Mrs. Chinelo Anohu-Amazu
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Chuks Udo Okonta
The adoption of Contributory Pension Scheme (CPS) by States is one effective tool of managing finances, especially at a time of lean available public resources, the National Pension Commission (PenCom), has canvassed.
Its Director-General Mrs. Chinelo Anohu-Amazu, said this at the stakeholders’ sensitization conference on Pension Reform Act 2014 in Kaduna. She said CPS would help employers forestall huge pension liabilities at the point of retirement, as observed in the Defined Benefit Scheme.
The PenCom boss called on employers that are yet to embrace the scheme to urgently do so to avail their employees the numerous benefits of the scheme, while avoiding huge future pension liabilities.
She said in a bid to assist States in guided implementation, PenCom has established functional offices in the six geo-political zones including Kano for the North-West Zone, stressing that these offices have been equipped to provide the required technical assistance to States and Local Governments in their efforts to adopt and implement the CPS.
“Furthermore, the Commission had recently made a presentation to the National Economic Council (NEC) where we highlighted the numerous benefits that States would be availed under the CPS. Based on the feedback at the presentation, the Commission would also enhance its technical support to the States for speedy compliance,” she added.