PENCOM Ranks Edo High on Implementation of Contributory Pension Scheme

The National Pension Commission (PENCOM) has ranked Edo State among the top nine States in Nigeria that remitted employees’ and employers’ pensions in 2022.

PENCOM disclosed this in a report where it assessed the status of implementation of the Contributory Pension Scheme (CPS) in states across Nigeria as at December 21, 2022.

The top performing States, according to PENCOM, are Edo, Anambra, Benue, Delta, Ekiti and the Federal Capital Territory (FCT), Abuja. Others are; Kaduna, Lagos, Ondo and Osun States.

PENCOM disclosed further that the Edo state government enacted the Edo State Contributory Pension Scheme Law in 2010 and that implementation of the CPS commenced in February 2017 with the amendment law passed in 2017

According to PENCOM, “The State Government established the Edo State Pension Bureau to oversee the implementation of the CPS in Edo State. It has registered the State’s employees with Pension Fund Administrators (PFAs). However, three self-funded agencies and 18 LGCs are yet to commence registration of their employees.

“The State government is remitting 10 per cent employer and 8 per cent employee pension contributions and has conducted an actuarial valuation to determine the employee’s accrued pension rights. It has a valid Group Life Insurance Policy.”

The commission stated further that the State has opened a Retirement Benefits Bond Redemptions Fund Account with a PFA and is funding the Accrued Pension Rights of the State public service employees.