15 states commence CPS implementation –PenCom

National Pension Commission (PenCom) disclosed that out of the 24 states that have enacted Laws on the Contributory Pension Scheme (CPS), 15 of them have commenced implementation of key provisions of the scheme.

This is also the commission lauded the efforts and support of states of the federation and other stakeholders in achieving the objectives of the Contributory Pension Scheme (CPS).

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Acting Director-General Haija Aisha Dahir-Umar who said this Wednesday, at the third quarter 2018 consultative forum for states which held in Lagos, affirmed that the scheme has provided a platform for a more efficient and transparent administration of pensions in the Federal Public Service, the private sector and Public Service of the States.

The DG who was represented by Mr. Dan Ndackson, Head, State operations, PenCom, added that the scheme has also led to the generation of long-term investible funds that already have a significant impact on the Nigerian economy.

She said that so far 24 States have enacted Laws on the Contributory Pension Scheme, three States have enacted Laws on the Contributory Defined Benefits Scheme and six others are at various stages of adopting the Contributory Pension Scheme.

According to her, while two states are at final bill stage of a Law that is neither Contributory Pension Scheme nor Contributory Defined Benefits Scheme, while 1 has continued with the Defined Benefit Scheme, adding further that out of the 24 States that have enacted Laws on the Contributory Pension Scheme, 15 of them have commenced implementation of key provisions of the Contributory Pension Scheme, which include the following: establishment of Pension Bureaux/Commissions/Boards; Conduct of Actuarial Valuation; Commencement of remittance of pension contributions; Funding of accrued rights of the employees; and putting in place Group Life Insurance Policy for the employees.

”This Forum has also been designed to encourage the exchange of ideas between participants with a view to proffering solutions to many salient issues in the Administration of Pension in States.

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“This edition of the Forum is indeed special as we have, for the first time in our midst the Compliance Officers of the PFAs, who are here to address issues and queries that might be raised by the participants with a view to resolving them. This Forum has also been designed to encourage the exchange of ideas between participants with a view to proffering solutions to many salient issues in the Administration of Pension in States,” she said.

On her part, Head of Service, Lagos State, Mrs. Folashade Adesoye commended the management of PenCom for the excellent quality of leadership it has continued to provide to the pension administration family nationwide.

She also called on participates to work towards comprehensive guidelines aimed at ensuring the full implementation of the contents of the transfer window; guarantee minimum pension and the pension protection fund.

These issues, she said, border on the welfare of the retirees in old age and should guarantee comfort whilst out of office.

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