By Victor AhiumaYoung

The National Pension Commission, PenCom, yesterday said the total pension asset has risen to N20.79 trillion, even as it disclosed that only seven states and the Federal Capital Territory, FCT, Abuja, have fully implemented the Contributory Pension Scheme, CPS.

The states as indicated in PenCom website are Lagos, Kaduna, Delta, Ekiti, Osun, Edo and  Jigawa .

Acting Director General of PenCom, Ms Omolola Oloworararan, while speaking at a two-day quarterly consultative forum for states and the Federal Capital Territory, FTC, Pension Bureaus, said:  ”The Consultative Forum is a veritable platform that brings together all critical stakeholders in the administration of pension matters at the sub-national level.

”Since its inception in 2014, the Forum has facilitated the exchange of ideas and expertise among participants to support respective states in establishing frameworks for seamless Contributory Pension Scheme, CPS, implementation.

”It also serves as a platform to address pension challenges of respective states and provide updates on their unique pension reform journeys.

“We are pleased with the calibre of attendance at today’s Forum, by the presence of very important personages like the Heads of Pension Bureaux/Boards/Commissions who are directly steering the implementation of CPS and other pension arrangements at various levels.

”In addition, we are honoured to receive the heads of service and other senior government officials of states that have commenced efforts towards implementation of the CPS and other pension arrangements for their employees.

”We are, therefore, confident that this Forum would provide participants the opportunity to listen, learn and chart a course towards the adoption and implementation of sustainable pension schemes in their respective states.

“Pension fund assets under the Contributory Pension Scheme, CPS, continue to grow, with total assets under management soaring to N20.79 trillion as at July 2024. We are pleased to note the steady remittance of contributions by states, with over N236.7 billion remitted by states between January 2020 and the second quarter of 2024.”

“It will interest state governments to note that one of the significant benefits of adopting the CPS is access to accumulated pension funds for infrastructural development through issuance of state bonds. ”Indeed, five states, including Lagos, Niger, Osun, Ekiti, and Delta, have successfully issued state bonds that were subscribed by pension funds. Notably, the Lekki-Ikoyi Bridge in Lagos was partly financed by pension funds.

 “Under my leadership, the commission is committed to ensuring that all retirees, from both the public and private sectors, receive their retirement benefits when due. In this regard, the commission shall focus on 26 states with CPS or CDBS laws, but are yet to commence implementation.

”Our focus will be to constructively engage these states in a sustained manner and work towards expanding the coverage of CPS at the subnational level. We will also intensify our efforts with relevant state government agencies to resolve the backlog in accrued rights payments to CPS retirees.

”In addition, we are working to ensure that pensioners under the CPS and other pension arrangements benefit from pension increments provided for in the constitution of the Federal Republic of Nigeria, 1999 (as amended).”

Speaking on the occasion, Lagos State Head of Service, Mr Bode Agoro, who was represented by the Permanent Secretary, Mrs. Sunkami Oyebola, said:  “In Lagos State, we also recognize the need for protection of workers’ rights and as such, channel our commitment to promoting transparency, accountability, and efficiency in pension administration and management.

”The welfare of our workforce and the retirees has always been our priority, and we have continually aligned our policies with the aims of the Contributory Pension Scheme, CPS, under the Pension Reform Act.

“Lagos State was one of the pioneer states to adopt the Contributory Pension Scheme, and since then, we have taken steps to ensure the full implementation of the scheme across all ministries, departments, and agencies, MDAs.

”We are committed to ensuring that all pension contributions are regularly remitted, and retirees receive their entitlements promptly and without delays.”