National Pension Commission, PenCom, weekend, said the Contributory Pension Scheme, CPS, had generated over N3.5 trillion with no fewer than 5.61 million workers now in the scheme.

Acting Director-General of PenCom, Mrs. Chinelo Anohu-Amazu, announced this at the commissioning of the South-West zonal office of the commission in Lagos.

Governors Babatunde Fashola of Lagos State; Ibikunle Amosun of Ogun and Kayode Fayemi of Ekiti stat; Senate President, Mr. David Mark, represented by the Chairman, Senate committee on Establishment and Pension, Senator Aloysius Etok, Senator Gbenga Ashafa and Babafemi Ojudu, Vice Chairman of the House Committee on Establishment and Pension, Mr. Samson Okwu and other dignitaries.

According to her, the commission had “over N3.50 trillion invested in various financial instruments in the country. As at June 2013, the value of pension funds’ investment in state government bonds was N169.73 billion.

“Most of the states have utilised the proceeds from the fund towards the provision of vital infrastructure for the well being of its citizens.

“Since inception, 5.61 million workers have been registered into the new scheme.

“States in the country, especially the South-West zone, that are yet to complete the necessary process of full implementation of CPS, should renew their commitment and fast track action on all outstanding issues to avail their employees of all the benefits attached to the new scheme.”


Governor Fashola, others react
Governor Fashola urged the National Assembly to deal expeditiously with the Pension Reforms Act 2004, which had been returned to Parliament for re-examination, saying “we continuously have to reflect and rethink and that is why the bill is back in Parliament.”

Similarly, Governor Amosun noted that the responsibility of every government was to encourage its workers to realise the dignity in labour adding “his administration has demonstrated in many ways that the government is concerned about the welfare of its workforce.”

On his part, Governor Fayemi said his government was willing to adhere to the enabling rules and regulations set out by the Pension Reform Act 2004.

Ondo State Head of Service, Mr. Toyin Akikuotu, applauded the commission for decentralising the administration of pension in the country.

http://metronaija.com/pension-fund-hits-n3-5trn-5-6m-workers-registered/

olillywales:

National Pension Commission, PenCom, weekend, said the Contributory Pension Scheme, CPS, had generated over N3.5 trillion with no fewer than 5.61 million workers now in the scheme.

Acting Director-General of PenCom, Mrs. Chinelo Anohu-Amazu, announced this at the commissioning of the South-West zonal office of the commission in Lagos.

Governors Babatunde Fashola of Lagos State; Ibikunle Amosun of Ogun and Kayode Fayemi of Ekiti stat; Senate President, Mr. David Mark, represented by the Chairman, Senate committee on Establishment and Pension, Senator Aloysius Etok, Senator Gbenga Ashafa and Babafemi Ojudu, Vice Chairman of the House Committee on Establishment and Pension, Mr. Samson Okwu and other dignitaries.

According to her, the commission had “over N3.50 trillion invested in various financial instruments in the country. As at June 2013, the value of pension funds’ investment in state government bonds was N169.73 billion.

“Most of the states have utilised the proceeds from the fund towards the provision of vital infrastructure for the well being of its citizens.

“Since inception, 5.61 million workers have been registered into the new scheme.

“States in the country, especially the South-West zone, that are yet to complete the necessary process of full implementation of CPS, should renew their commitment and fast track action on all outstanding issues to avail their employees of all the benefits attached to the new scheme.”


Governor Fashola, others react
Governor Fashola urged the National Assembly to deal expeditiously with the Pension Reforms Act 2004, which had been returned to Parliament for re-examination, saying “we continuously have to reflect and rethink and that is why the bill is back in Parliament.”

Similarly, Governor Amosun noted that the responsibility of every government was to encourage its workers to realise the dignity in labour adding “his administration has demonstrated in many ways that the government is concerned about the welfare of its workforce.”

On his part, Governor Fayemi said his government was willing to adhere to the enabling rules and regulations set out by the Pension Reform Act 2004.

Ondo State Head of Service, Mr. Toyin Akikuotu, applauded the commission for decentralising the administration of pension in the country.

http://metronaija.com/pension-fund-hits-n3-5trn-5-6m-workers-registered/

how this take affect garri price?

Bamsdayo: how this take affect garri price?

Guy na everyday u dey ask this question, abi na only garri u dey chop for house

Emzybrown: first to comment, thanks to MTN

dude, u were 4th to comment

Bamsdayo: i be the first to comment noow

oya clap for ur self, later come collect one cup of GARRI for my house

HMMMMMMMMMMM, PEOPLE ARE GETTING OLD QUIKER THESE DAYS.

Bamsdayo: how this take affect garri price?

You No Get Sense!

first to comment, thanks to MTN

Emzybrown: first to comment, thanks to MTN

Dude U Slow

YoungGame:
dude, u were 4th to comment

i be the first to comment noow

Dygeasy: You No Get Sense!

your papa no get sense

This policy is indeed tiring, I have millions but I cant touch
even when I have better things to do with this money

YoungGame:
Guy na everyday u dey ask this question, abi na only garri u dey chop for house


dude, u were 4th to comment


oya clap for ur self, later come collect one cup of GARRI for my house

i knw dey take garri now ama nadia buhari footstep

Does it include the N32billion police pension amount stolen?

HNosegbe: Does it include the N32billion police pension amount stolen?

ask federal goverment

Now wen d news don talk everything,weitin make I con talk?

Hope dis money go reach sha.

Hopefully it won't end up in the pocket of another fraudulent personality.still this money n get 250k fine steal governors fone get 50yrs in prison.

I can imagine how much of this sum is being borrowed without documentation.

What is there to celebrate? Many of those entitled to the fund will be denied as at when appropriate, one high ranking officer will have some in his personal account and when the fund is audited they will set up task force and monitoring committee all to no avail.

This thread is herby tagged derailers paradise.

#3.5trln for pension,most of dis money will b looted,nd pple will b complaining of non-payment..9jaaa

I have a friend that works in PENCOM. SHE TOLD ME THE WONDERFUL WORK Mrs Anohu-Amazu has been doing so far. She explained that the 32 billion pension thieves stole from the old scheme that had budgetary expenditures for old pensioners, i.e the defined benefit scheme that existed prior to coming into force, the contributory pension scheme in 2004. The pension thieves are civil servants in the pensions office of the Office of the Head of the Civil Service of the Federation. She further opened up on how the new scheme operates. The new contributory pension scheme makes it mandatory for employees and employers of labour to contribute 7.5% apiece totalling 15% of the workers' emolument each month to a retiement savings account to be opened with a PFA. Currently there are 20 PFA's namely, IBTC Stanbic, Premium Pension , SIGMA etc. There are CPFA's, i.e Closed Pension fund Administrators , these are companies who maintain their existing pension arrangements but remit their monies to PFA's. they prefer to be closed because of the quantum of funds and complexities in their organisations and most importantly because PENCOM has approved that that they be issued licence as CPFA HAVING COMPLIED WITH the requirements for such to be granted. Then there is the Pension fund custodians PFC's. The PFC's are responsible for the custody and investment of funds on behalf of the PFA's. This is to avoid the PFA's from handling pension funds directly. The PFC's can be likened to the role NDIC play on behalf of banks. If a PFA goes underground, pensioners funds and assets are still intact because the PFA's survive by the fees charged on each account as administartive fees and also percentages they get from the returns on the investment by the PFC's, according to the principle on sharing of fees as outlined by PENCOM as the regulator and supervisory body of pension matters in Nigeria.. That is why its imperative for the PFA's to register more workers into the scheme.

The plight of the old pensioners still being paid by the office of the Office of the Head of Service of the Federation Pension Office has been taken care of by the establishment of PTAD, Pension Transition Arrangement Department whose DG in the person of Ms Nellie Mayshak was recently announced and whose function would be to digitize payment to old pensioners. This entails that pensioners would have to be paid by the Accountant General's office directly after being verified by PTAD. This will eliminate the ghost workers phenomenon and further cut to drastic measures the corruption going on in the OHCSF. This is very impressive as bribery and corruption would be a thing of the past. Criminals like Abdulrashhed Maina, Yakubu and co, Sani Teidi, having all worked in the pensions departrment of the civil service have soiled their hands and eaten 'blood money' to use Senate President's phrase. It is worthy to note that the issues involved in the new amendment of the pension reform act does not consist of age alone, i.e the contentious issue of whether the 20 years experience in the PRA 2004 should be retained or changed in the present repeal and amendment 2013. For me, age is not an issue. The pension thieves in the OHCSF have an average age of 25 years experience. Moreover, this is a digital age that requires vibrant and energetic skilled professionals in every field.

I hope say our money safe oooo

As it stands, the civil service pensions office, the police pension board and Customs , immigration, pension office have all been scrapped to give way for a more coordinated effort at digitizing and prompt payment of pensioners who had less than than 3 years to retire prior to the enactment of the Pension Reform Act 2004. This is why PTAD WAS SET UP. Three weeks ago, i went to pensions office at the OHCSF to inquire about my uncles non payment of arrears. To my shock, i was asked to bring a certain amount of money to give to the committee reviewing pensioners cases. I called my friend in PENCOM, she advised i should not give money to anybody because of the reforms coming to that place. Thank God i did not part with my money because as it stands now, they have bben scrapped to give way to PTAD, which i believe will strenghten the pension system.

Another 'excellent move' from the Jonathan's administration! My Pension-compliant Mum even confirms to me that her monthly pension is now stable and adequate!

something doesn't feel ryt about this. Can't d private sector handle pension while d government regulate?

Bamsdayo: your papa no get sense

face it boy... ur dullllllll

Bamsdayo: your papa no get sense

face it boy... ur dullllllll

nchewi: something doesn't feel ryt about this. Can't d private sector handle pension while d government regulate?

The PFA's and PFC's are private sector participant in the conributory pension scheme. The Government (National Pension Commission) regulates.

tomakint: Another 'excellent move' from the Jonathan's administration! My Pension-compliant Mum even confirms to me that her monthly pension is now stable and adequate!

Jonathan did not do this, Obasanjo started it, get your facts right please

Make den pay the pentioners their benefits with this seemingly good news o,