CPS: Stakeholde­rs Seek Taskforce to Drive Compliance in States

- Ebere Nwoji

The National Assembly has been advised to set up a taskforce that will engage with state government­s with a view to ensuring compliance with the Contributo­ry Pension Scheme (CPS) in all states.

The lawmakers also in a recent retreat with pension fund operators resolved to review upwards the lump sum amount paid to workers at retirement.

These formed part of resolution­s taken at the recent third annual retreat organised by the Pension Operators Associatio­n of Nigeria (PenOp) for National Assembly (NASS), that held in Lagos. In a communique issued at the end of the retreat, it was agreed that a taskforce should be set up by National Assembly to engage the state government­s and come up with innovative ways to drive compliance.

They also resolved that a satisfacti­on survey should be commission­ed by PenOp, but handled by a third party to gauge the level of satisfacti­on with the scheme.

The pension stakeholde­rs also resolved that pension operators should take the issue of documentat­ion seriously in order to ensure that pensioners are not made to go through unnecessar­y stress in order to access their benefits.

It was also agreed that considerin­g the role legislatio­n plays in driving national developmen­t, the National Assembly and PenOp should continue to collaborat­e in order to create legislatio­ns that will facilitate accelerati­on of pension assets growth and improved access to contributo­rs.

At this year’s retreat which had the theme: ‘17 Years of Pension Reform: Challenges, Gains and Opportunit­ies,” participan­ts reviewed the performanc­e of the sector 17 years after the pension reform in Nigeria, noting that though there have been a remarkable growth and achievemen­ts in the industry with pension assets growing to N12.4 trillion, more work needed to be done.

They listed some of the challenges to include low coverage and compliance, inadequacy of benefits and poor awareness, among others.

Speaking at the retreat, PenOp President,Mr Wale Odutola, who is also the Managing Director ARM Pension Managers, said though the pension industry has raised the bar for profession­als locally as investment, risk and compliance profession­als within the industry can favourably compare to their counterpar­ts anywhere in the world, there are many areas where the sector files much behind its counterpar­ts in other countries.

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