By Ogar Monday
Listen To The Report
The National Pension Commission, PenCom, has raised an alarm saying pensioners who will be retiring might have issues with their pensions as many States, including Cross River have refused to utilize the contributory pension scheme.
In a report released by PenCom, the agency stated that only Lagos, FCT, Osun, Kaduna, and Delta were funding their retiree’s accounts through the contributory pension scheme.
The report titled “Status of implementation of the CPS by States” indicated that 25 States had enacted laws on the scheme and that 15 of the 25 States had set up a Pension Bureau and Boards in line with the CPS.
The report stated that while Cross River had drafted a Bill on the CPS in 2021, it had not moved further to enact a law that guides the implementation of the scheme. The State is also yet to set up a pension bureau.
The report further states that Cross River has not registered employees with PFAs, is yet to commence remittance of pension contributions for the employees, yet to conduct an actuarial valuation to determine the employees’ accrued pension rights, and is yet to open a Retirement Benefits Bond Redemption Fund Account, yet to commence funding of the accrued pension rights, and yet to institute a Group Life Insurance Policy.
Watch.
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