Contributory Pension Scheme Takes Off In Edo

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.

A statement by the Chief Press Secretary, Mr. John Mayaki said those appointed are: Aiico 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: Leadway Pension PFA Limited, Legacy Pension Managers Limited, Pensions Alliance Limited (PAL), Sigma Pensions Limited, Stanbic IBTC Pension Managers Limited, Premium Pension Limited, OAK Pensions and Trust Fund.

In addition, the statement said, “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, which is 15 per cent monthly; 10 per cent on behalf of government and five per cent on behalf of workers. The people that have been appointed to be administrators of this fund know they are not there to make profits.”

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.