The National Pension Commission, PENCOM, has called on States and local government areas in the South-East region to expedite action towards full implementation of the Contributory Pension Scheme, CPS.
The Director General of PENCOM, Mrs. Chinelo Anohu-Amazu, who gave the charge on Thursday in Enugu at a sensitization workshop held for the people of South-East, expressed concern over the low implementation rate of the scheme in the zone.
According to dailypostng, She stated that the CPS, one of the major integral provisions of the Pension Reform Act, 2014, was aimed at reforming the pension scheme and thereby better the life of workers after retirement.
She noted that, “the Pension Reform Act 2014 re-enacted the fundamental provisions of the repealed PRA 2004, which include inter alia, the establishment of the Contributory Pension Scheme, uniform standards for pension administration as well as the National Pension Commission as the sole regulator and supervisor of pension matters in Nigeria.
“However, there are new developments introduced by the PRA 2014 such as the upward review of the minimum rate of pension contribution and the sanctions and penalties against infractions of the provisions of the Act.
“Furthermore, the PRA 2014 has introduced a provision that allows contributors seeking to own their primary homes, to apply part of their Retirement Savings Account balances as equity contribution for residential mortgage, subject to the Guidelines issued by the Commission.
“The process of issuing these Guidelines is already at advanced stages and it is our expectation that as soon as implemented, this would facilitate access to home ownership by pension contributors while bridging the housing deficit in Nigeria”.