The National Pension Commission has barred pension fund administrators from investing in the bonds of nine states that have yet to amend their state pension laws and join the Contributory Pension Scheme.
Six states, Katsina, Bauchi, Borno, Benue, Kwara and Pateau have drafted bills, while in Akwa Ibom and Cross River, the bills are still in the houses of assembly. According to him, if any state plans to raise funds through pension bonds, it must have met the CPS criteria before it could have access to such.He said “We don’t invest in bonds of states that have not enacted their laws. We have some that are not complying properly, some are complying partially. I believe we will review some of those things again. But for now, if you have not even enacted any law, don’t think we will start investing in your bonds.
They also accused officials of the pension fund administrators of also deliberately delaying payment into retirees’ accounts when the state government had released funds to them.Osanekwu, who said he retired as a ‘functioning director’ in 2012, lamented, “We that are in the Contributory Pension Scheme have been suffering. The promises have been on without fulfilment.
Aduwa, who left the state public service in 2014, criticised the manner the government was operating the scheme. He said he was worried that the government that enacted the pension law did not abide by it.Reacting to The PUNCH’s enquiry, Chairman, Delta State Bureau of State Pension, Mr Tony Obuh, said the scheme was being positioned to meet its obligations to retirees.
When asked if the board was meeting its statutory obligations, Obuh said, “Yes, on a steady and sustainable basis, on the principle of first come first served, with monthly releases from the government. A retired local government employee, Alhaji Kamar Ibrahim, who left service in December 2018, said the last remittance by his PFA came in August 2017.
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