Sigma Pensions Implores States to Implement Retirement Scheme

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Sheriff Balogun in Abeokuta

The Business Development Manager, Southwest of Sigma Pensions, John Igiehon has appealed to states to implement the retirement bond reserve as stipulated by the federal government.

Igiehon, who spoke during the 5th Triennial Delegates Conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Lagos zone, held in Abeokuta, Ogun State capital, said only 18 out of 36 states in Nigeria were operating the new contributory pension scheme.

He implored states yet to operate the scheme, to ensure 12 per cent of their monthly allocations are set aside for pension redemption as stipulated by the federal government through PenCom.

He, therefore, said the contributory pension enacted by Pension Reform Act 2004, remained the best that could happen to pension administration in the country, saying with it, workers could monitor their pension fund.

He added that though there were penalties put in place by the FG for defaulting states, one of which is the ineligibility of such states to have access to bonds, Igiehon, noted several states still operated the old pension scheme.

‎However, in his address, President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Francis Olabode Johnson said government should encourage the building of efficient refineries and petrochemical plants to maximise crude oil derivatives and also put in place an effective Turn-Around-Maintenance System for the existing ones.

While declaring the conference opened, the state governor, Senator Ibikunle Amosun, described the association as of the most vibrant unions in the country since its inception almost 40 years ago.

The governor, represented by his Chief of Staff, Tolu Odebiyi, noted that petroleum played a vital role in the country’s economy urging the association to continue to dialogue with government on the way forward especially as the country was trying to get out of the present economic recession.