By Rukayat Adeyemi
Thank you for reading this post, don't forget to subscribe!Lagos, Sept. 19, 2024 (NAN) — The National Pension Commission (PenCom) has commended Lagos State for its significant achievements in implementing the Contributory Pension Scheme (CPS), placing it among only eight states fully enforcing the scheme out of 25 that have enacted CPS laws.
Omolola Oloworaran, Acting Director-General of PenCom, highlighted Lagos’ successes, including consistent pension remittances, accrued rights funding, and Group Life Insurance Policy, during the Third Quarter 2024 Consultative Forum in Lagos. The forum gathered state pension leaders to address CPS implementation challenges and share best practices.
Oloworaran noted that, of the 25 states with CPS laws, six states are still at the bill stage, while six others have adopted the Contributory Defined Benefits Scheme (CDBS), a hybrid of CPS. Five states—Lagos, Niger, Osun, Ekiti, and Delta—have issued state bonds subscribed to by pension funds, using accumulated pension contributions for infrastructure development.
Despite these advancements, PenCom aims to engage 26 states that have CPS or CDBS laws but are yet to fully implement the schemes, ensuring retirees receive timely pension benefits.
