16 Oct 2018 in National Assembly:
immediately after subsection 1-
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16 Oct 2018 in National Assembly:
(1A) The administrator shall be an employee of the Board.
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16 Oct 2018 in National Assembly:
This will provide for the opportunity that the scheme will only be administered by an internal administrator so that there will be no room for external administration of the Fund, which is more expensive.
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16 Oct 2018 in National Assembly:
Hon. Chairman, I beg to move:
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16 Oct 2018 in National Assembly:
THAT, Clause 24 of the Bill be amended by—
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16 Oct 2018 in National Assembly:
(a) deleting sub clause (3) and substituting therefor the following new sub clause—
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16 Oct 2018 in National Assembly:
(3) Subject to such guidelines as the Board may issue, in consultation with the members and sponsors of the Scheme, a member of the Scheme may make additional contributions to the Scheme; and
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16 Oct 2018 in National Assembly:
(b) deleting sub clause (4)
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16 Oct 2018 in National Assembly:
The justification is to allow the board to consult with the members and sponsors when issuing guidelines. In a case where members wish to make additional contributions, they are free to do so. This is giving some flexibility so that if members want to contribute more, they will be free to do so.
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16 Oct 2018 in National Assembly:
Sub clause 4 says that all contributions to the scheme by members and sponsors shall be reduced by the amounts of the contribution to the National Social Security Fund (NSSF) in respect to the members. This particular sub clause indicates that when you are contributing, the amount you contribute to the NSSF is going to be considered when you are contributing to this scheme. We thought that was going to be a disadvantage to the members. When you are a member, what you are contributing to the scheme is for your benefit. Therefore, when you refer to the NSSF again, ...
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