Pension

National Assembly to engage states on CPS compliance

From left: Chairman, House of Representatives Committee on Pension, Hon. Alhassan Rurum and Chairman, Senate Committee on Establisment and Pension, Senator Ibrahim Shekarau at the event.

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Chuks Udo Okonta

The National Assembly is to set up a task force which would help engage state governments and come up with innovative ways that would help them embrace Contributory Pension Scheme (CPS).

This was part of the resolutions reached at the just concluded 3rd annual Pension Fund Operators Association of Nigeria (PenOp) and National Assembly, tagged: PenOp-NASS retreat, which held at the weekend in Lagos.

Stakeholders, which included, members of Pension Fund Operators Association of Nigeria and National Assembly – Joint Committee for Establishment and Public Service of the Senate and House of Representatives Committee on Pension, also resolved that huge public enlightenment is required to drive compliance among state governments to expose them to benefits of embracing the contributory Pension Scheme and also educate them on how to leverage pension assets to facilitate infrastructural developments.

According to the National Pension Commission (PenCom), as at first quarter 2021, 25 states of the federation had enacted pension laws on the CPS while seven states were at the bill stage and out of the five states operating other pension schemes, four states have adopted the Contributory Defined Benefits Scheme (CDBS), while one, (Yobe State) operates the Defined Benefits Scheme (DBS).

According to PenCom, states paying pension under the contributory pension scheme include; Lagos; Osun; Kaduna; Delta and the Federal Capital Territory (FCT), while states remitting employers and employees pension contributions are Lagos; Osun; Kaduna; Delta; Ekiti; Ondo; Benue; Anambra and Federal Capital Territory.

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