NationalMirror Contributory Pension Assets hit N3.72trn by TOLA AKINMUTIMI on Nov 5, 2013 | Posted under: Highlights, News Budget capital utilisation rises by 72% in Q3 –FG Cumulative savings in the Contributory Pension Scheme, CPS, currently stand at N3.72trn, even as contributors have increased to 5.82 million workers at the end of June this year, the National Pension Commission, Pencom, has confirmed. Disclosing this yesterday at the commissioning of PenCom South-East Zonal Office in Awka, the Acting Director General of the Commission, Mrs. Chinelo Anohu-Amazu, said the Commission remained steadfast in the implementation of the CPS as demonstrated by the modest achievements recorded since the commencement of the scheme a few years ago. She listed the consistent payment of the retirement benefits to all employees who retired under the scheme since 2007 without the characteristic bottlenecks experienced in the past as one of the hallmarks of the successful implementation of the scheme. Anohu-Amazu noted that the opening of the South- East zonal office was borne out of the Commission’s renewed focus on efficient service and reduces the need for contributors and retirees to travel from various parts of the country to Abuja for the singular reason of accessing the Commission’s services. Expatiating further on the strategic importance of the newly opened Zonal Office, she said the presence of the Commission will facilitate closer interaction with the states’ pension offices by assisting them to comply with the Contributory Pension Scheme. According to her, the South-East Zonal office in Awka has the mandate to effectively extend the Commission’s services to all the five states in the zone namely; Anambra, Enugu, Ebonyi, Imo and Abia. Anohu-Amazu however regretted that though the South-East Zone is known to be highly industrious and possessing enterprising intellectuals, it was yet to take its rightful place in the adoption and implementation of the scheme, adding that three states namely, Abia, Ebonyi and Enugu are yet to enact the law on the CPS. While noting that other states are yet to fully commence the implementation of their enacted CPS laws in the zone, she appealed to the States in the South – East Zone not to be left out of a national success story which is what the Contributory Pension Scheme had become. The PenCom boss disclosed that the Commission was currently exploring the possibility of allowing contributors to utilize part of their Retirement Savings Account balance to part-finance the acquisition of homes, pointing out that these facilities would be availed to states that have fully embraced the scheme.
Posted on: Tue, 05 Nov 2013 08:19:02 +0000
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