The National Pension Commission, PENCOM, on Wednesday, January 13, said that pension contributions under the Contributory Pension Scheme has leaped to about N5 trillion.
Director General of the Commission, Chinelo Anohu-Amazu who stated this at the 10th anniversary lecture of Trust Fund Pension Plc in Abuja, stated that there are plans by the commission to extend the contributory Pension scheme to the informal sector of the economy.
Represented by the Commissioner in charge of Inspectorate at the Commission, Mohammed Kaoje Abubakar, the Director General said the sustainability of the Contributory Pension scheme is very important, pointing out that the commission wants to free the scheme of the problems of defined benefit scheme which it replaced.
She said to ensure sustainability, the scheme must provide improved service delivery so that there can be internal efficiency, while the Pension Fund Administrators and the regulators must be open in their dealings.
She added there are plans to ensure that contributors can migrate from one PFA to the other if one is not performing to their expectations.
