Kaduna State is not fully Implementing Contributory Pension Scheme but seeks PFAs to invest Pension Funds in Kaduna State Bonds
National Pension Commission (PenCom) in its 3rd quarter 2022 report provided an update on the emerging issues in the implementation of Contributory Pension Scheme (CPS) in Kaduna State.
The report revealed that even though Kaduna State has huge accrued rights liabilities and plans to implement a hybrid pension arrangement rather than fully implement the Contributory Pension Scheme (CPS), the State still seeks Pension Fund Administrators (PFAs) to invest pension funds in Kaduna State Bonds.
The Kaduna State Pension Bureau had requested a meeting with PenCom on 27 July 2022, to discuss the State’s desire to implement a hybrid pension arrangement. The move was in the State’s efforts at finding solutions to the debacle of its huge accrued rights liabilities. However, the meeting could not hold due to the two days public holiday declared on 27 and 28 July 2022, in the State. A new date is yet to be fixed for the meeting.
Kaduna State has, however, requested the requirements for the issuance of a ‘’no objection’’ by PenCom, to enable the PFAs invest in Kaduna State Bonds. PenCom said a copy of the requirements was forwarded to the Executive Secretary of the Kaduna State Pension Bureau.
PensionNigeria is pleased to inform you that PenCom in 2012 released a Circular on “Minimum Requirements for the Inclusion of State Bonds as Investible Instruments In the Pension Industry” so Kaduna State can not get PFAs to invest in its State Bond because there are stringent requirements that must be met before PFAs can invest in State Bonds. Check out the Circular below.
In addition, in 2015, PenCom reminded all Pension Fund Administrators (PFAs) of its existing policy on the investment of pension funds in State Bonds. And PenCom also noted that PFAs may only invest in Bonds that have been approved by the National Pension Commission as qualifying for investment of pension funds and such approval must be sighted on PenCom website.
Check out Minimum Requirements for PFAs to Invest in State Bonds
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 3rd Quarter 2022 Report
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DONT MISS our 3rd Quarter 2022 Report Series
Director General’s Remarks on PenCom 3rd Quarter 2022 Report
Analysis of Pension Operating Environment 3rd Quarter 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q3 2022
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Update on NSITF & Refund of Pension Contribution to Military & SSS Q3 2022
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Kaduna State is not fully Implementing Contributory Pension Scheme but seeks PFAs to invest Pension Funds in Kaduna State Bonds
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Update on RSA Transfer System (RTS) 3rd Quarter 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 30 September 2022
Micro Pension Contributions received per PFA Q3 2022
Update on the Micro Pension Plan Q3 2022
List of Organisations Issued Compliance Certificates as at 30 September 2022
Total RSA Registration as at 30 September 2022
Status of Contributory Pension Assets as at September 2022
Biggest PFAs & Fastest Growing PFAs by RSA Registrations 30 September 2022
RSA Registration Age and Gender Breakdown for Q3 2022
PenCom approved over N1.66 Trillion for PFAs to pay RSA Holders as at Q3 2022
Status of Implementation of CPS in States as at 30 September 2022
Also Check out
Performance of all PFAs in Nigeria for January to September 2022 (Year to Date)
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