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Pension Scheme Enrolls 7.2 million

Pension Scheme Enrolls 7.2 million

As 170,000 pensioners draw benefit from scheme by Victor Ahiuma Young Workers that have enlisted into the contributory pension scheme, CPS, has hit no fewer than 7.2 MN, even as at least 170,000 pensioners now receive their monthly pensions from the sheme speaking at journalists’ conference in  calabar, cross rivers state, director-general of the national pension commission, Mrs. Chinelo Anohu-Amazu, disclosed that pension assets had risen to over N5.9 Trillion, invested in structured abd safe financial instruments.

The enactment of the pension reform Act, PRA, 2004 was a significant turning point n the quest to bequeath a sustainable and efficient pension system for Nigeria. The main aim was to provide an enduring solution to the protracted challenges associated with pensions in both the public and private sectors. The main highlights of the PRA 2004 included the introduction of the CPS to replace the old defined benefits scheme, DBS, and the establishment of pencom as the sole regulator of pension matters in Nigeria.

Director-general of the national pension commission Mrs. Chinelo Anohu-amazu in a handshake with the president of Nigeria said that we cannot overemphasize that the relative success of the implementation of the PRA 2004 could largely be attributed to the fundamental structures upon which the Cps was built. Indeed, the cardinal principle of separation of custody from management and supervision of pension funds has resulted in a pension scheme with sound internal mechanism for transparency and accountability. She also explained that the pension fund administrators manage the pension funds, they do not have access to same since custody is vested in the pension fund custodians while the commission ensures both parties adhere strictly to regulations governing the pension funds.

 

Read more at: http://www.vanguardngr.com

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