FCT, 7 states, fully implement Contributory Pension Scheme – PenCom

The National Pension Commission (PenCom) has said only seven states and the Federal Capital Territory (FCT) are fully implementing the Contributory Pension Scheme (CPS) and Contributory Defined Benefits Scheme (CDBS).

PenCom disclosed this in its first-quarter report on pension implementation, based on an update by its States Operations Department.

The report showed that Lagos, Kaduna, Edo, Osun, Ekiti, Ondo and Jigawa states, alongside the FCT, had fully implemented the CPS/CDBS.

It also showed that 13 states were at various stages of partial implementation of the schemes.

The states are Abia, Anambra, Bauchi, Bayelsa, Benue, Delta, Kano, Katsina, Kogi, Niger, Ogun, Oyo and Rivers.

According to the report, 10 states have pension laws that are currently inactive.

It said six states: Ebonyi, Enugu, Imo, Nasarawa, Sokoto and Taraba had inactive CPS laws, while Adamawa, Gombe, Kebbi and Zamfara had inactive CDBS laws.

The commission further reported that six states were still at the bill stage in their efforts to implement the CPS.

They are Akwa Ibom, Borno, Cross River, Kwara, Plateau and Yobe.

PenCom said 18 states and the FCT had established dedicated Pension Bureaux to administer the scheme.

The commission’s update covers all 36 states of the federation and the FCT.

The CPS, introduced by the Pension Reform Act, 2004 and retained under the Pension Reform Act, 2014, is designed to ensure regular pension contributions by employers and employees towards retirement benefits.

PenCom has continued to encourage states to adopt and effectively implement the CPS to ensure sustainable pension arrangements for their workers. (NAN)