Only Edo, Kaduna, Lagos, remit pension contributions

The National Pension Commission (PenCom) has said that Edo and Kaduna states have remitted pension contributions under the Contributory Pension Scheme (CPS).Information Guide Nigeria

THE NATION reports that in its fourth quarter 2022 report entitled: Status of Implementation of the CPS and Other Pension Arrangements by the States.

The commission also said Lagos, Osun, Kaduna, Delta, Ekiti, Ondo, Edo, Benue, Anambra, and Federal Capital Territory (FCT) have embraced remittance of employers’ and employees’ pension contributions. It added that Osun, FCT, Delta, Ekiti, Ondo, Benue, and Anambra states have backlogs.

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It added that while five states had enacted laws on the Contributory Defined Benefits Scheme (CDBS), only two of them – Jigawa and Kano – are implementing the programme.

However, Kano is yet to transfer the pension assets to a Pension Fund Custodian, while the other three – Gombe, Zamfara and Adamawa – are yet to commence the implementation of the CDBS.JAMB Result

THE NATION reports that giving an update on the management of Ekiti State Retirement Bond Redemption Fund (RBBRF), PenCom stated: “Ekiti State Pension Commission via a letter of November 28, 2022 informed the Commission of its intention to appoint Veritas Glanvills Pensions Limited as one of the PFAs designated to manage its RBBRF.

“The Commission is in the process of consolidating its review of the Portfolio Management Agreement with those received from Investment, Surveillance, and Legal Departments for Management’s consideration and approval for subsequent adoption by the Ekiti State Pension Commission.”NYSC Portal

Giving an update on the management of Ekiti State Retirement Bond Redemption Fund (RBBRF), PenCom stated: “The Rivers State Government informed the Commission in October 2022 of the amendment of the Rivers State Pension Reform Law 2009 to further extend the transition by another three years – June 2022 to July 2025.

“The amendment implies that active employees of Rivers State, who made contributions under the CPS and those due to retire under the CPS up to June 30, 2025, have been transited to the Defined Benefits Scheme (DBS).”

On the refund of Zamfara State funds, PenCom also stated: “Messrs Royal Rocks Consulting Limited, consultants to the Zamfara State Government, raised some observations on the Commission’s report on the refund of pension contributions to the Zamfara State Government and its employees.’’

PenCom responded to the consultants after reviewing the comments stating that the observed discrepancies in the initial amount expected to be refunded by PFAs.

The commission added that the actual refunds were largely due to incomes that accrued on the RSAs balances before the transfers were made to the state government and its employees.’’JAMB Result