Design And Implementation Of A Computerised Teacher Pension Verification System

Design And Implementation Of A Computerised Teacher Pension Verification System

Chapter One

Preface

The operation of Pension Fund in Nigeria is as old as Nigeria itself. Pension fund was introduced by the social masters to give income and security for old age British citizens working in Nigeria upon withdrawal as apost-retirement benefit to workers. In the view of Adesina( 20067), Nigeria Legislative instrument on pension matters was the pension constitution of 1951 which had retrospective effect from 1st January, 1946. In 1961 National provident from( NPF) scheme was established with the legislation to address pension matters n private associations. Pension is an arrangement of furnishing people with an income when they’re no longer earning a regular income from employment. still, pensions shouldn’t be confused with severance pay; the former is paid in regular inaugurations, while the ultimate is paid in one lump sum. The terms „ withdrawal plan ‟ or „ superannuation ‟ relate to a pension granted upon withdrawal. Retirement plans may be set up by employers, insurance companies, the government or other institutions similar as employer associations or trade unions. Retirement pension is appertained to as withdrawal plans in the United States, as pension schemes in the United Kingdom and Ireland but in Nigeria, it’s popularly known to as pension. Retirement pensions are generally in the form of a guaranteed life subvention, therefore assuring against the threat of life. In general, the common use of the term pension is to describe the payments a person receives upon withdrawal, generally underpre-determined legal and/ or contractual terms. A philanthropist of a withdrawal pension is known as a pensioner or retiree. Pension fund is any plan, fund, or scheme which provides withdrawal income.

Statement Of The Problem

The homemade system of pension fund operation maintains or keeps records in a form press about each hand/ pensioner that’s registered with a Pension Fund Administrator( PFA). When an hand decides to open an account with a PFA for the purpose of withdrawal savings, the former( pensioner) has to go to the physical position of the PFA to gain and fill a enrollment form. Upon returning the form, the PFA clerk opens a train for the hand where the filled form and other vital documents as needed or that relate to the hand are stored. The train is also passed on to the coming PFA labor force to corroborate the hand ‟ s enrollment which may take some days if not weeks as the case may be. Using the homemade system, the hand is ignorant of his/ her account balance except if he visits the PFA ‟ s office. So, in case of fiscal impropriety in the hand ‟ s account, there’s no way he she can track this. In the homemade system, it’s a bit clumsy for the PFA to maintain an over- to- date record of workers pensioners. When an hand switches job or changes position presumably from one state to another, it takes time before these changes can be effected in the hand ‟ s record. All these homemade processes have redounded in problems similar as 1. Theft and fraudulent practices in the process of investing pension finances and the return on investments 2. mortal crimes i.e. in crediting of a pensioner ‟ s account 3. Wastage of accoutrements similar as paper, lines and so on, 4. Lack of acceptable information inflow among PFA personnels. i.e. PFA ‟ s are unfit to give their guests clear information as to what their balance is and what’s the estimated quantum of plutocrat they will be collecting if they retire. 5. The stress of pensioners having to go to PFA ‟ s office. A web- grounded pension fund operation system is a system designed to manage pension conditioning both on the guests and Pension Fund directors( PFA) ends. The pension operation conditioning on the part of PFAs include regular update of guests ‟ information, crediting of guests ‟ account if the client is retired etc while guests ‟ conditioning include checking their balance online, making enquiries by transferring matters, etc.

Ideal Of The Study

The main ideal of the study is to design and apply a staff pension operation system. Specific objects of the study are

1. To develop a secure system for staff information.

2. To design a pension operation system where preceptors ’ remittance can be made on an agreed time interval.

Description Of Terms

Joint Tax Board This is an approved body that monitors the conditioning of private sector pension schemes.

Nigeria Social Insurance Trust Fund( NSITF) give and enhance social protection to private sector workers.

National Pension Commission( PENCON) Is an apex body of pension assiduity in Nigeria that regulate and supervise the business of pension companies.

National Insurance Commission( NALCOM) It’s an independent body responsible for licensing and regulating insurance companies in Nigeria.

Pension Reform ACT 2004( PRA) This is the body under the Pension Reform Act 2004 that regulatess the conditioning of all pension matters.

Pension Fund directors( PFAs) they’re Private Limited Liability Companies certified to manage pension finances under the Pension Act 2004.

Pension Fund Custodian( PFCs) they’re banks license to hold the pension fund means on behalf of the PFA.

Retirement Savings Account( RSA) This is where the yearly benefactions of workers are kept for safe guardianship.

Security and Exchange Commission( SEC) These are manages under pension scheme license to manage pension finances.