CPS Is Safest Pension Scheme’ | Independent Newspapers Limited
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CPS Is Safest Pension Scheme’

Posted: Mar 24, 2016 at 3:00 am   /   by   /   comments (0)

The Contributory Pension Scheme (CPS) remains the safest pension scheme with no record of fraud since its inception in 2004, the Director-General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, has said.

Mrs. Anohu-Amazu, who gave this assurance while speaking to newsmen in Lagos, said the feat was made possible by the pension law, the Pension Reform Act 2004 as repealed by the Pension Reform Act 2014.

She stated that the commission has been able to address the myriad of challenges which beleaguered pension administration in Nigeria, both in the public and private sectors.

According to her, prominent among those challenges were lack of transparency in pension administration, un-sustainability due to the accumulation of huge pension liabilities and insufficiency or absence of retirement benefits coverage in the private sector.

She said: “It is heartwarming to note that within a decade of the pension reform and the implementation of the CPS, modest achievements have been recorded by PenCom.

“Payment of pension under the CPS is now both prompt and consistent since 2007. From a story of about N2 trillion pension deficits under the defunct Defined Benefit Scheme (DBS) as at 2004, the CPS has accumulated a large pool of investible fund of over N5.3 trillion pension assets as at February 2014.”