• Tony Igele

Contributory Pension Scheme takes off in Edo

Benin City - In accordance with his budget speech in which he promised that the contributory pension scheme would commence in 2017, Edo State Governor, Mr. Godwin Obaseki has appointed 15 pension fund administrators to undertake the enrolment of employees in the state public service. Those appointed are:

(i) Aiico Pension Managers Limited (ii) ARM Pension Managers (PFA) Limited (iii) Crusader Sterling Pensions Limited (iv) Fidelity Pension Managers Limited (v) First Guarantee Pensions Limited (vi) Future Unity Glanvils Pensions Limited (vii) Leadway Pension PFA Limited (viii) Leadway Pension PFA Limited (ix) Legacy Pension Managers Limited (x) Pensions Alliance Limited (PAL) (xi) Sigma Pensions Limited (xii) Stanbic IBTC Pension Managers Limited (xiii) Premium Pension Limited (xiv) OAK Pensions (xv) Trust Fund

In addition, an executive bill for the amendment of the pension law has been proposed to the Edo State House of Assembly.

Governor Obaseki said the scheme, which is aimed at mitigating challenges faced by workers, is to commence this month, January 2017.

Meanwhile, the governor also revealed that government would resolve teething key issues identified in the payment of pensions and gratuities adding that, “The issue of pension is one that we will deal with”.

He said, “The government has made provision in the budget for the scheme, with the contribution of 10 per cent by government 8% per cent by behalf of workers.

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

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