..As PenCom Commends Lagos State On CPS’ Implementation
The National Pension Commission (PenCom) on Wednesday disclosed that the pension fund assets under the Contributory Pension Scheme (CPS) had risen to N20.79 trillion as of the end of July this year, indicating improved management of the workers’ savings nationwide.
The commission’s Acting Director-General, Omolola Oloworaran, made the disclosure at the Quarterly Consultative Forum organized for states and the Federal Capital Territory pension bureaus/boards/commissions in Lagos on Wednesday.
Out of the CPS’ remittances, she explained that state governments had collectively remitted over N236.7 billion between January 2020 and the second quarter of 2024.
The Acting Director-General said: “Pension fund assets under the CPS continue to grow, with total Assets under Management soaring to N20.79tn as of July 2024. We are pleased to note the steady remittance of contributions by States, with over N236.7bn remitted by States between January 2020 and the second quarter of 2024.”
Oloworaran further clarified that as of Wednesday, 25 states, including the FCT, had enacted pension laws on the CPS, just as he added that “six other States have adopted the Contributory Defined Benefits Scheme, a hybrid of the CPS. However, only eight States are fully implementing the CPS, out of the 25 States that have enacted pension laws.”
She commended Lagos State for its exemplary implementation of the CPS, which included consistent contributions, funding of accrued rights, and the establishment of group life insurance policies, noting that five states, including Lagos, Niger, Osun, Ekiti, and Delta, had issued state bonds financed by pension funds, with Lagos’ Lekki-Ikoyi Bridge, partially funded through that mechanism.
In her remarks, the Permanent Secretary at the Office of the Head of Service, Sunkanmi Oyegbola, explained that the forum served as a platform for stakeholders in the pension industry to exchange ideas, address challenges, and explore strategies to enhance pension administration.
She tasked Pension Fund Administrators (PFAs) on the need for improved transparency and efficiency in the CPS’ funds management to ensure timely processing of retirement benefits to contributors.
