PenCom ranks FCT, Delta, Kaduna, 7 others as top performing States in CPS
By Favour Nnabugwu
he National Pension Commission (PenCom) has ranked FCT, Delta, Kaduna and seven others as the top performing states in the implementation of the Contributory Pension Scheme (CPS)
The other States, according to PenCom, are Edo, Anambra, Benue, Ekiti and Lagos, Ondo and Osun as at December 2022.
PenCom in a report, however applauded Edo State for the level it has reached in
the CPS.
The pension regulatory body said the state government enacted the Edo State Contributory Pension Scheme Law in 2010 and that implementation of the CPS commenced in February 2017.
According to PenCom, “The State Government established the Edo State Pension Bureau to oversee the implementation of the CPS in Edo State. It has registered the State’s employees with Pension Fund Administrators (PFAs).
However, three self-funded agencies and 18 LGCs are yet to commence registration of their employees.
“The State government is remitting 10 per cent employer and 8 per cent employee pension contributions and has conducted an actuarial valuation to determine the employee’s accrued pension rights. It has a valid Group Life Insurance Policy
The commission added that the State has opened a Retirement Benefits Bond Redemptions Fundf Account with a PFA and is funding the Accrued Pension Rights of the State public service employees
