Saturday, March 29, 2025
32.5 C
Lagos

Status of Contributory Pension Scheme in South East (June 2021)

Abia State
• Enacted Law on the CPS in 2017.
• Yet to establish Pension Bureau.
• Yet to register the State Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open a Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of the Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy.

Anambra State
• Enacted Law on CPS in 2013 (amended some sections of the Law in 2014).
• Registered Employees with PFAs Remitting 10% employer & 5% employee contributions. Remitted employer pension contributions up to December 2017 and remitted employee pension contributions up to April 2021 for some State employees.
• Remitted employee and employer pension contributions up to August 2018 for Local Government employees.
• Opened a Retirement Benefits Bond Redemption Fund Account with a PFA, for the Local Government employees in line with the State Law
• Yet to conduct an Actuarial Valuation.
• Irregular funding of Accrued Pension Rights for Local Government employees.
• Yet to establish Pension Bureau (implementation being driven by Office of the Head of Service & Joint Account Allocation Committee).
• Yet to open Retirement Benefits Bond Redemption Fund Account for the State employees.
• Yet to commence funding of the Accrued Pension Rights for State Employees.
• Yet to institute a Group Life Insurance Policy

Ebonyi State
• Enacted Law on CPS in 2017 (amended the Law and forwarded to the Commission and the Commission communicated its observations on the Law to the State).
• Yet to establish a Pension Bureau.
• Yet to register its Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open a Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of the Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy

Enugu State
• Enacted Law on CPS in 2014
• Yet to commence funding of the Accrued Pension Rights.
• Yet to establish Pension Bureau.
• Yet to institute a Group Life Insurance Policy.
• Yet to register the Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct Actuarial Valuation.
• Yet to open Retirement Benefits Bond Redemption Fund Account

Imo State
• Enacted Law on CPS in 2008.
• Yet to establish a Pension Bureau.
• Yet to register the Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy

spot_img
spot_img
spot_img

Hot this week

Leadway Pensure Advocates Additional Voluntary Contributions for Future-Proof Financial Security

Leadway Pensure, a leading Pension Fund Administrator (PFA) in...

Kano Residents Benefit from Fidelity Food Bank Initiative

Over 1,500 residents have benefited from a Fidelity Food...

We Need More than CNII Order to Secure Telecom Investments – Experts

L-R: Associate Director, Government Relations, IHS Nigeria, Bond Abbe; Co-founder,...

PenCom: States Should Implement CPS for Pension-secure Nigeria

The National Pension Commission (PenCom) has called on all...

Fidelity Bank Equips Entrepreneurs for Global Trade Success with EMP 18

L-R: Prof Frank Ojadi, Director, Export Management Program, Lagos...

Topics

The Federal Cabinet: Time for Effective Governance

The 2015 Presidential Election ended on Saturday, March 28, 2015. It now belongs to the history books. Regardless of the pros and cons of the polls, it came and went. And in a commendable act worth eulogising, the then incumbent president, Goodluck Jonathan conceded defeat and congratulated the declared winner, Muhammadu Buhari, a development that earned widespread local and international applause for Nigeria as a nation.

ATIMS AWARDS: Kanye Tagbo-Okeke, a Nigerian Prodigy, Shines in New York

In a remarkable achievement that shines a spotlight on...

Buhari Vs Twitter: The Inglorious War!

The deletion of a tweet by President Muhammadu Buhari...

Stanbic IBTC Continues to Create Positive Impact in Host Communities

Stanbic IBTC Holdings PLC, a member of Standard Bank...

NEXIM Bank to Support Growth of Mining Sector

“Solid minerals, along with the other three sectors of...

‘Only 1% of Nigerians Have Insurance Policy’

Mr. Tope Smart, Chairman, Nigerian Insurers Association (NIA) has...

Expanding Africa’s Insurance Sector

  By Mikir Shah CEO Africa Specialty Risks Africa’s insurance market is poised...

NLNG: No Flood Impact on Operations Nationwide

The attention of Nigeria LNG Limited (NLNG) has been...
spot_img

Related Articles

Popular Categories

spot_imgspot_img