits
4. Schedule 4 - Administrative Procedures: Detailed procedures for scheme administration
5. Schedule 5 - Investment Guidelines: Specific investment guidelines compliant with PenCom regulations
6. Appendix A - Member Application Form: Standard form for new members joining the scheme
7. Appendix B - Nomination Form: Form for members to nominate beneficiaries
8. Appendix C - Benefit Claim Forms: Standard forms for claiming various types of benefits
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