States Remit N237bn Pension Contributions In 4 Years

The National Pension Commission (PenCom) on Wednesday said that states remitted N236.7 billion pension contribution to the Pension Fund Custodians (PFCs) from January 2020 to the second quarter of 2024.

This was disclosed at the Third Quarter 2024 Consultative Forum For States And the FCT organised by the Commission in Lagos.

The forum gathered heads of Pension Bureaux, Boards and Commissions steering the implementation of the Contributory Pension Scheme (CPS).

Also at the forum were heads of service and senior government officials of some states that had commenced implementation of the scheme.

Based on its records, 25 states including the FCT have enacted pension laws on the CPS, while six are preparing to pass the law. Six states have already adopted the Contributory Defined Benefits Scheme (CDBS).

Only eight of the 25 states are fully implementing the Contributory Pension Scheme (CPS) and enacted laws.