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{
    "id": 864761,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/864761/?format=api",
    "text_counter": 467,
    "type": "speech",
    "speaker_name": "Sen. (Dr.) Zani",
    "speaker_title": "",
    "speaker": {
        "id": 13119,
        "legal_name": "Agnes Zani",
        "slug": "agnes-zani"
    },
    "content": "“Where there is a conflict between the provisions of this Act and the provision of the Retirements Benefits Act, the provision of the Retirements Benefit Act shall prevail.” I find that strange in a Bill. This Bill has been brought to the Senate and it will go to the National Assembly. It says that in case there is conflict between this Bill and another Bill, let the other Bill takes precedence. It will be important to identify what areas of conflict might exist. I will try to address them, so that there is no need for sort of reference because I think this opens up a Pandora ‟s Box. This is because we might end up having two operational laws with two different provisions. This can create a problem. Clause 13 gives a provision for an actuary appointed by the board as provided by the Retirement Benefits Act. That is important because the actuary, who is appointed and recommended, will be able to prepare public reports that will state their position of the Scheme and the amount of monies that they have. This is the new practice. It is very critical that actuarial scientists are part and parcel of this Bill. This Bill is very good because it creates both the structure and the administration structure for the pronouncement in terms of what is meant to happen when retirement schemes are passed on. It establishes a board of trustees. It also establishes a position for Administrator and Chief Executive Officer (CEO). However, I found it a bit cluttered, especially when the various players at various levels are too many with various sort of qualifications that have been pointed out. This can create too many posts of hierarchy. Therefore, as we move to the amendment of this Bill, it should be important to, probably, try to simplify it, so that major decisions are made at one point, to avoid too many centres of power, which might create a level of competition. As the Bill stands, the provisions in Clause 23 are very key and important. It says that the scheme shall be administered by an administrator appointed by the board. However, as stated in different clauses the administrator is referred to as CEO, administrators or a board member who is in charge. For all those titles, the functions have been spelt clearly. For example, in Clause 23, the responsibilities and the functions of the Administrator have been shown clearly. This is a very important. This include, opening and maintaining an account for each member, informing the board if a member‟s contribution details differ from expected et cetera. This is the day today running that will make this very critical. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}