The National Pension Commission (PenCom) has urged state governments to key into the commission’s Contributory Pension Scheme (CPS), saying the benefits to derive from the scheme are enormous.
This was disclosed in Owerri when its Head of Corporate Communication, Mr. Peter Aghahowa, spoke to newsmen during the commencement of a 5-day verification exercise for year 2020 retirees on Monday. The Owerri zone comprised the states in Imo, Abia and Ebonyi
Aghahowa, lauded the federal government for remaining steadfast in its commitment to better the living conditions for Nigeria’s retirees, adding that the scheme had improved remarkable under the present regime.
He called on state governments to tow the same path by setting up state pension bureau. He further disclosed that the status of Imo State in pension scheme was yet to be actualised as the previous governments did not establish administrative structures to drive the implementation of CPS in the state.
He further described the CPS as a means to a better end, adding that only states who key into the scheme and issue a bond could access the over N9 trillion accumulated under the CPS.
Aghahowa, listed some of the CPS-compliant states to include Edo, Lagos and Kaduna, stating that some states were yet to be fully compliant while others were yet to begin the process.
“The CPS enables workers to retire better and we must commend the Federal Government for remaining steadfast in the pursuit of better living conditions for our retirees.
“It is however regrettable that some states are yet to establish the necessary legislative framework that would enable them to key in to the system. We urge them to establish the administrative structure that would drive the implementation of CPS in the states so that they would be able to access the available funds and enable workers retire better,” he stated.