The Kogi State Pension Commission (PENCOM) is finalizing arrangements to transition from the Defined Benefits Scheme to the Contributory Pension Scheme (CPS), with full implementation expected to commence next year.
The Director General of the Commission, Hajia Mariam Abedo, disclosed this during an official engagement with the Special Adviser on Media to the Kogi State Governor, Ismail Isah, at her office in Lokoja.
She revealed that the Commission has already begun the preliminary phase of the transition, including data collection and registration with Pension Fund Administrators (PFAs).
According to Abedo, the Contributory Pension Scheme mandating an 8% contribution from employees and 10% from the state government will ensure timely and hassle-free access to retirement benefits for pensioners in the state.
The DG emphasized that the reform is designed to address the delays and challenges often encountered by pensioners under the current Defined Benefits Scheme.
Since assuming office in August 2020, Abedo noted that the Commission has cleared a significant portion of the gratuity backlog dating as far back as 2002 and has consistently ensured prompt monthly pension payments.
“We are committed to building a pension system that is transparent, responsive, and fully digitized. With the Contributory Pension Scheme, the future of our workers is secure,” she stated.
She further highlighted the success of the ‘I Am Alive’ biometric verification initiative, which enables pensioners to confirm their status at any commercial bank closest to them, eliminating the need to travel to the state capital. She described it as “the easiest and most effective exercise ever introduced” in the state’s pension administration history.
Abedo commended Governor Ahmed Usman Ododo for his unwavering support and commitment to the welfare of pensioners. She noted that the Governor has sustained the regular release of monthly funds for the payment of gratuities and has also approved the construction of a new Pension Commission office complex Pencom House in Lokoja, aimed at creating a more conducive working environment and strengthening institutional operations.
“His Excellency is passionate about pensioners and their wellbeing. Even before assuming office as Governor, he played a key role in addressing challenges in the pension sector, and his continued support is driving the reforms we are implementing,” she added.
