25 States, FCT Enact Laws Regarding Contributory Pension Schemes No fewer than 25 states and the Federal Capital Territory (FCT) have enacted laws on the implementation of the Contributory Pension Scheme (CPS) as of last month, the Director-General, of the National Pension Commission (PenCom), Mrs....

PFAs Kick As NASS Passes Bill To Exit Pension Scheme   The National Assembly has passed a bill to exempt its workers from the scheme, 18 years after operating the Contributory Pension Scheme. However, the Pension Fund Operators Association of Nigeria (PenOp) has said that the passage...

Pension Scheme: 118,044 Retirees Withdraw N29.26bn         A total of 118,044 retirees withdrew N29.26bn from their Retirement Savings Accounts and left the Contributory Pension Scheme because they had low balances in their accounts which could not be utilised as monthly stipends for them. Many of the affected...

114,837 Retirees Collected N28.46bn, Quit Pension Scheme – Report       Many workers whose employers did not adequately fund their Retirement Savings Accounts and retired with balances less than N550,000 have collected their contributions and left the Contributory Pension Scheme. As of the end of June 2020, about...

PenCom Says Only 12% Of Workers Contribute To Pension Scheme   Out of the over 70 million people that represent the working population in Nigeria, only 8.41 million of them are currently making contributions into the Contributory Pension Scheme. The 8.41 million contributors, according to figures obtained...

Low Savings: 92,925 Retirees Quit Contributory Pension Scheme More retirees are quitting the Contributory Pension Scheme and withdrawing the funds in their Retirement Savings Accounts because they do not have more than N550,000 in their accounts as of the time of their retirement, investigation has...