By Nike Popoola
The Chief Executive Officer, Premium Pension Limited, Mr. Wilson Ideva, has said that an increase in the money payable into the Retirement Savings Account is aimed at improving the workers’ lot.
This increment is one of the issues proposed in the Pension Reform Bill, which is already at an advanced stage of legislative processing.
Ideva said this during the inaugural annual public lecture in honour of the outgoing Head of Service, Delta State, Mr. Okey Ofili.
"The recommendation in the new bill that employer and employee contributions in the scheme be raised from a total of 15 per cent to 20 per cent is aimed at making workers even better off on retirement," he said.
Ideva said the bill sought among other things to enhance the enforcement responsibilities of the regulatory institution, ensure further airtight protection of pension funds and unpack the possibilities of creatively and professionally applying pension funds for national development.
According to him, the bill also seeks to expand the scheme to include the informal sector.
He said it also sought the establishment of Pension Transition Arrangement Departments charged with the responsibility of ensuring a seamless remittance of benefits under the Defined Benefits Scheme.
He explained that it was under the management of defined benefits that reports of corrupt and untoward practices have emanated in recent times.
The law establishing the industry, he said, would make pension funds tamperproof and mechanisms were firmly in place to eliminate unethical features in all its ramifications.
"We are proud to state that PPL is one of the PFAs shortlisted to manage Retirement Savings Accounts for public servants in Delta State under the contributory pension scheme. The company has already commenced the payment of entitlements to retirees in the state under the scheme," he said.
According to him, Delta State is in no small measure instrumental to the success recorded by Premium Pension in the enlistment of state public servants in the country.
He said this could not have been possible without the efforts of Ofili and the team at the Bureau of State Pensions.
Ideva said Premium Pension had a highly rewarding experience in the advancement of the contributory pension scheme in the state.
Source Punch
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