Federal Government has awarded a gold trophy to the Lagos State Government for emerging the best state out of the 36 states of the federation to fully adopt and implement the Contributory Pension Scheme in compliance with the provisions of the Pension Reform Act, 2004.

According to a statement on Saturday by the Press and Public Relations Officer, Lagos State Pension Commission, Mr. Taofeek Lawal, the award was received in Abuja during a dinner to commemorate the 10th anniversary of the establishment of the CPS.

The statement added that the award was organised as part of the activities lined up for the World Pension Summit, Africa special in Abuja.

LASPEC noted that Lagos had from inception of the scheme in 2007 till date contributed N51.6bn, being the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution by the state government into the Retirement Savings Account of every employee with the Pension Fund Administrators.

The state, Lawal added, also paid N26.2bn as past service benefits to 4,990 retirees prior to the commencement of the Contributory Pension Scheme.

The World Pension Summit, which was hosted by the National Pension Commission, brought together all pension administrators across the world with a view to finding solutions to how African countries could best deploy pension funds to risk-free or near risk-free investment outlets, especially infrastructure and real estate.

LASPEC stated that former President Olusegun Obasanjo, who was also given an award for establishing the CPS in 2004, expressed the hope that by 2024 when it would be 20 years, the number of workers from both the public and private sectors under the scheme would have quadrupled the present number.

He also expressed joy that since inception, the scheme had not been associated with fraud.

The Northeast zone is the least compliant in the Contributory Pension Scheme (CPS) in Nigeria, the National Pension Commission (PenCom) has said.
The zone comprised Taraba, Bauchi, Borno, Gombe, Yobe and Adamawa states.

However, the Southwest zone is different. It has continued to be the most complaint zone.
The states in this zone are Lagos, Osun, Ogun, Oyo, Ekiti and Ondo.
This was contained in a report titled: ‘Status of implementaion of the Contributory Pension Scheme in states,’ released by PenCom and obtained by The Nation.
According to the report, in the Northeast zone, Adamawa is yet to commence the implementation of the CPS while Bauchi, Borno, Gombe, Yobe states are yet to enact the law.
Taraba is yet to appoint Pension Fund Administrator (PFAs) and has not started remittance of pension contributions, is yet to carry out actuarial valuation, commence funding of the accrued rights and yet to put in place Group Life Insurance Policy (GLIP).

Southwest Zone
In the Southwest zone, all the states have enacted the law on CPS, PenCom said. The report showed that Lagos State has registered its employees and is remitting their pension contributions. It has also funded its accrued rights and put in place Group Life Insurance Policy. The state is, however, yet to transfer the accrued right to either the Central Bank of Nigeria (CBN) for safe custody or licensed PFA for management.
Osun State has registered its employees, is remitting pension contributions, commenced funding of its accrued right with the CBN and has put in place a GLIP.
Ogun has registered its employees, remitting pension contributions in arrears, commenced funding of its accrued right with the CBN, yet to put in place the GLIP. The state extended the take-off date for the implementation of the CPS by 18 years – 2025.
Oyo has appointed PFAs but is yet to commence registration of the employees, commence remittance of pension contributions, carry out actuarial valuation, commence funding of its accrued right and put in place a GLIP.
Ekiti has appointed PFAs, commenced registration of its employees, is yet to commence remittance of pension contributions, fund accrued rights but has put in place a GLIP.
Ondo has enacted law on CPS but is yet to forward a copy to PenCom for review, appoint PFAs, commence registration of its employees, commence remittance of pension contributions, commence funding of the accrued rights of the employees, and put in place a GLIP.

Northwest Zone
In the Northwest zone, Katsina is yet to enact the CPS law. Jigawa has enacted it, adopted Contributory Defined Benefits Pension Scheme and transferred the pension assets to six PFAs.
Kaduna has started registration of its employees, remitting pension contributions, commenced funding of its accrued rights, which is domiciled with commercial banks but yet to put in place a GLIP.
Zamfara has appointed PFAs, registered its employees, started remitting employee portion of pension contributions, yet to commence remittance of employer portion of pension contributions, has not started funding of its accrued rights, yet to put in place the endowment fund in place of a GLIP
Kebbi has commenced registration of its employees, yet to commence remittance of pension contributions, commence funding of its accrued rights and put in a GLIP.
Sokoto has appointed PFAs, registered its employees, yet to commence remittance of pension contributions, commence funding of its accrued, put in place a GLIP.
Kano enacted the CPS law but has adopted Contributory Defined Benefits Scheme. The state is yet to transfer pension assets to PFAs.

Northcentral Zone
In the Northcentral geopolitical zone, Kwara State is yet to commence the implementation of the CPS.
Benue and Plateau have only drafted a bill on the CPS and are yet to enact the law.
Niger is the most compliant in this zone. It has enacted the CPS law, registered its employees, remitting pension contributions, and funded its accrued rights but is yet to renew its GLIP. The state was issued a letter of ‘No objection’ by PenCom for the PFAs to invest in the state’s bond in November 2013 but ISPO yet to be endorsed by the CME/HMF.
Kogi has appointed PFAs, registered only 5,232 employees, yet to commence remittance of pension contributions, carry out actuarial valuation to determine the accrued rights of the employees and yet to put in place a GLIP.
Nasarawa has enacted the law but is yet to appoint PFAs, register its employees, commence deduction and remittance of pension contributions and yet to determine and commence funding of the accrued rights.

Southsouth Zone
The report showed that only Cross River is yet to enact the law in the In the Southsouth zone.
Akwa Ibom has enacted the law but is yet to appoint PFAs, register its employees, commence remittance of pension contributions, carry out actuarial valuation and commence funding of the accrued rights and put in place a GLIP.
Bayelsa is yet to register its employees, commence remittance of pension contributions, commence funding of the accrued rights and put in place a Group Life Insurance Policy.
Rivers has registered its employees under the scheme, partially remitting pension contributions and has put in place Group Life Insurance Policy for the employees, which expired in June 2013. The state is yet to renew the plan. The report also showed that the state commenced funding of its accrued rights, domiciled it with Premium Pension Limited but later stopped.
Edo State is yet to appoint PFAs, register its employees, commence remittance of pension contributions, carry out actuarial valuation and commence funding of the accrued rights and put in place a Group Life Insurance policy.
Delta has registered its employees and is remitting pension contributions. It has also funded the accrued rights of the local government employees while funding for the state government employees just commenced. It is yet to put in place Group Life Insurance policy for the employees.

Southeast Zone
In the Southeast zone, Abia, Ebonyi and Enugu States only drafted bills on the CPS and are yet to enact the law.
Imo State has appointed PFAs and has registered 3,943 employees. But it is yet to commence remittance of pension contributions. But the Imo State University is implementing the CPS under the auspices of the PRA 2004. However, it is also yet to carry out actuarial valuation and commence funding of the accrued rights as well as put in place a Group Life Insurance policy.
Although Anambra State has appointed five PFAs, it is yet to register its employees, commence remittance of pension contributions and yet to put in place a GLIP. It has, however, appointed an actuary to carry out actuarial valuation and commence funding of the accrued rights.
PenCom Acting Director-General, Mrs. Chinelo Anohu-Amazu, said among the states, is the most outstanding as it was the first state in the federation to embrace the scheme.
According to her, Lagos enacted the law that enabled it to start implementing the scheme in 2007.
President Goodluck Jonathan last month awarded a gold trophy to the Lagos State Government for emerging the best state to fully adopt and implement the CPS in compliance with the provisions of the Pension Reform Act 2004.

[b]Southeast Zone

In the Southeast zone, Abia, Ebonyi and Enugu States only drafted bills on the CPS and are yet to enact the law.
Imo State has appointed PFAs and has registered 3,943 employees. But it is yet to commence remittance of pension contributions. But the Imo State University is implementing the CPS under the auspices of the PRA 2004. However, it is also yet to carry out actuarial valuation and commence funding of the accrued rights as well as put in place a Group Life Insurance policy.
Although Anambra State has appointed five PFAs, it is yet to register its employees, commence remittance of pension contributions and yet to put in place a GLIP. It has, however, appointed an actuary to carry out actuarial valuation and commence funding of the accrued rights.
PenCom Acting Director-General, Mrs. Chinelo Anohu-Amazu, said among the states, is the most outstanding as it was the first state in the federation to embrace the scheme.
According to her, Lagos enacted the law that enabled it to start implementing the scheme in 2007.
President Goodluck Jonathan last month awarded a gold trophy to the Lagos State Government for emerging the best state to fully adopt and implement the CPS in compliance with the provisions of the Pension Reform Act 2004.[/b]

himkers: what is this one saying?? we are talking Ebola, You are talking Pension

Omexonomy: Lasag awarding themselves imaginary award since 1621

PenCom Acting Director-General, Mrs. Chinelo Anohu-Amazu, said among the states, is the most outstanding as it was the first state in the federation to embrace the scheme.
According to her, Lagos enacted the law that enabled it to start implementing the scheme in 2007.

President Goodluck Jonathan last month awarded a gold trophy to the Lagos State Government for emerging the best state to fully adopt and implement the CPS in compliance with the provisions of the Pension Reform Act 2004.

ilugunboy:

I am a big Blind stupid gorilla.... I have been blind to this and i will continue to be blind.

Omexonomy: FIXED.
You this blind bat.

9jacrip:


Rather than hold their Governors by the nut-sack over cases such as this, SWest politics and whatever continues to be their major concern and how to label the North bad with vile comments meanwhile their states continue to rot.

God bless SW.

9jacrip:
Rather than hold their Governors by the nut-sack over cases such as this, SWest politics and whatever continues to be their major concern and how to label the North bad with vile comments meanwhile their states continue to rot.
God bless SW.

Omexonomy: Lasag awarding themselves imaginary award since 1621

Evergreeen123: I can beat my chest and confidently say that the SouthWest esp Lagos-Ogun-Oyo can survive with their IGR alone without federal allocation from Abuja.

I earnestly long for true federalism, regionalism and resource control