Yemisi Izuora
Funds under the Contributory Pension Scheme, CPS, has soared to N6.02tn at the end of November 2016.
The funds rose from N4.6 trillion at the end of the 2014 financial period to N5.3 trillion in 2015.
According to the Director-General, National Pension Commission, PenCom, Mrs. Chinelo Anohu-Amazu, explained that what has kept the funds was the prudent way by which it is being managed adding that no fraud had been recorded under the scheme.
She explained that the Pension Reform Act, 2004, which was the governing legislation of the CPS, was repealed and re-enacted in July 2014.
She said the new law re-enacted the copious provisions of the repealed 2004 Act, which included the establishment of the CPS as well as PenCom as the sole regulator and supervisor of pension matters in the country.
“Among other significant revisions, the PRA 2014 introduced some innovations in the pension system, instituted a stiffer regime of sanctions and penalties for infringements, ensured the upward review of the minimum rate of pension contribution in order to enhance the value of pension pay-outs, and expanded the coverage of private sector employees under the CPS,” Anohu-Amazu said.