Edo starts contributory pension scheme, appoints 15 PFAs

Edo State Governor Godwin Obaseki has appointed 15 pension fund administrators to undertake the enrolment of employees in the state public service into the pension scheme.

A statement signed by his Chief Press Secretary, Mr. John Mayaki, said government has proposed to the Edo State House of assembly, an executive bill for the amendment of the pension law to ensure its smooth operation in the state.

He said, “The government has made provision in the budget for the scheme, with the contribution of 10 per cent by government and eight per cent by workers.”

He said the scheme is aimed at mitigating the challenges faced by workers at retirement.

The statement listed the pension administrators as A11CO Pension Managers Limited, ARM Pension Managers (PFA) Limited, Crusader Sterling Pensions Limited, Fidelity Pension Managers Limited, First Guarantee Pensions Limited, Future Unity Glanvils Pensions Limited and Leadway Pension PFA Limited.

Others are Legacy Pension Managers Limited, Pensions Alliance Limited (PAL), Sigma Pensions Limited, Stanbic IBTC Pension Managers Limited, Premium Pension Limited, OAK Pensions and Trust Fund.

The governor, however, called on workers and other relevant stakeholders to support government in the actualization of the scheme for the benefit of all.