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Pension Scheme Trust Deed

Pension Scheme Trust Deed Template for Nigeria

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Key Requirements PROMPT example:

Pension Scheme Trust Deed

"I need a Pension Scheme Trust Deed for a multi-employer technology consortium based in Lagos, covering approximately 500 employees across three companies, with provisions for international transfers and additional voluntary contributions."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Manufacturing

Oil and Gas

Technology

Telecommunications

Healthcare

Education

Retail

Construction

Professional Services

Public Sector

Agriculture

Mining

Transportation

Hospitality

Relevant Teams

Legal

Human Resources

Finance

Compliance

Risk Management

Corporate Secretariat

Treasury

Payroll

Employee Relations

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Legal Counsel

Compliance Officer

Finance Manager

HR Manager

Benefits Administrator

Payroll Manager

Risk Manager

Company Secretary

Pension Administrator

Treasury Manager

Employee Relations Manager

Compensation and Benefits Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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