The National Pension Commission has barred pension fund administrators from investing in the bonds of nine states that have yet to amend their state pension laws and join the Contributory Pension Scheme.

Findings also revealed that this restriction might be extended to 15 other states that had joined the CPS, but were not showing full commitment to funding the Retirement Savings Accounts of their workers.

Latest figures from the commission showed that as of March 2019, the number of states that had enacted laws on the CPS stood at 27.

Yobe State is still operating the old Defined Benefits Scheme and has taken no action towards adopting the CPS.

Six states, Katsina, Bauchi, Borno, Benue, Kwara and Pateau have drafted bills, while in Akwa Ibom and Cross River, the bills are still in the houses of assembly.

The commission stated that the states that had commenced remittance of pensions to workers’ Retirement Savings Accounts and were funding their accrued rights were Lagos, Ogun, Kaduna, Niger, Delta, Osun and Rivers.

The CPS was established under the Pension Reform Act to replace the DBS.

This was because the DBS had huge liabilities, which were not being funded, leading to situations where retirees endured long waits to get their entitlements, while many of them died without being paid.

Unfortunately, the same scenario, which was prevalent in states operating the DBS, is now happening in the states operating the CPS due to poor funding of the scheme.

could have access to such.

For now, he said, those that had not enacted the laws were being encouraged to do so.

He said “We don’t invest in bonds of states that have not enacted their laws. We have some that are not complying properly, some are complying partially. I believe we will review some of those things again. But for now, if you have not even enacted any law, don’t think we will start investing in your bonds.”


Source: https://punchng.com/n8-7tn-pension-fund-pencom-bars-pfas-from-investing-in-bonds-issued-by-nine-states/

Where's Maina, the pension fraudster? Has he been executed and all the billions he stole in connivance with different government officials retrieved or he is still walking free and hobnobbing with the federal government

No comment

Una don rush go book space, no be say una sabi what the topic is all about.

R2bees:
Una don rush go book space, no be say una sabi what the topic is all about.

Hehehe .

Nairaland no go kill person o!

What

Omo those states don die..

Banks will Jack up the rates on them

PenCom sharp die...

You cant use Pension Money for Growth if you dont contribute to the Pool.

They know these new governors are going to finance their activities with Bonds..

I hope PFAs won't later turn out to be Scam. A lot of PFAs upandan

post=77551488:

Hehehe .

Nairaland no go kill person o!

Una don kee me already jare. The kain people wey full this forum eeh. I never see

Hmmm.kogi state comes to mind

So it's my birthday today....

Nigeria is sinking.
There’s no money to even run the country or fund 2019 budget. Oh, you guys thought all that Vote Buying money they spent came from heaven. Actions have consequences.

Nigerians must have sense by force.

id4sho:
I hope PFAs won't later turn out to be Scam. A lot of PFAs upandan

Nope..

The custodian structure makes sure of that...

So it's my birthday today.... please wish me well.. I pray to give birth after my one year anniversary (twins actually)... I want to enjoy my marriage first before giving birth

AprilSmallWoman:
So it's my birthday today.... please wish me well.. I pray to give birth after my one year anniversary (twins actually)... I want to enjoy my marriage first before giving birth

Happy birthday and many happy returns of the day.

May God grant your heart desires.

Sending some CAKES and BARBECUE your way!

AprilSmallWoman:
So it's my birthday today.... please wish me well.. I pray to give birth after my one year anniversary (twins actually)... I want to enjoy my marriage first before giving birth

..
Happy birthday, i wish you all the good things in life..
I am waiting for my cake even na to transfer 500 naira to my account make i use buy drink..i go appreciate.

Delta tried in joining the progressive in this one.

Nice move

PenCom please release my late fathers Acruel right to his PFA(NPF Pensions LTD) so they can pay his family especially his wife. We are tired of waiting since 2015 he died, no payment news has been heard....

Just like that Buhari is no longer looking for Maina again

Olamsoh:

Nigeria is sinking.
There’s no money to even run the country or fund 2019 budget. Oh, you guys thought all that Vote Buying money they spent came from heaven. Actions have consequences.

Nigerians must have sense by force.

they must have sense

R2bees:
Una don kee me already jare. The kain people wey full this forum eeh. I never see

you never see,
innocently you will drop your comment, someone with no idea would reply or quote you with insult.
if my opinion is not weighty enough bring the constructive one for reasoning o, mbanu they would rather call you names.
so many facebook migrant on nairaland. if only there is means of or for deportation online.

"The commission stated that the states that had commenced remittance of pensions to workers’ Retirement Savings Accounts and were funding their accrued rights were Lagos, Ogun, Kaduna, Niger, Delta, Osun and Rivers"

I don't think Ogun civil servants will agree with this. They've have been groaning for years under unpaid deductions and pension remittance

.

Frederick2017:
PenCom please release my late fathers Acruel right to his PFA(NPF Pensions LTD) so they can pay his family especially his wife. We are tired of waiting since 2015 he died, no payment news has been heard....

what a pity. every npf is error. it piss me out whenever my mum talks about my father accrued pension with npf.
I was told to the regional office of the bank used at Ibadan, only to get to that bank, was told the info I was told to come get won't be given to me that the police pension office knew quite well they won't give for they are supposed to call for it themselves officially.
the question is why sent me to get what you knew is meant to be given any third party except you or your client? my younger sister and had to open a joint account, the money is there languishing, the one with police is with them or someone has embezzled it.
the worse corruption in Nigeria is within the civil service and labour.

R2bees:
Una don rush go book space, no be say una sabi what the topic is all about.

See para.... No vex try next time and fast well.... If you wish to make first to comment and claim your 7 virgins

Quick question: if state government has the capacity for defined benefit why force them for contribution pension. Most we follow the western world.

So there are States in Nigeria still doing defined benefit it's better to work there. In Lagos before your salary is paid pension has been deducted already.

LibertyRep:
"The commission stated that the states that had commenced remittance of pensions to workers’ Retirement Savings Accounts and were funding their accrued rights were Lagos, Ogun, Kaduna, Niger, Delta, Osun and Rivers"

I don't think Ogun civil servants will agree with this. They've have been groaning for years under unpaid deductions and pension remittance

Amosun has not been remitting since 7 years ago

rummmy:
See para.... No vex try next time and fast well.... If you wish to make first to comment and claim your 7 virgins

Lmao.. This girl sef.

SEGLIZ:

you never see,
innocently you will drop your comment, someone with no idea would reply or quote you with insult.
if my opinion is not weighty enough bring the constructive one for reasoning o, mbanu they would rather call you names.
so many facebook migrant on nairaland. if only there is means of or for deportation online.

Nwanne the thing just tire me. This forum needs total cleansing, so many mad fellows on here.