Zamfara State exited CPS & PenCom has refund their Pension Contributions but Retirees are still not better off
Zamfara State enacted the Zamfara State Pension Reform Law for Contributory Pension Scheme in 2006, the state repealed the CPS law in 2019 and re enacted the Contributory Defined Benefit Scheme (CBDS).
PenCom has finalized the refund of N4.27 billion to Zamfara State Government and its employees due to their withdrawal from CPS and forwarded the report on the refund of the pension contributions to the Zamfara State Head of Service, the State’s appointed consultant – Royal Rocks Consulting and the Speaker, Zamfara State House of Assembly. Following the review of the report, the Consultant has forwarded its observations and comments to PenCom and the submission is being reviewed by PenCom.
Retirees are still not better off because even though Zamfara State exited the CPS in 2019, as at December 2022, the State is yet to establish a Pension Bureau to oversee the process of implementing the CBDS in the state, yet to commence deduction and remittance of pension contributions under the CBDS and most importantly, yet to even conduct an actuarial valuation to determine the quantum of its pension liability and funding gap.
PensionNigeria notes that all states should be encouraged to remain under the Contributory Pension Scheme (CPS) because the CPS is transparent, trackable and the funds for pension are gradually taken away from the employer and managed by independent companies, to ensure that funds are available for payment of pension when needed. With Zamfara State Contributory Defined Benefit Scheme (CDBS), the State has gone back to the old era of hidden, un-trackable and unfunded pension system.
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 3rd Quarter 2022 Report
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Zamfara State exited CPS & PenCom has refund their Pension Contributions but Retirees are still not better off
Update on Benue & Bauchi State Pension Reform Laws
PenCom Engagements with 5 States on Implementation of Contributory Pension Scheme
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
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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
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