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Only 8 states remitting deducted pension funds—PenCom

By Victor Ahiuma-Young

National Pension Commission, PenCom, yesterday, revealed that of the 24 states that have enacted laws on Contributory Pension Scheme, CPS, only eight are remitting deducted funds to workers’ Retirement Saving Accounts, RSAs.

pension

PenCom stated this in Lagos at the third quarter 2018 consultative forum for states it organised, noting, however, that the level of remittances vary, as “there are some states that are remitting only employees’ contributions, others are remit employers’ contributions, but in an inconsistent manner.”

Dr. Dan Ndackson, Head, States Operations, PenCom, who spoke on the sidelines of the forum, said: “What that means is that this month, they may remit both employer and employee, next month they may remit only employee; but the degree of compliance varies.

“However, there are few states, about two or three of them, including the Federal Capital Territory, FCT, that are consistent in remitting both employers and employees every month. Apart from that, others have some challenges here and there.”

Earlier in a keynote address to participants, which include compliance officers of Pension Fund Administrators, PFAs, Acting Director General of PenCom, Mrs Aisha Dahir-Umar, gave insight into the level of Pension Reform Act, 2014,

Represented by Dr. Ndackson, she said: “24 states have enacted laws on CPS, three states have enacted laws on the Contributory Defined Benefits Scheme, six others are at various stages of adopting the CPS, two are at the bill stage of a law that is neither CPS nor Contributory Defined Benefits Scheme, while one has continued with the Defined Benefit Scheme.”

 

 


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