Ogun State Governor, Prince Dapo Abiodun, on Tuesday, constituted a 25-man Pension Funds Management Committee for the state and local government pensions.
The committees are responsible for providing professional and administrative advice on the operations of the Contributory Pension Scheme; giving updates and receiving reports on the implementation of the scheme as it affects relevant stakeholders; and evaluating regulations and guidelines on the Contributory Pension Scheme issued by the National Pension Commission (PENCOM) for consideration and implementation.
Other functions of the committees include recommending and constituting sub-committees to 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 Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
Equally, the committees are responsible for ensuring the timely remittance of employer and employee contributions, reviewing reports from the PFAs and PFCs, engaging with external auditors, actuaries, and legal counsel as necessary, facilitating 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, Governor Abiodun said his administration had held series of meetings with the organised 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 known for bad debts, significant delays, unpredictability, large liabilities, and relied entirely on government budget allocations and annual releases. He added that his administration aims to establish and implement a sustainable pension scheme that the state workers can be proud of.
He said: “This committees comprise the representatives of the State Bureau of Pensions and the Bureau of Local Government Pensions and is constituted in full compliance with Section 19, paragraph 2 of the Ogun State Pension Reform Law of 2006, and in furtherance of the agreement reached with the organised 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.
“Dear members of the State Pension Management Committees, the task before you is enormous yet noble, as you are the custodians of the hopes and futures of thousands of hard-working public servants, both at the state and local levels. Workers who have laboured for the state deserve peace of mind in retirement.”
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 economic necessities.
The governor used the occasion to appreciate the labour leaders for suspending the week-long strike embarked upon by workers, saying the decision is not only a testament to their patriotism but also a reflection of their faith in dialogue to achieve sustainable and enduring industrial harmony in the State.
“This administration does not regard labour as an adversary but a critical partner in progress, particularly in the successful implementation of our Building our Future Together Agenda. We have consistently prioritised the welfare of our workforce and pensioners because a motivated workforce is an engine for good government,” Governor Abiodun said.
Responding, Chairman of the Local Government Pensions Committee, Engr. Olufisan Osiyale, while thanking the governor for the confidence reposed in them, acknowledged the enormous tasks ahead of the members but assured 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.
