Ogun State Governor, Prince Dapo Abiodun has constituted a 25-man Pension Funds Management Committee for the State and Local Government pensions.
The Committee is saddled with the responsibility of providing 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.
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, accumulated massive liabilities and depended entirely on government budget and annual releases, adding that his administration is out to give and implement an enduring pension the state workers would be proud of.
He said: “This Committees comprise of the representatives of the State Bureau of Pensions and the Bureau of Local Government Pensions and constituted in full compliance with section 19, paragraph 2 of the Ogun State Pension Reform Law of 2006.and in furtherance of the agreement reach with the organized labour through the recently signed Memorandum of Action.
“My administration is committed to the full and transparent implementation of the Contributory Pension Scheme in the state.