Lesson Notes By Weeks and Term - Senior Secondary 3

National pension scheme

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Term – 1st Term

Week: 6

Class: Senior Secondary School 3

Age: 17 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Insurance

Topic:-       National Pension scheme

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Define pension and pension scheme
  2. State the responsibilities of the National pension commission
  3. Highlight the objectives of the new contributory pension scheme

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on NHIS

Students pay attention

STEP 2

EXPLANATION

He defines pension and pension scheme

 

 

Students pay attention and participates

STEP 3

DEMONSTRATION

He states the responsibilities of the National Pension commission and states the objectives of the new contributory scheme

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

NATIONAL PENSION SCHEME

Pension is a sum of money paid regularly to a person who no longer works because of age or length of year of service. It is a regular payment made to a person on retirement for the remainder of his or her life. The money is meant to sustain him for the rest of his life.

The national pension scheme is a federal government policy for the employees of both the private and public sector in which the employees and the employers will contribute a satisfactory percentage of the employee’s monthly income into.

It was launched in January 2004 for government employees, on retirement; subscribers can withdraw a part of the corpus in a lump sum and use the remaining corpus to buy an annuity to secure a regular income after retirement.

The act is applied to employees in the federal public service, federal capital territory, state and local government workers as well as any private sector organization with five or more employees.

 

RESPONSIBILITIES OF NATIONAL PENSION COMMISSION

a.) To regulate the activities of the pension fund administration.

b.) To supervise the role of all the stakeholders in the contributory pension scheme.

c.) To ensure the effective administration of pension affairs in Nigeria.

OBJECTIVES OF THE NEW CONTRIBUTORY PENSION SCHEME

  1. To ensure that every pensioner who has worked in either the public or private sector receives his/her retirement benefit when due.
  2. To assist employees by ensuring that they save to cater for their livelihood during their old age.
  3. To establish a uniform set of rules, regulations and standards for the administration and payment of pension fund in Nigeria.
  4. To stern the growth of outstanding pension liabilities.

EVALUATION:    1. Define

                             a.) pension

                             b.) pension scheme

  1. State the responsibilities of the National Pension Commission
  2. Outline two objectives of the new contributory pension scheme

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively