Pension

Lagos, nine other states remitting workers’ pension contributions – PenCom

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Chuks Udo Okonta

Only 10 out of the 36 states in the country are remitting pension contributions into the Retirement Savings Accounts of their employees, the National Pension Commission (PenCom) has said.

The states according to PenCom are: Anambra; Delta; Lagos; Kaduna; Niger; Ogun; Osun; Ondo; Rivers and Zamfara.

The commission in its 2016 first quarter review, also said eight states have commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts (RBBRFAs). The states include: are: Anambra; Delta; Lagos; Kaduna; Niger; Ogun; Osun and Rivers.

PenCom noted that state governments have continued to make progress in the level of their implementation of the Contributory Pension Scheme (CPS), stressing that 26 states had enacted their pension laws, whilst 10 others were at the bill state.

The regulator said 673,116 contributors were registered with the various Pension Fund Administrators within the period under review, adding that out of the number of registered retirement saving accounts, only 62.07 per cent amounting to 417, 834 of the RSAs were currently funded.

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