…. lauds Labour for suspending strike
Ogun State Governor, Prince Dapo Abiodun on Tuesday constituted a 25-man Pension Funds Management Committees for the State and Local Government pensions.
The Committees are 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.
Other functions of the Committees are, recommending and constituting sub – committee(s) that would assist in the operations of the Contributory Pension Scheme in the state; overseeing compliance with PENCOM regulations and reporting standards as well as monitoring the performance of the Pension Fund Administrators (PFA) and Pension Fund Custodians (PFC).
The State Pensions Committee is headed by Mrs. Arinola Adetayo, while Engr. Olufisan Osiyale heads the local government Committee.
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 advising management on pension-related risks and opportunities.
Addressing members of the Committees at the Executive Chambers of the Governor’s Office, Oke-Mosan Abeokuta, 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.
While calling on the Committee members to be dedicated to the assignment before them, the governor urged them to use best practices and be accountable and transparent in all their dealings, emphasising that pension reforms are not acts of charity, but legal, moral and are of economic necessities.
