The Nation Newspaper

Tag: retirees

  • Benue council retirees to be paid soon

    Senue State Governor Samuel Ortom has said N200,000,000 of the budget support from the Federal Government has been set aside to pay council retirees.

    Speaking on Radio Nigeria’s (Harvest FM) programme “Democracy and the People”, the governor said the process of capturing the retirees was almost completed, and that the money would be disbursed to the councils for payment.

    He noted that the government restarted the suspended payment of pensions, and to ensure only genuine workers are paid, three committees were raised for workers’ verification.

    Ortom denied allegations that N750,000,000 was released to buy cars for lawmakers, saying only N317,000,000 was released.

  • Inspen, experts chart ways to robust pension for retirees

    Experts in the insurance and pension sectors are set to seek solution to the plights of retirees and make contributions on how to improve retirement benefits operation, the Chief Executive Officer, Inspen Media, Chuks Udo Okonta, has said.

    Okonta, who made this known in a statement in Lagos, said the programme will hold on Friday, August 12, 2016, at the Lagos Chamber of Commerce and Industry Conference and Exhibition Centre, Alausa, Ikeja.

    He said the theme paper: “Robust Pension Key to Better Life After Work”, will be delivered by the Director-General Ondo State Pension Commission, Mr Jaiyeola Olowosuko.

    He said the event will be chaired by the former board member, National Pension Commission (PenCom) and Director, Centre for Pension Right Advocacy, Mr  Ivor Takor, adding that the Former Director-General Chartered Insurance Institute of Nigeria, Mr  Adegboyegba Adepegba, will be the Special Guest of Honour.

    He noted that discussants are drawn from the National Insurance Commission; Nigerian Insurers Association; Lagos State Pension Commission; Nigerian Council of Registered Insurance Brokers; Nigeria Union of Pensioners; Pension Fund Operators Association of Nigeria and Association of Registered Insurance Agents of Nigeria (ARIAN).

  • Lagos retirees get N1b bond certificate

    The Lagos State government has issued Retirement Benefit Bond Certificates to the tune of N1billion to another set of 275 retirees from the mainstream, local government, SUBEB, TEPO and parastatals of government, under the Contributory Pension Scheme for the month of May this year, Director-General, LASPEC, Mrs. Folashade Onanuga has said.

    She made this known at the 27th batch Retirement Benefit Bond Certificate presentation ceremony held in Lagos. She said the payment has brought the number of retirees paid from August last year to May this year to 3,344.

    According to her, the total accrued pension rights for years, spent under the Pay As You Go pension scheme paid on behalf of retirees by the state government from the aforementioned month to date is N14.7 billion.

    She advised the retirees and beneficiaries to make judicious use of the money being presented because this turns it to assets.

    Onanuga, however, stated that activity of the pension fraudsters who always put calls through to retirees informing them of alleged short-payments in their entitlements has  been reduced drastically, due to the steps the Commission took in terms of sensitisation.

    She further disclosed that she emerged as the Pension Amazon of the year and Lagos State Government as the Most Pension Compliant State in the third edition of Business Today Online Pension and Insurance Awards 2015.

    She said the award is apt as the commitment of the state has made Contributory Pension Scheme to be a success compared to other states.

  • Lagos pays 2,654 retirees N11.44b accrued rights

    Lagos pays 2,654 retirees N11.44b accrued rights

    The Lagos State government, through the Lagos State Pension Commission (LASPEC) has paid N11.44 billion pension accrued rights to 2,654 in eight months, Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke has said.

    He said out of this, 165 retirees received Retirement Benefit Bond Certificates for accrued pension rights of N912 million over the weekend.

    Oke spoke during the presentation of Retirement Benefit Bond Certificates to the 25th Batch of Retirees of the Lagos State Public Service in April, this year.

    He stated that the payment has been made possible because of the premium Governor Akinwunmi Ambode places on pensioners’ comfort.

    Director-General of LASPEC, Mrs. FolashadeOnanuga, explained that Governor Ambode requested for a briefing on the challenges faced by the commission in ensuring prompt payment of terminal entitlements.

    She stated that government had never reneged in meeting all the statutory pension obligations like monthly contributions into the Retirement Savings Account (RSA) of employees, funding of the Retirement Bond Redemption Fund & Sinking Fund Accounts and maintenance of the group life assurance scheme.

    She said the LASPEC intimated him of the challenges faced as a result of the fact that the accrued pension right liabilities far exceeded the provisions made statutorily.

    She noted that the major challenge was with the Local Government & State Universal Basic Education Board (SUBEB) retirees whose five per cent statutory funding provision was a far cry from the liabilities that had crystallised.

    She said: “This is why as at the beginning of the present administration, we had many retirees in the Local Government and SUBEB whose accrued pension rights were yet to be paid. The governor graciously decided and gave instructions for state government funds to be utilised to pay retirees from the local governments.

    “He also instructed that those who had retired from parastatals of government up to December 31, 2014 should be paid.  This is on the understanding that the parastatals would be going forward to meet up with their obligations.  This is why today, we have some retirees from self-funding parastatals in this auditorium.

    “To ensure that the backlog is cleared, we have since August, 2015, been crediting the RSA of retirees’ with their accrued pension rights on a monthly basis.  From August 2015 to February, 2016, the state government through LASPEC had paid the sum of N11.44 billion into the RSA of 2,654 retirees.  1,108 of the retirees were from the Local Government and SUBEB, 669 from TEPO, 583 from the Mainstream Service and 294 from Parastatals.

    “Today, a total number of 162 retirees also mainly from Local Government and SUBEB where we have the greatest backlog will have the sum of N924 million credited into their Retirement Savings Account.  In essence, in a period of eight months, this administration has been able to put smiles on the faces of a total number of 2,815 retirees and amount expended as accrued pension rights is approximately N12.4billion.”

  • Fed Govt budgets N50b for retirees

    Fed Govt budgets N50b for retirees

    The Federal Government has  budgeted N50 billion for  retirees for this year.

    This is N41billion short of the N91billion requested from the Federal Government by the National Pension Commission (PenCom)

    The Director-General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, who spoke to reporters in Lagos, said the outstanding accrued rights yet to be paid by the Federal Government to pensioner stands at N20billion and the figure might rise to N61 billion, if the N41 billion outstanding accrued pension rights for this year is added.

    According to her, if the N50billion requested is funded by the government, there will still be a deficit, noting that N91billion was needed to pay every retiree that will retire this year going by the Commission’s figures.

    She said the problem only affect Federal Government employees, while those in the private sector do not have such issues because they are already funded.

    She, however, noted that the government is making efforts to clear all outstanding pension.

    She attributed the growth in pension deficit to the financial crisis ravaging the country.

    According to her, the funds are not available due to competing demands  for the available resources.

    She, however, assured that the outstanding payment will soon be effected.

  • US rate hike a major milestone for retirees

    The interest rate hike announced today by the Federal Reserve is a major milestone for retirees, who have been caught between a rock and hard place ever since the Great Recession, with zero interest rates and higher-than-average inflation.

    The Fed’s quarter-point hike in the benchmark federal funds rate is the first in nearly a decade, and it could mark the start of something good for retirees, who rely on bonds, certificates of deposit and money market funds to generate income.

    Rates on these instruments have been near zero – and often negative after inflation – throughout the post-recession era.

    Low interest rates have gone hand-in-hand with low inflation. However, inflation is higher for seniors, due mainly to the disproportionate impact of ballooning healthcare costs.

    From 1985 to 2014, an experimental inflation measure of senior inflation (known as the CPI-E) ran 5.1 per cent higher than what is reflected in the broad Consumer Price Index, according to research by J.P. Morgan Asset Management.

    Today’s move will not ease the pain. The higher short-term rate already has been priced into the bond market and is not expected to boost interest rates on products like money market funds or certificates of deposit.

    And the Fed signaled that it will be cautious about boosting rates further. If rates were, in fact, to rise in the neighborhood of 100 basis points over the next year, and if longer-term bond rates moved in lock step, seniors would get some relief.

    “They’ve been earning zero on their cash, so seeing short-term rates move off of zero certainly is good news,” said Scott Thoma, investment strategist at Edward D. Jones & Co.

    “No one is saying ‘all clear’ on a secular long-term rise – and rates can stay lower longer than most people think,” adds Tom Anderson, a wealth manager at Morgan Stanley and the author of “The Value of Debt in Retirement.”

    • Culled from Reuters

  • Pension: No rest for retirees

    Pension: No rest for retirees

    Years after serving their fatherland, scores of federal pensioners are finding it difficult to access their retirement benefits. Omobola Tolu-Kusimo writes on the sufferings and pains of  the affected retirees.

    Thousands of Federal Government pensioners from the old pension scheme – Defined Benefits Scheme (DBS) – and new scheme – Contributory Pension Scheme (CPS) have their fate hanging in the balance.

    The retirees are in a dilemma as they could not access their benefits.

    The continued delay in the remittance of monthly contributions to employees’ Retirement Savings Accounts (RSAs), under the CPS and the payment of their accrued rights, under the DBS by employers has complicated their situation.

    Rather than enjoy retirement after serving their fatherland, many of the pensioners live in pain and misery, leading to different ailments, diseases and even deaths.

    Under the old scheme, some pensioners from the civil service, police, Nigerian Customs Service, Nigerian Immigration Service and Nigerian Prison Service, parastatals and universities among other federal agencies, are yet to get their pension, years after disengaging from service.

    Some police pensioners are yet to receive any form of pension benefit and gratuities more than 12 years after retirement.

    Frustrated, the affected retired officers have cried out even as the Pension Transitional Arrangement Directorate (PTAD) said it has, since its establishment in August 2013, been trying to find solutions to the problems affecting pensioners from the DBS.

    The two sets of retirees being owed under the CPS are caught in the quagmire. In the first set are former federal employees who have not received their pension benefits due to non-transfer of their accrued rights by their employer.

    Sources told The Nation that about 100 retirees of the Federal Inland Revenue Service (FIRS) have not received their benefits since 2013.

    Others are those whose monthly contributions, though deducted, have not been remitted by the Federal Government.

    According Misbau Yola, the immediate past chairman of the Pension Fund Operators Association of Nigeria (PenOp), both categories of pension liabilities stood at about N100 billion as of the last count.

    The employer’s action contravenes the Pension Reform Act 2014 which was repealed by the Pension Reform Act (PRA) 2014.

    Based on the PRA 2014, all accrued pension rights must be paid through the issuance of Federal Government Retirement Benefits Bonds into retirees (RSAs), domiciled with their respective Pension Fund Administrators (PFAs).

    The Nation could not ascertain if the pension liabilities were captured by the Ministry of Finance in the Appropriation Act of the outgoing year.

    Other questions that have been raised include why the liabilities remain outstanding and how the administration of President Mohammadu Buhari plans to settle the debts.

    Some government officials, saddled with pension matters have raised eyebrows, saying the delay in the payment of the accrued rights by government should not hinder the remittance of contributions to the PFAs.

    They argue that the law should be revised to allow payment of existing contributions with the PFAs to retirees while the accrued rights should be when funds are available.

     

    What the law says

     

    Transfer of entitlement from DBS into CPS Section 15 (1) of the PRA, 2014, states that as from June 25, 2004, being the commencement of the Pension Reform Act, 2004, the accrued pension right to retirement benefits of any employee who is already under any pension scheme existing before the commencement of that Act and has over three years to retire shall:

    • In the case of employees of the public service of the federation where the scheme is unfunded, be recognised in the form of an amount acknowledged through the issuance of Federal Government Retirement Benefits Bonds by the Debt Management Office in favor of the employees and the bond issued under this subsection shall be redeemed upon the retirement of the employee and the amount so redeemed shall be added to the balance of the retirement savings account of the employee.
    • In the case of employees of the Federal Capital Territory where the scheme is unfunded, be recognised in the form of an amount acknowledged through the issuance of a bond to be known as Federal Capital Territory Retirement Benefits Bonds, in favour of the employees and the bond issued under this subsection shall be redeemed upon retirement of the employee in accordance with section 39 of this Bill and the amount so redeemed shall be added to the balance in the RSA of the employee and applied in accordance with the provisions of section 7 of this Bill.
    • In the case of the employees of the Public Service of the Federation, Federal Capital Territory or in the Private Sector, where the scheme is funded, credit the Retirement Savings Accounts of the employees with any funds to which each employee is entitled and in the event of an insufficiency of funds to meet this liability the shortfall shall immediately become a debt of the relevant employer and shall have priority over any other claim.

     

    The pension reform

     

     

    The public sector scheme is unsustainable due to lack of adequate and timely budgetary provisions and upward adjustments in salaries and pensions.

    There have been demographic shifts due to rising life expectancies, which has become a phenomenon affecting the family support ratio.

    Besides, pension administration has been largely weak, inefficient, less transparent and cumbersome. The private sector schemes, which are largely akin to the Provident Fund Schemes, have been characterised by very low coverage and compliance ratio due to lack of effective regulation and supervision.

    This often results to a complete paradigm shift from the DBS as operated by both the public and private sectors to the CPS. Accordingly, the Federal Government enacted the Pension Reform Act 2004, which established the CPS and the National Pension Commission (PenCom).

    The Commission has been empowered by the PRA 2004 to superintend on all pension matters, including supervision and regulation of the CPS and the DBS as well as the administrative structures established pursuant to the provisions of the PRA 2004.

    Ten years after the implementation of the PRA 2004, the PRA 2014 was enacted on July 1, last year.

     

    PenCom submission

     

    To the PenCom’s Director-General Chinelo Anohu-Amazu, the payment of retirement benefits under the CPS to retirees as well as death claims to beneficiaries is regular.

    In an appraisal of the pension reform since 2004, Mrs. Anohu-Amazu, identified the delays being experienced in the settlement of accrued benefits federal pensioners and deceased employees as the only glitches.

    She blamed the glitches on the funding of the Retirement Benefits Bond Redemption Fund by the Federal Government, especially in 2012, 2014 and this year.

    According to her, the Federal Government has not released monthly mandates for the payment of accrued rights for September to December 2014 and April to August this year. The PenCom chief put the outstanding portfolio at N35.30 billion.

    She said: “The accrued benefits of 8,193 retirees and death benefits of 4,847 deceased employees amounting to N48.39 billion were processed for the period February to August 2015, but were yet to be settled by the FGN. This clearly shows that even if the total outstanding monthly mandates were release, there would still be a shortfall of N13.09 billion.

    “In addition, the total mandate for September to December 2015 was N20.08 billion while the total accrued benefits for the period stood at N23.12 billion, which left a shortfall of N3.04 billion.

    “Thus, even if all the mandates for the period September 2014 to August 2015 were released, there will still be underfunded to the tune of N16.13 billion.

    “The sum of N483.33 billion has been released into the Retirement Benefits Bonds Redemption Fund Account by the FGN, which was invested by the Central Bank of Nigeria and yielded N7.71 billion between 2006 and March 2015. Consequently, the sum of N490.09 was paid as accrued pension rights to 81,764 retirees and 15,244 deceased employees from inception to March 2015”, she noted.

     

    PenOp position

     

    The former Chairman, Pension Fund Operators Association of Nigeria (PenOp), Misbau Yola said the accrued pension rights and employees outstanding contribution rights have grown to about N100 billion.

    According to Yola, the last payment made on accrued rights was in February, pointing out the importance of settling all outstanding rights to avoid erosion of confidence in the CPS.

    He said: “The fiscal challenge being encountered by the Federal Government has affected its pension contribution and remittances. The government is trying as it has paid its remittances of contributions on its employees up to July.

    “There are few challenges with the accrued rights but we have been told that it would be paid soon. The last was paid in February, 2015. These are issues that affect the confidence in the system.

    “We are aware that the executive members of the PenCom visited President Muhammadu Buhari and raised the issue of the accrued rights and the president promised the accrued rights would be paid soon. The accrued rights and outstanding contribution rights is about N100 billion.”

     

    Federal Government pension contributions

     

    The Federal Government contributions are deducted at source by the Accountant-General of the Federation (AGF) and remitted into a contribution account in the Central Bank of Nigeria (CBN).

    However, for Ministries, Departments and Agencies (MDAs), under the Integrated Personnel Payroll and Information System (IPPIS), the AGF makes direct remittance of the monthly contributions of their employees.

    Besides, the Federal Government has acknowledged the pension liability for the past services rendered by its employees prior to the enactment of the PRA 2004.

    The liability is being funded by the government through a revolving fund for which it opened a Retirement Bond Redemption Fund Account that is being managed by the CBN.

    The Act provides that the Federal Government remits at least five per cent of its monthly wage bill into the dedicated account for the payment of the accrued pension rights.

    FIRS, ex-workers row over pension 

    Two years after they were compulsorily disengaged, pensioners of the Federal Inland Revenue Service (FIRS) have cried out over the non-payment of their pension benefits.

    They claimed their benefits have not been remitted since their retirement in 2013.

    Mrs Daisi Awala, said the last remittance to her RSA with the PFA was done in July 2013. She worked for 29 years at the FIRS.

    Mrs. Awala, who is also leading other retirees in the quest to have their benefits paid, identified herself as a single parent with three children, who are varsity students.

    According to her, the youngest son was withdrawn from school when she could no longer muster the financial muscle to sponsor the three.

    Her words: “We have completed our verification with PenCom but they told us to wait until our employer, in this instance, the Federal Government redeems our retirement benefit bonds.

    “There are 64 of us that are organized while others are scattered around the country. Some of us are expecting between four to eight million naira. We were compulsorily retired by FIRS in 2013 against our wish.

    “We did the registration with PenCom on May 14, 2014 in Lagos. The Commission promised us that we would start receiving our pension from November. They later told us they would start in March this year but up till now, we have not received anything.

    “We have being visiting our PFAs and PenCom office in Lagos. PenCom told us that they are expecting Federal Government to pay our accrued rights and that without it, the PFAs cannot pay our pension benefits.

    “PenCom said as soon as they receive it, they will distribute it to our various PFAs. We have gotten our Retirement Savings Account statement from our PFAs regarding what we have contributed so far. We are appealing to President Buhari to help us because we are suffering and some our our fellow retirees are dying.”

    Another retiree, Awsu Segun, who worked for 17 years, said the last remittance to his RSA account was in January 2014. He has also not received his retirement benefit.

    Mrs. Rashidat Awobitan served for 22 years before she was retired. She said the non-payment of her pension was affecting her.

    She said: “I have spent all the little money that I saved while I was in active service and no longer have money to sponsor my children’s education and take care of myself.”

    Another pensioner, who identified himself as Mr. Dolapo, said it has since become difficult for him to survive.

    “Even the 2004 Pension Law states that if an employee loses his job and cannot find another job after six months, he is entitled to 25 per cent of his pension contribution,” another retiree, Mr. Segun, said.

    “Why should the Federal Government put us through this suffering since 2013,” he lamented.

    But, FIRS’ Director of Communication & Servicomm, Emmanuel Obeta said: “The FIRS have paid outstanding exit benefits for staff that exited in 2013 because they were disengaged on account of not having the minimum qualifications.

    “They were paid reward for outstanding performance, repatriation allowance, staff welfare (BOT) and one year consolidated salary.

    “Pension on the other hand is contributory and the payment is by Pencom and the respective PFAs.  The accrued rights that they claim is delaying their pension is to be paid the Federal Government and not FIRS anymore.

    “The retirees cannot say FRIS owes them because the terminal benefit is one and pension is second. We have paid all terminal benefits and it is left to PenCom to ensure that their retirement benefit is paid.”

  • Lagos SUBEB honors 500 septuagenarian retirees

    The Lagos State Universal Basic Education Board (SUBEB) has honoured 500 septuagenarians for meritoriously serving the state while in active service. The retirees were chosen from across the 20 local government education authorities.

    The retirees who served the state meritoriously before leaving service were presented with bags filled with welfare packages such as clothes and provisions.

    Speaking at the ceremony which held at the SUBEB multipurpose hall, Maryland, the chairman, Lagos SUBEB, Mrs Abosede Adelaja congratulated the celebrators who were honoured by the Lagos State Government. She said the gesture is an avenue to support them as they age gracefully and to cherish their immense contribution to the state.

    “This welfare package is to show gratitude and support them in their old age. It is to cherish their immense contributions to the development of the state during their active service years,” Adelaja said.

    Adelaja implored civil servants who are still in active service to show devotion and be truthful to themselves and God.

    She added that the event, which was seventh in its series since 2009, has continued so as to show government’s unreserved commitment, care and compassion for the aged above 70.

    One of the beneficiaries, Pastor Femi Obanla, who was once the sport officer for Alimosho local government, charged the Lagos State Governor, Akinwunmi Ambode to concentrate on policies that have been forgotten such as sourcing for young but talented youths so that they can be encouraged and trained.

    “I am very grateful for this kind gesture that has been extended to us but I want our governor to focus more on the youths. You know we have young pupils who are talented but they have not been given opportunities to showcase their talents,” Obanla said.

    Another beneficiary, Mrs Caroline Aniunoh, who retired 2005 as a head teacher in Anglican Primary School, Apapa, said she was amazed that they could be remembered years after they signed off from service.

    “I am quite amazed and indeed very happy to be honoured in this manner. I give glory to God and thank the Lagos State government,” Aniunoh said.

     

  • Employees, retirees advised to engage PFAs

    Employees, retirees advised to engage PFAs

    Employees and retirees under the Contributory Pension Scheme (CPS) have been advised to always engage their pension fund operators on returns on  their contribution.

    The Managing Director, Premium Pension Ltd, Wilson Ideva, who gave the advice in Abuja, said this is important so that they could keep a tab on what is happening to their savings.

    Pension Fund Operators (PFAs) have been duly licensed to open Retirement Savings Account (RSA) for employees, invest and manage their pension funds.

    Ideva also urged employees and retirees to check and verify their monthly RSA statement sent to them by their PFAs.

    He noted that a lot of people don’t check their statements neither do they engage their PFAs on the returns earned from the pension investment.

    He said the CPS has gained public confidence in the past 10 years.

    He said: “There is no doubt that CPS has gained public confidence and acceptability. As at June 30 this year, 6.63 million employees from both the Public and Private Sectors have opened RSAs.

    “The Scheme has accumulated over five trillion naira worth of pension assets over the same period with a monthly inflow of about N30 billion and an average of 30 per cent annual growth rate.

    “The CPS has grown tremendously to the point that what we are looking at now are measures of the next level for the industry, which is harmonising best practices across African continent. The kind of measure that you are sure of, what you are going to meet when you retire.”

    He pointed out that the growth achieved by operators in the past 10 years has posed new challenges to pension operators.

    According to him, the challenges include profitable investment, service delivery and harmonisation of service delivery.

    He said operators are going to address these challenges as they learn from other countries in other to build a pension industry that will be an envy of other countries.

  • Trustfund pays over N20b to retirees

    Trustfund pays over N20b to retirees

    The Regional Manager, Southwest, Trustfund Pensions Plcý, Mr Jacob Oladeji, said the firm has paid over N20 billion to retirees since its inception.

    He said the company has over 40,000 retirees under its contributory pension scheme while it pays N200 million yearly to retirees under the scheme.

    He spoke in Lagos at the weekend during the 2015 employers forum/interactive session for its customers.

    Oladeji, who explained the Pension Reform Act, said the forum was organised to address problems identified in the administration of pension funds which he blamed on the ignorance of employers of their responsibilities  that pension contributions must be remitted into employees Retirement Savings Account (RSA).

    He said challenges such as wrong registration and payment are common issues that are always brought to the seminar and are always addressed, stressing that it was part of the reasons the forum was initiated in the first place.

    He said the scheme is mandatory and employers are expected to adhere to the rules by not only deducting the contributory funds from the employees income but also remitting it to the account of the Pension Fund Administrators (PFA), as there are issues when allocation deducted are not remitted.

    He said: “In some companies, salaries are met but the contributory pension scheme is not met and in cases like this, we encourage the companies, employers to meet up with the requirement of the schemeý.”

    Its Compliance Officer, Mrs Lillian Onwughalu, at the forum while reacting to some of the comments about defaulting employers, said defaulting companies can be made to comply by Pension Commission (PenCom) or the courts.

    Onwughalu said employees can anonymously report their employers to their PFAs or PenCom and they could change their PFAs when the transfer window opens soon.

    She said under the new pension scheme, employers or organisations with less than three employees as well as self-employed persons are entitled to participate in accordance with guidelines of the national pension commission.

    She said the objectives of the scheme is to establish a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the public service of the federation, state governments, local government councils and the private sector.

    She said aside employers defaulting in remitting payments to their PFAs, “employees should also be monitored as where an employee fails to open an RSA within six months after assumption of dutyý, the employer shall, subject to guidelines of the commission, request a PFA to open a nominal retirement savings for the employee”.

    She said the goal is to update members’ RSA with all contributions remitted for them within 48 hours of receipt of the remittances and corresponding schedules.