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Pension Act 2004




Until June 2004, Nigeria had operated particularly in the public sector, a defined benefit pension scheme, which was largely unfunded and non-contributory. The system was characterized as pay-as-you-go (PAYG) scheme since retirees were to be supported not by their previous contributions but annual budgetary provisions thus the massive accumulation of pension debt, which was estimated at more than one trillion naira.

Following the apparent collapse of the public sector pension scheme, as evidenced by the thousands if not millions of poor, embittered retirees produced over the years and an equally large number of short-changed private sector workers, the government of Nigeria acted wisely to reform the system with the Pension Act in 2004.

The coming into force of the Pension Reform Act in 2004 has been hailed as a highly workable solution to the issue of pension, which for most employees today, remains the likely source of income in their retirement years.

The new pension scheme came to replace the previous defined benefit scheme. The new scheme is defined contribution scheme, which is contributory in nature, making it mandatory on employers and workers (in the public sector and private sector organization with five or more employees) to contribute 7.5% each of the emoluments of the employee into a Retirement Savings Account (RSA).However, for the military, the contribution rate is 2.5% with the government contributing 12.5%.

Under the old defined benefit scheme, no contributions were made, and projections were required to be made of the pension entitlements of each employee by the employer, with such projections being determined by the employee’s years of service and earnings. Thus, the obligations are effectively the debt obligation of the employer, which assumes the risk of having insufficient funds to satisfy the contractual payments that must be made to retired employees.

However, under the defined contribution scheme, the employer is responsible only for making specific contributions on behalf of qualifying participants. However, the employer does not guarantee any certain amount in retirement. The payment that will be made to qualifying participants upon retirement will depend on the growth of the scheme assets. The main objective of the scheme is to accumulate enough funds to ensure regular monthly payments to the contributor after he or she retires.

A contributor has the option to either buy an annuity from an insurer or draw direct payment from his Retirement Savings Account (RSA) balance to an insurer in exchange for a guaranteed monthly or quarterly payment for an agreed period; this could be risky in that such payment could stop when the retiree dies.

On the other hand, you can have an arrangement for programmed withdrawals from your Retirement Savings Account (RSA), which could guarantee life long payment and a lump payment to a contributor’s survivors in case of death before the funds run out. The scheme also gives allowance for bulk payment to enable a retiree buy a house or start a business provided the balance on the contributor’s Retirement Savings Account (RSA) could fund a monthly payment for the rest of the contributor’s life that is not less than half of the contributor’s last salary.

For example, if your total contribution to a RSA amount to N20,000 per month for a period of 20years at an average annual return of 10% and life after retirement is envisaged to be 25years.You would have accumulated about N15,000,000 and this entitles you to a monthly payment of about N138,000 for that period.

Let us assume you now retire with a monthly final salary of N150, 000 and wants a lump sum payment, which means, you will need to provide for a monthly retirement benefit of N75, 000, you can therefore take a lump sum of N12.9 million or retirement based on funds accumulated.

However, for a person who stars out early to contribute the same amount for 40years at the same rate of returns would have accumulated N126 million in his or her RSA and would be entitle to a monthly payment of N1.1 million.

Since the defined contribution scheme encourages labour market flexibility, the worker is free to move with his or her account as he or she moves to another place of employment and or residence. Finally, the direct contribution scheme is believe to have the potential to generate positive economic externalities, including the promotion of deeper, more competitive, and more liquid financial market.


The pension fund administrators and pension fund custodians are to hold and manage the contributions up until the time a contributor retires at the age of 50years or above. The regulation of the scheme is provided by the pension commission to prevent abuses and safeguard the funds under management. However, care should be taken in choosing a PFA (Pension Fund Administrator) to manage your Retirement Savings Account. Most of the Pension Fund Administrators are basically star-ups, though all are link to one group of financial institution or another, such as banks and insurance companies.

Attributes such as a proven knowledge of large fund management, transparency and integrity as well as customer service issues should be consider. A little research into the antecedents and record of accomplishment of the owner institutions and their directors would help in making the right decisions. Remember that no employer can force any staff to use a particular Pension Fund Administrator, while the law allows a contributor to correct any error of choice by moving his or her account from one Pension Fund Administrator to another once a year without having to give reasons.


Source by Emmanuel Newman Adedayo

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iPhone Application Development – Earn Money Through iPhone App Store




The Internet Revolution! I’m sure you read and heard a lot about it and so I won’t list the myriad ways in which it has changed everything. Professionals capable of working independently and creatively have benefited the most from the ubiquity of the internet.

There are so many ways I which you can showcase your talent to the world (or hawk your wares): you can write a novella, self-publish it over Amazon, and if people like it, you will mint money; you can post a funny video over YouTube (or start you own ‘Channel’), and using nothing more than your skills and ingenuity, find fame and fortune; or you can use your iPhone application development skills, sell your app(s) in the Apple App Store, and buy that yacht you’d always wanted!

Over 2 billion apps are downloaded from the iPhone App Store every year, and as the sales of iPhones continues to rise and more people start using iPhone, the demand for iPhone apps will increase. iPhone apps are constantly making the news and they are one of the prime reasons for the success of iPhones. Experts predicts that 3G smartphones which offer all the facilities of internet will replace PCs and laptops, and apps are the things that make it easier for the users to use their smartphones in lieu of computers: the market for apps is huge, and it will only grow further over time.

Do you have creativity, talent and innovative ideas? There are school students out there who are making serious money developing iPhone apps and selling them using the iPhone app store. Do you think you have the app idea of the decade? You don’t necessarily have to have a scientific and technical mind to gain success at iPhone application development: all you need is an idea and the ability to transform it into reality.

The best thing is that there are a number of free tutorials and SDKs available on the Internet; you can use download them for free and learn how to develop apps for iPhone apps. You might need t invest some time to study how to develop the best apps, and then how to market them over the net, but thereafter your creative ideas will take you far.

Even if you are not good at logic and math and programming is just not for you, you can still take help from professionals and pay iPhone developers to develop an app based on your idea. If your idea is really good, you could convince them to work for royalty from the sales of the app. And if your idea is really good and you are sure that the app based on your idea is going to sell like hot cakes, its best to pay the developer upfront and have complete control over all the profits on your iPhone app!

Once the app is ready, you just need to follow the simple guidelines on the iPhone app development store and list your app on the list of available apps. But there are millions of apps on the iPhone app store, and so you will need to do things to get publicity for your apps: get a website in the name of the app, try and make someone do a piece about in a magazine, keep your fingers crossed, and wait for the world to wake up to the proof of your genius!


Source by Vatsal M

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What Can I Use Bitcoins For?




Practically, almost any product or service that can be bought with dollars or other currencies can also be bought with bitcoins. On the other hand, the high volatility of bitcoins is a huge risk for some people that might want to use this cryptocurrency, but they are afraid about price differences. Even so, the characteristics of bitcoins make them perfect for internet payments:

1. Fast transactions

A bitcoin transaction is processed in 10-15 minutes. In case of a bank transfer, it might take hours or even days for the money to get from one account to the other. Some might say that PayPal or other ewallets are even faster. It is true, but there are other aspects that ewallets can’t give: privacy and smaller commissions.

2. Privacy

When you send bitcoins to a partner over the internet, the transaction will be registered in a blockchain. The list of transactions is public, and it can be verified on specialized websites. Only the identification number, the sum and the time are recorded. There is no way for somebody to find out from where the bitcoins come, and where they go. This is characteristic of bitcoins attracted many people. Well, some of those are interested about it because they can buy illegal goods with those, but the majority of bitcoin users are people that want to buy legal items and services, but which don’t want to disclose their identity. Porn and gambling websites might be immoral, but they are not illegal, so people that want to subscribe for those services can safely pay in bitcoins on the websites that accept this currency, knowing that their reputation will not be affected.

3. Smaller commissions

The average commission is 0.002 BTC for a transaction. It is significantly smaller compared with the PayPal or banking commissions. Moreover, you are not even obliged to pay it. By paying a commission, you “reserve” the computational power of a pool (or at least a part of it), to process your transaction faster. You even have the possibility not to pay the commission. In this case, you might need to wait two or even three days for your transaction to be processed. If you are not in a hurry, this might be the perfect opportunity to make money transactions with zero costs.

Of course, there are also disadvantages for using bitcoins, such as the possibility to lose them. If somebody steals your bitcoins, or if you delete the wallet files, it is impossible to recover those. As long as the bitcoin is not regulated, there is no central organism for arbitrage between divergent parts. In other words, you can’t complain if you lose or you are robbed by your bitcoins, simply because there is nobody to complain to.


Source by Stanculescu Mihai Bogdan

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Things You Should Know About Bitcoin Black




What is Bitcoin Black?

Bitcoin Black is basically the cryptocurrency of the people, by the people for the people. It will be adopted for use as a peer 2 peer payment system which gives the power back to the people.

If we talk about Bitcoin, Bitcoin has failed at this, real value comes from real use of the ecosystem and empowering people. Bitcoin transactions are slow and expensive, and it can be said that Bitcoin is somewhat centralized. Bitcoin takes power of people because it is heavily manipulated and through cycles that discourage participants from cryptocurrency in general.

People buy bitcoin to get rich, not to be involved in the ecosystem. The one percent elite takes advantage of bitcoin and creates discouragement, strategically increasing the price and attracting entry for the dream of wealth and dumping coins for their benefit. In fear of adoption. Bitcoin is completely controlled, pumped and manipulated at will, for many different reasons.

Bitcoin Black is focusing on solving these problems as the coin is a cryptocurrency with a fair distribution Airdropped to 1 Million wallets prior to IEO which all funds will go to community groups voted by the community to move the project forward with focus on fair distribution, mass adoption, usability, education, ease of access, simplicity and community.

The goal is to make it a real decentralized autonomous network giving back power to the people. He does not belong to a group, but belongs to many branches of the community.

Distribution of Coins

Bitcoin Black is aim to have airdrop to at least 1 million wallets initially with not more than 0.5% of supply owned by 1 founding member making it truly decentralized cryptocurrency.

The project have a pre-sale of 2.5% of total supply which is almost 900 Million coins.

If we take a take a look at the IEO, 7.2 billion IEO coins will be allocated to several community foundations that will help the community move the project forward in the future.

Counterpart funds for manipulation (around 5%). Part used for the stability control fund to eliminate the possibility of early manipulation at low volume and maintain currency stability.

Finally, the rewards for introducing the application will be 14.4 billion coins.

Introduction of 30 million members with an increase in the rate of new users. A method of bringing the coin into every schoolyard / university / workplace and community.

Total Supply

A maximum supply is 36 billion coins.


3.6 billion coins to be claimed by members who help share Airdrop.

Simple social sharing platform in one click. Share a social message that provides an introduction to encrypted video and the app download link that will allow your friends to download it. Currently the platform is active and functioning well.


The best innovation is the Fee free transactions. You can send bitcoin black to anyone free of charge. The transactions are Instant and you can send money as easily as sending an message.

The wallets are easily accessible and very simple to use.


Bitcoin black have a fair mass distributed currency with supply spread widely that it will create less volatility by synchronized pumps and dumps and lead to a more stable price. Bitcoin black is going to be the next bitcoin. You can register for the airdrop by clicking here. I wish someone back in 2008 would have included me on the Bitcoin airdrop. Bitcoin Black will be life changing and we want to tell this to as many as possible.


Source by Mark West

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