Yemisi Izuora
The National Pension Commission, PenCom, has commenced processing of the N13.89 billion released by the Federal Government for payment of accrued pension rights for Contributory Pension Scheme (CPS) retirees who retired in the year 2022.
The Commission, noted that the release for for retirees under treasury-funded Ministries, Department and Agencies MDAs, adding that it is processing remittances into the various retirement savings accounts of the affected retirees and their pension fund administrators will notify them in due course.
The PenCom appreciated President Muhammadu Buhari for his untiring support and commitments to the implementation of the contribution pension scheme and ensuring the welfare of retirees.
1 Comment
The release of funds by the federal government for the payment of accrued pension rights of some public service retirees who retired in 2022 is commendable.
However the prevailing iniquitous contributory pension system in Nigeria managed by private pension fund managers ought to be urgently reviewed.
Pension fund managers make huge profits from the contributions of workers, while workers and retirees who are the owners of pension funds are impoverished.
Many countries who previously embraced the privately managed pension system after observing that the scheme benefits mainly pension fund companies have since removed private pension fund managers from thier pension system.
Even Chile where the privately managed pension system started is in the process of eliminating private pension fund managers from thier pension system, Nigeria should do same.
Finally why has PENCOM consistently failed to implement section 173(3) of the constitution of the federal republic of Nigeria 1999(as amended)?