PenCom: Seven states and FCT fully implement pension schemes

The National Pension Commission (PenCom) reports that only seven states and the Federal Capital Territory (FCT) have fully implemented the Contributory Pension Scheme (CPS) and the Contributory Defined Benefits Scheme (CDBS). The states achieving full implementation are Lagos, Kaduna, Edo, Osun, Ekiti, Ondo, and Jigawa.

According to PenCom’s first-quarter report, 13 states are currently in various stages of partial implementation, including Abia, Anambra, Bauchi, Bayelsa, Benue, Delta, Kano, Katsina, Kogi, Niger, Ogun, Oyo, and Rivers. Additionally, 10 states have inactive pension laws, with six states having inactive CPS laws and four having inactive CDBS laws. Six other states—Akwa Ibom, Borno, Cross River, Kwara, Plateau, and Yobe—remain at the legislative bill stage.

To facilitate administration, 18 states and the FCT have established dedicated Pension Bureaux. The CPS, established by the Pension Reform Act of 2004 and maintained under the 2014 Act, requires regular contributions from employers and employees to secure retirement benefits.