BY BIMBOLA OYESOLA
The National Pension Commission (PenCom), said it has generated over N4.6 trillion in the Contributory Pension Scheme (CPS), since inception in 2004.
Speaking at the opening ceremony of a two-day workshop on the 2014 Pension Reform Act (PRA) with the theme, “New Pension Act 2014, its Implications and Obligations to both Employers and Employees in Nigeria” organised in collaboration with Lagos Council of Nigeria Labour Congress (NLC), the Director General of PenCom, Mrs. Chinelo Anohu-Amazu, said the coverage of the CPS included employees in the public service of the federal, states and local governments as well as the private sector organisations with three or more employees.
Represented by Mr. Mohammed Bello Umar, the commission’s Head of Compliance and Enforcement Department, she recalled that the pension reform started in 2004 with the passage of PRA 2004, which provided for a uniform pension system for both public and private sectors.
According to her, “the CPS has been successfully implemented since then and the fund under management has grown to about N4.6 trillion while membership is over six million.
She explained that the coverage of the CPS include employees in the public service of the federal, states and local governments as well as the private sector organisations with three or more employees.
The PRA 2014, she added, strengthened the powers of the commission to perform its mandate of regulation and supervision of all pension matters, stating that it would further protect and create value for the contributor.
Source : SunOnline
