Section 120: Interpretation

In this Act:
"annuity" means a right to receive periodic payments, usually fixed in size, for life or a term of years ;
"As from the commencement of this Act" means the commencement of the Pension Reform Act 2013 and shall, where the context so admits, includes the effective date of the repeal ofthe Pension Reform Act
2004 (as amended) under section 117 of this Act;
"annual total emolument" in relation to the Group Life Insurance Policy to be maintained by an employer means the gross emoluments of an employee or deceased person;
"Board" is the Board of the Commission established under section 19(1) of this Act;
"closed Pension Fund Administrator" means any employer or its subsidiary licensed by the Commission as closed Pension Fund Administrator under section 51 of this Act whose business includes taking responsibility for safe custody of the funds, securities, financial instruments and documents of title of pension fund assets to exclusively manage only pension fund of its employees;
"Commission" means the National Pension Commission established under section 17(1) of this Act;
"court of competent jurisdiction" includes the Federal High Court, High Court of the Federal Capital.Territory, High Court of a State and the National Industrial Court;
"distributable income" means all income earned by the contribution less reasonable charges and costs on investment transactions and other reasonably allowable fees and charges;
"employee" means any person employed in the Service of the Federation, the Federal Capital Territory, a Government of a State of Nigeria, Local Government Council or private company or organization or firm;
"employer" includes the Federal Government of Nigeria, Government of a State of Nigeria, Local Government Council or any organization or business that employs three persons or more;
" Federal Government Transitional Arrangements Directorate'" means the Federal Transitional Pension Office established under section 42 of this Act;
"Federal Capital Territory Transitional Arrangements
"Directorate" means the Federal Capital Territory Transitional Pension Office established under section 44 of this Act;
"local government council" means a Local Government Council of the Federal Republic of Nigeria, including the Area Councils of the Federal
Capital Territory Administration, listed in the First Schedule to the Constitution of the Federal Republic of Nigeria 1999 (as amended);
"member" means a member of the Board of the National Pension Commission and includes the Chairman;
"Minister" means Minister in charge of Finance;
"monthly emoluments" means total emoluments as may be defined in the employee's contract of employment but shall not be less than a total sum of basic salary, housing allowance and transport allowance;
"National Data Bank" means National Pensions Data Bank;
"pension fund" means an investment fund within the Pension Scheme which is intended to accumulate during an individual working life from contributions and investment income, with the intention of providing income in retirement from the purchase of an annuity or in the form of a programmed withdrawal, with the possible option of an additional tax free cash lump sum being paid to the individual;
"pension assets" means all assets set aside as retirement benefits;
"Pension Fund Administrator" means anybody corporate licensed by the Commission as a Pension Fund Administrator;
"Pension Fund Custodian" means a company incorporated under the Companies and Allied Matters Act that has been licensed by the Commission under this Act;
"PIN' means Personal Identification Number issued to an individual upon opening a Retirement Savings Account.
"President" means the President of the Federal Republic of Nigeria;
"programmed withdrawal" means a product offered by a Pension Fund Administrator for periodic payments to a beneficiary of a retirement savings account as specified in section 7 of this Act;
"Public Service of the Federation" is as defined in section 318 of the Constitution of Federal Republic of Nigeria 1999, including the Federal Capital Territory ;
"Retirement savings account" means an account opened with a Pension Fund Administrator as specified in section II ofthis Act;
"Scheme" means the Contributory Pension Scheme established under section 3 of this Act; and
"State" means a State of the Federal Republic of Nigeria, including the Federal Capital Territory Administration, listed in the First Schedule to the Constitution of the Federal Republic of Nigeria 1999 (as amended).