ESTABLISHMENT OF BENEVOLENT FUND FOR ELIGIBLE MEMBERS OF THE INSTITUTE

October, 25 2017


Members are hereby informed of the establishment of a Benevolent Fund for eligible members of the Institute in the event of death or health disabilities commencing on October 1, 2017. 


The Fund shall be for the purpose of assisting members of the Chartered Institute of Taxation of Nigeria, who have fulfilled their financial obligations to the Institute and their dependants in the event of death or health disabilities of a member. 


ELIGIBILITY FOR ASSISTANCE UNDER THE FUND
a. Members eligible to benefit from the provisions of the Fund shall be members who have fulfilled their financial obligations to the Institute up to at least one (1) year before the date of death;
b. Members who are 65 years and above and have been exempted from payment of subscription are also eligible; provided they are not indebted to the Institute as at when they attain the age of 65 years;
c. In case of financial assistance for health disabilities based on request by needing members, he/she must have fulfilled his/her financial obligation up to the year preceding the date of request of assistance. Health disabilities include all terminal diseases and obvious Physical Incapacitating Injuries which reduce the economic earning capacity of a member when compared to the health status before the date of the injury or health set-back. Provided however that, terminal disease and physical incapacity must be evidenced by the production of a verifiable medical report duly certified by a State/ Federal or specialist hospital;
d. The Fund does not cover death through suicide, manslaughter, murder, and hard drug or assisted death through euthanasia;
e. The Fund will not be disbursed to meet any judgment debt or to compensate for member’s criminal offence which resulted to death or health disabilities;
f. Rush payment of backlog of arrears in the event of death or health disability will not be acceptable and shall automatically disqualify such applicants.


MEMBERS’ ENTITLEMENTS
In the event of death, =N=500,000.00 (Five Hundred Thousand Naira) only shall be paid to the next of kin of a deceased member or a previously identified beneficiary by the member,
While in the event of health disabilities where members are in need of help, a minimum of =N=50,000 (Fifty Thousand Naira Only) and maximum of =N= 250,000 (Two Hundred and Fifty Thousand Naira Only) would be paid on one-off basis only for medical expenses. Payment shall be made to the medical institution and only verifiable medical receipts shall be refunded where payment had been made by the member.


MODE OF APPLICATION FOR ASSISTANCE
Application should be made in writing to the Registrar/Chief Executive of the Institute for consideration before approval for disbursement is made where such application is qualified. Other factors to be considered are:
a. The next of kin or Personal Representative must be stated in the member’s file.
b. Where the member is suffering from health disability, the name of the person stated in the application stands as the next of kin and should write the application.
c. Due diligence will be applied and every application must be accompanied by the certified true copy of the death certificate of the deceased, where death has occurred, or a medical certificate of illness signed by a medical doctor accompanied by a verifying affidavit, sworn to by the next-of-kin.
d. Application must be confirmed by the Chairman of applicant’s District Society.
e. All disbursements shall be in Crossed Cheque ``Account Payee`` only and made payable to the beneficiary.
f. Where there is controversy as to who is entitled to receive payment as next-of-kin, the Institute may:
i. withhold the payment until the controversy over the appropriate next-of-kin that is entitled to receive the payment is resolved;
ii. insist on paying only the person or those named in the Letters of Administration (in the case of death);
iii. refuse payment where a pending controversy is not resolved within a reasonable time;
iv. refer conflicting applicants to arbitration and make payment based on the final decision of a mediator, arbitrator or conciliator;
v. insist on payment based on an order of court only.
g. Every receiver of payment must sign an INDEMNITY INSTRUMENT in favour of the Institute.


Note: The Institute may grant waiver to any of the conditions in appropriate circumstances.


This notice was authorised at the 147th Council meeting of Friday, August 18, 2017.







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