Status of Contributory Pension Scheme in South East (June 2021)

Abia State
• Enacted Law on the CPS in 2017.
• Yet to establish Pension Bureau.
• Yet to register the State Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open a Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of the Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy.

Anambra State
• Enacted Law on CPS in 2013 (amended some sections of the Law in 2014).
• Registered Employees with PFAs Remitting 10% employer & 5% employee contributions. Remitted employer pension contributions up to December 2017 and remitted employee pension contributions up to April 2021 for some State employees.
• Remitted employee and employer pension contributions up to August 2018 for Local Government employees.
• Opened a Retirement Benefits Bond Redemption Fund Account with a PFA, for the Local Government employees in line with the State Law
• Yet to conduct an Actuarial Valuation.
• Irregular funding of Accrued Pension Rights for Local Government employees.
• Yet to establish Pension Bureau (implementation being driven by Office of the Head of Service & Joint Account Allocation Committee).
• Yet to open Retirement Benefits Bond Redemption Fund Account for the State employees.
• Yet to commence funding of the Accrued Pension Rights for State Employees.
• Yet to institute a Group Life Insurance Policy

Ebonyi State
• Enacted Law on CPS in 2017 (amended the Law and forwarded to the Commission and the Commission communicated its observations on the Law to the State).
• Yet to establish a Pension Bureau.
• Yet to register its Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open a Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of the Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy

Enugu State
• Enacted Law on CPS in 2014
• Yet to commence funding of the Accrued Pension Rights.
• Yet to establish Pension Bureau.
• Yet to institute a Group Life Insurance Policy.
• Yet to register the Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct Actuarial Valuation.
• Yet to open Retirement Benefits Bond Redemption Fund Account

Imo State
• Enacted Law on CPS in 2008.
• Yet to establish a Pension Bureau.
• Yet to register the Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Reinforces Capital Markets Leadership Through Dangote Refinery IPO

Stanbic IBTC Holdings Plc has reinforced its position as...

CBN Bags NES Distinguished Organisation Award for Economic Reforms

The Central Bank of Nigeria (CBN) has received the...

Leadway Assurance Backs ISSP Initiative to Deepen Insurance Penetration, Consumer Trust

Leadway Assurance, Nigeria’s leading insurance services provider and a...

RMB Nigeria Advises on BOI’s N274.18bn Domestic Bond Issuance

L-R: Head, Debts Capital Markets, RMB Nigeria, Laju Atake;...

LG Electronics Highlights Seven Home Appliances at IFA 2026

As routines and lifestyles evolve across Europe, consumers are...

Topics

NIA: Brokers Generated 60% of Insurance Premium in 2021

L-R; Hon Auditor, the Nigerian Council of Registered Insurance...

LASAA Unveils 2023 Mobile Advert Stickers for Branded Vehicles

The Lagos State Signage and Advertisement Agency (LASAA), the...

Love That Protects: AIICO Takes Valentine’s Message to the Streets

In a vibrant twist to this year’s Valentine’s Day...

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading 

  Seplat Energy Plc has rebutted as untrue, malicious and...

Media Accreditation Opens for ITU Telecom World 2016

ITU Telecom World 2016 opened the accreditation process yesterday for media...

Fidelity Bank Uplifts Old People’s Home with Essential Items Donation

L-R: Member, Nexus 2025 Inductee Class, Grace Bamigboje; Caregiver,...

NCC, SEC, NASENI CEOs to Discuss Business, Economic Recovery at WES 2024

All is set for the annual WorldStage Economic Summit in Lagos...

Brokers, Arbitrators Partner on Insurance Growth

The Assistant Executive Secretary, Nigerian Council of Registered Insurance...
spot_img

Related Articles

Popular Categories

spot_imgspot_img