Pension fund hits N3.5trn, 5.6m workers registered

National Pension Commission, PenCom,
weekend, said the Contributory Pension
Scheme, CPS, had generated over N3.5 trillion
with no fewer than 5.61 million workers now
in the scheme.
Acting Director-General of PenCom, Mrs.
Chinelo Anohu-Amazu, announced this at the
commissioning of the South-West zonal office
of the commission in Lagos.
Governors Babatunde Fashola of Lagos State;
Ibikunle Amosun of Ogun and Kayode Fayemi
of Ekiti stat; Senate President, Mr. David Mark,
represented by the Chairman, Senate
committee on Establishment and Pension,
Senator Aloysius Etok, Senator Gbenga Ashafa
and Babafemi Ojudu, Vice Chairman of the
House Committee on Establishment and
Pension, Mr. Samson Okwu and other
dignitaries.
According to her, the commission had “over
N3.50 trillion invested in various financial
instruments in the country. As at June 2013,
the value of pension funds’ investment in state
government bonds was N169.73 billion.
“Most of the states have utilised the proceeds
from the fund towards the provision of vital
infrastructure for the well being of its citizens.
“Since inception, 5.61 million workers have
been registered into the new scheme.
“States in the country, especially the South-
West zone, that are yet to complete the
necessary process of full implementation of
CPS, should renew their commitment and fast
track action on all outstanding issues to avail
their employees of all the benefits attached to
the new scheme.”
Governor Fashola, others react
Governor Fashola urged the National Assembly
to deal expeditiously with the Pension Reforms
Act 2004, which had been returned to
Parliament for re-examination, saying “we
continuously have to reflect and rethink and
that is why the bill is back in Parliament.”
Similarly, Governor Amosun noted that the
responsibility of every government was to
encourage its workers to realise the dignity in
labour adding “his administration has
demonstrated in many ways that the
government is concerned about the welfare of
its workforce.”
On his part, Governor Fayemi said his
government was willing to adhere to the
enabling rules and regulations set out by the
Pension Reform Act 2004.
Ondo State Head of Service, Mr. Toyin
Akikuotu, applauded the commission for
decentralising the administration of pension in
the country.