OYO GOVT, PENCOM TRAIN 139 PENSION DESK OFFICERS ON CONTRIBUTORY PENSION SCHEME

As part of ongoing efforts to ensure smooth operationalization of the Contributory Pension Scheme (CPS), the Oyo State government in collaboration with the National Pension Commission (PenCom), has organized a strategic capacity-building workshop for Pension Desk Officers at both State and Local Government levels.

While declaring the workshop open, the Chairman of the Oyo State Local Government Staff Pension Board, Hon Akeem Ademola Ige expressed gratitude to Governor Oluseyi Abiodun Makinde for his unwavering commitment to the welfare of Oyo State workers and retirees.

He noted that the commencement of the CPS and the mounting of the training workshop are testament to the Governor’s dedication to securing the financial future of the state’s workforce. He also acknowledged the strategic support provided by PenCom and Pension Fund Administrators (PFAs) since the commencement of the scheme.

Addressing the participants, the Chairman highlighted that the primary objective of the workshop was to equip Desk Officers, who would be interfacing directly with enrollees with the technicalities and operational knowledge.

The training covered essential guidelines including enrollee’s documentation, payroll deductions, and the accurate remittance of pension contributions among others.

The South West Zonal Director , National Pension Commission, Mr Muslim Mutiu reassured the participants of the flexibility of Contributory Pension Scheme. He also noted that the Oyo State government has surpassed the federal and other states by contributing 12% and that enrollees can access a fraction of their RSA savings prior to retirement in case of temporary job loss, equity contributions for residential mortgage , or critical health needs. He added that workers retain the right to transfer their RSA
from one PFA to another through the transfer window.

Mr. Seun Ajani of Pencentral. NG guided participants through the process of generating accurate pension schedules and managing quotas across the four operating PFAs in Oyo State. He emphasized that upon opening a Retirement Savings Account (RSA), a unique Personal Identification Number (PIN) is automatically generated for life. Mr. Ajani stressed the necessity of accurate data entry as an employee’s pension schedule must accurately reflect their designated RSA PIN and personal details. Any data error will trigger a system flag that must be corrected before processing can continue.

Mr. Kamal Badmus, representing FCMB Pensions which is the Lead PFA, clarified that the unique PIN is generated by PenCom after a PFA processes an enrollee’s application. He also introduced the Voluntary Contribution feature, which allows enrollees to contribute an additional self-determined percentage of their salary alongside the mandatory 8% contribution. Mr. Badmus stressed that enrollees must promptly notify their PFAs of any changes in personal details to avoid future payment delays.

In his closing remarks, the Permanent Secretary, State Post Service Board, Revd. Victor Adesola said the Oyo State government has started on a good note. He then allayed the fears of enrollees noting that government will continue to ensure the successful implementation of the scheme and then advised Pension Desk Officers to be proactive and open minded I the course of discharging their duties.

Reverend Victor Adesola also enjoined the participants to make use of the necessary skills acquired in the course of the capacity building workshop.

Present at the workshop include Tpl. Olufemi Akinwale, Permanent Secretary, LGSPB, Alh. Musibau Ladele, The Acting Head of Local Government Administration, LGSPB, PenCom officials, Director of Administration and Supplies, State Pension Board, Mr Idris Najimdeen, Director of Finance and Account SUBEB, Mrs Ajewole Folake, Pension Desk Officers, representatives of PFAs , FCMB Pensions, Leadway Pension, Tangerine Pensions, and Stanbic IBTC Pension Managers among others.