Abiodun Constitutes Pension Funds Management Committees

Ogun State governor, Prince Dapo Abiodun, has constituted a 25-man Pension Funds Management Committees for state and local government pensions.

The committees are to provide professional and administrative advice on the operations of the Contributory Pension Scheme; giving updates and getting reports on the implementation of the Contributory Pension Scheme as it affects relevant stakeholders and appraising/assessing regulations and guidelines on the Contributory Pension Scheme issued by the National Pension Commission (PENCOM) for consideration and implementation.

Other functions of the Committees are recommending and constituting subcommittee (s) that would assist in the operations of the Contributory Pension Scheme in the state, overseeing compliance with PENCOM regulations and reporting standards, and monitoring the performance of the Pension Fund Administrators (PFA) and Pension Fund Custodians (PFC).

Equally, the Committees are to ensure timely remittance of employer and employee contributions; review reports from the PFAs and PFCs; engage with external auditors, actuaries, and legal counsel where necessary; facilitate employee understanding of pension benefits and advise management on pension-related risks and opportunities.

Addressing members of the Committees at the Executive Chambers of the Governor’s Office, Oke-Mosan Abeokuta, Governor Abiodun said his administration had held series of meetings with the organized labour and other critical stakeholders which led to the signing of a Memorandum of Understanding of laudable action outlining a clear and structures framework for the implementation of the Contributory Pension Scheme in the state.

The old pension scheme, the governor said, was noted for bad debts, extensive delays, unpredictable behaviour, accumulated massive liabilities, and depended entirely on the government budget and annual releases.

He added that his administration is out to give and implement an enduring pension that state workers would be proud of.

Responding, Engr. Olufisan Osiyale, Chairman of the Local Government Pensions Committee, thanked the governor for his confidence in them. He acknowledged the enormous tasks before members but assured them that, with the cooperation of all stakeholders, the Committees would deliver on their mandate.

The state Pensions Committee is headed by Mrs. Arinola Adetayo, while Engr. Olufisan Osiyale heads the local government Committee.