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Contributory Pension Scheme hits 6m membership

By Victor Ahiuma-Young

OVER six million contributors have now been enrolled in the Contributory Pension Scheme, CPS, the National Pension Commission, PenCom, has said.

The commission at a two-day workshop in Lagos organized in collaboration with Lagos Council of Nigeria Labour Congress, NLC, also announced that CPS had    generated close to N5 trillion since inception in 2004, with over one hundred thousand pensioners.

Speaking at the opening ceremony of the workshop with the theme “New Pension Act, PRA, 2014, its Implications and Obligations to both employers and employees in Nigeria”, Director General of PenCom, Mrs. Chinelo Anohu-Amazu, said the coverage of the CPS included employees in the public service of the federal, states and local governments as well as the private sector organizations with three or more employees.

Represented by Mr. Mohammed Bello Umar, the commission’s Head of Compliance and Enforcement Department, Anohu-Amazu recalled that the pension reform started in 2004 with the passage of PRA 2004 which provided for a uniform pension system for both public and private sectors.

According to her, “The CPS has been successfully implemented since then and the fund under management has grown to about N4.6 trillion while membership is over 6 million.

The coverage of the CPS includes employees in the public service of the federal, states and local governments as well as the private sector organizations with three or more employees. The PRA 2014 strengthened the powers of the commission to perform its mandate of regulation and supervision of all pension matters. That would further protect and create value for the contributor.

“Following the successful passage of the PRA 2014, PenCom is working towards significantly increasing the membership of CPS by expanding the coverage to include the informal sector as well as ensuring that the pension assets are invested in ways that are most beneficial to the economy. This workshop provides an avenue for sensitization of NLC members, Lagos Council as our stakeholders on the new PRA 2014 and their role towards its successful implementation. It is a forum to discuss pertinent issues of mutual interest on the implementation of the CPS and proffer solutions towards addressing them.”

 


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