LAGOS, KADUNA, 9 OTHERS BEGIN PENSION REMITTANCE INTO WORKERS’ RSA
source: http://www.eyesoflagos.com/2018/05/lagos-kaduna-9-others-begin-pension.html

Having fully commenced the implementation of the Contributory Pension Scheme (CPS), 11 states have kick-started pension remittance into the Retirement Saving Accounts (RSAs) of their workers, Eyes Of Lagos has learnt. This includes the remittances of both the employees and employers portion of the monthly pension contribution into the RSAs of civil servants across the concerned states. The states are: Lagos, Osun, Ogun, Ondo, Kaduna, Delta, Anambra, Jigawa, FCT, Edo and Ekiti states. While the states are still using the 15 per cent old monthly contribution shared at 7.5 per cent each between an employee and an employer, Eyes Of Lagos gathered that none of the states across the country have commenced the new 18 per cent monthly contribution of which an employer contributes 10 per cent while an employee contributes eight per cent, as prescribed in the Pension Reforms Act (PRA) 2014. Moreover, Zamfara, Kebbi and Rivers states are only remitting employee’s portion while Imo, Benue, Kwara, Bauchi and Niger states are states with remittances from self-funded agencies. Thirteen states, comprising of Adamawa, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Kogi, Nasarawa, Oyo, Sokoto, Taraba and Abia States have enacted laws, but are yet to commence remittance. However, Bauchi, Benue, Borno, Cross-Rivers, Katsina, Kwara, Plateau and Akwa-Ibom states are at bill stage in their respective state houses of assembly. Yobe remains the only state that is yet to commence any process towards the implementation of the Contributory Pension Scheme (CPS). Speaking at a workshop organised by the National Pension Commission (PenCom) for journalists in Uyo, Akwa-Ibom state, at the weekend, company’s secretary/legal Adviser, PenCom, Mr. Mohammad Sanni Mohammad, said some states have enacted the law but are having remittance issues, while 16 states have not enacted law and appropriation not made. Stating that PenCom cannot prosecute the defaulting states but can only persuade, he said, the federal system of government being operating in the country has limited the commission’s power to prosecute states that are non-compliant to the CPS. For the CPS to become effective in states, he said, the states must first of all, domesticate it in their respective state by-laws, after which necessary appropriation must be made to fully key into the new pension scheme. He pointed out that some states are having challenges to pay salaries of their workers, hence, defaulting in the prompt pension remittance of their workers, adding that, the commission is doing everything possible to persuade more states to join the new pension scheme. However, the new president, Pension Fund Operators of Nigeria (PenOp), Mrs. Aderonke Adedeji, urged workers both in the public and private sectors, to mount pressure on their employers to remit their pension as and when due, noting that, until workers fight for themselves, dubious employers will continue to evade pension remittance of their employees. Earlier, Mr. Ibrahim Shehu Kangiwa, of the Investment Supervision Department of PenCom, announced that Multi-fund Structure of RSA Funds will commence July 1, 2018, having amended and released the Regulation on Investment of Pension Fund Assets to Pension Fund Operators on April 18, 2017. This new provisions in the regulation, he stressed, took immediate effect, except the Implementation of Multi-Fund Structure for RSA Funds which would commence later in the year. The implementation of the RSA Multi-Fund Structure, he said, was delayed to allow adequate public sensitisation and education, noting that, the main objective of the RSA Multi-Fund Investment structure, is to resolve the challenge of Asset-Liability risk management experienced by Pension Funds. This, he pointed out, would be achieved by better aligning the risk and return expectations of Contributors, better matching of pension assets and liabilities and diversification of pension fund portfolios, as minimum limits are set for aggregate investments in variable income securities, for each Fund. To implement this multi-fund, he said, Pension Fund Administrators (PFAs) would be required to provide contributors with information on the benefits and risks of the various Funds, prior to approving any change, the Commission and PFAs would embark on Public Enlightenment / Sensitization Campaign prior to commencement date. “PFAs are currently carrying out the necessary in-house system upgrades and processes to ensure a robust IT system for the Multi-Fund. The introduction of the Multi-Fund investment structure for RSA Funds would address the varying risk appetite of Contributors, as the different Funds are tailored to fit the ages and risk profiles of Contributors,” he stated. To him, expanding the scope of allowable investment instruments and Fund classes available to Contributors would also improve returns on pension funds, as minimal limits have been set for variable income instruments which generally yield higher returns over a given period.

Bye bye to govt owing pension

They should make sure they add the interest too

Ok.

How about Rivers State? Mr project please follow suit

Need a beautiful website design without the advanced payments? Please check my signature

Good move

2019 electorate welfare and pampering in action

Good

Osun will never be there.

mknigeriagreat:
Osun will never be there.

#LazyNigerianYouth
#LazyBrain

mknigeriagreat:
Osun will never be there.

Open ur eyes lazy youth

mknigeriagreat:
Osun will never be there.

Opps my bad. Osun dey there. Up daddy Kamoru.

nice direction for intending retirees.

mknigeriagreat:


Opps my bad. Osun dey there. Up daddy Kamoru.

I know u are not from osun, it's daddy Kabiru

shaddoww:

I know u are not from osun, it's daddy Kabiru

I mix those names up as i'm not a muslim, my bad. And back to I know you are not from osun ask any question about osun and I will show you I know osun more than u.

mknigeriagreat:


I mix those names up as i'm not a muslim, my bad. And back to I know you are not from osun ask any question about osun and I will show you I know osun more than u.

How many local government do we have in osun

malware:
FUOCK RSA! FUOCK RSA!! FOUCK RSA!!!

I STILL HAVE HUGE SUMS OF MONEY WITH PAL PENSION, ACCRUED DURING MY STAY AT MY FORMER WORK PLACE, AND I WAS MADE TO UNDERSTAND THAT I HAVE TO FOLLOW SOME HECTIC PROCEDURES BEFORE I COULD ACCESS SOME CERTAIN USELESS PERCENTAGE OF THE MONEY, WHILE THE REST IS AFTER 50YEARS...

AS I SPEAK, THAT MONEY IS STILL LYING DOWN THERE FOR ALMOST 5 YEARS NOW, AND THE USELESS RSA KEEPS SENDING ME ANNIVERSARY MESSAGES, TO ADD SALT TO INJURY

What requirements were you given to access your 25% lump sum?
I assure you,your 'lying down' money is safeguarded and interest is been accrued on it.I dont work PAL Pension but I 'm in the industry and you can PM me for more orientation.
Thanks

shaddoww:

How many local government do we have in osun

No now. I can google that for you even if I'm not from osun na. Questions that has to do with a true osun citizen man. They used to be 31 but baba Kabiru added like 35 or 36 more with physical buildings but not functional.

Did I miss out something.

Are you missing out Ekiti State?

What hectic procedure? You probably do not need the money. All you need are an exit letter, means of ID, birth cert, a passport photo and bank details to withdraw 25% from your RSA if your age is less than 50 and these are too "hectic" for you to provide?

malware:
FUOCK RSA! FUOCK RSA!! FOUCK RSA!!!

I STILL HAVE HUGE SUMS OF MONEY WITH PAL PENSION, ACCRUED DURING MY STAY AT MY FORMER WORK PLACE, AND I WAS MADE TO UNDERSTAND THAT I HAVE TO FOLLOW SOME HECTIC PROCEDURES BEFORE I COULD ACCESS SOME CERTAIN USELESS PERCENTAGE OF THE MONEY, WHILE THE REST IS AFTER 50YEARS...

AS I SPEAK, THAT MONEY IS STILL LYING DOWN THERE FOR ALMOST 5 YEARS NOW, AND THE USELESS RSA KEEPS SENDING ME ANNIVERSARY MESSAGES, TO ADD SALT TO INJURY

Satioshi:
What hectic procedure? You probably do not need the money. All you need are an exit letter, means of ID, birth cert, a passport photo and bank details to withdraw 25% from your RSA if your age is less than 50 and these are too "hectic" for you to provide?

Why do I need to withdraw only 25%, when the whole money is mine and I no longer work with the company. Keeping the Savings till one reaches 50YEARS should be optional and not mandatory. Do you know how many people lose those savings because they died before that age?

Ideally, the company should be the one to contact the person, when they notice a stoppage in contribution, and not the other way round.