CPS

Retirement Planning in Nigeria Boosted by Voluntary Contributions in the CPS

Lagos, Nigeria – Saving for retirement is a critical aspect of financial planning, especially as retirees face various needs during their later years. In Nigeria, the Contributory Pension Scheme (CPS) has significantly contributed to helping individuals effectively prepare for retirement. The pension reform of 2004 aimed to establish a sustainable system that provides a stable, predictable, and sufficient source of income for every Nigerian worker post-retirement. To achieve this vision, PenCom introduced Voluntary Contributions (VC), …

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Pension Scandal: 2,104 CPS Employees Accused of Improperly Accessing N21.81b Equity Payments

Lagos, Nigeria – Over 2,100 employees of the Nigerian state education system have been found to have accessed a combined total of 21.81 billion naira from the National Pension Commission for personal residential mortgage payments. This discovery has raised concerns about the misuse of funds intended for pension equity. The Nigerian National Pension Commission is responsible for overseeing the pension funds of both public and private sector employees. The commission’s goal is to ensure that …

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