Retirees under the contributory pension scheme have decried the late disbursement of the initial 25 per cent of the accrued benefit and the meagre amounts subsequently paid monthly as pension by Pension Fund Administrators (PFAs).
The retirees said that the contributory pension scheme was a fraud, which leaves a sour taste in the mouth and a vision of a grim future characterised by indebtedness, distress, poor health, and poverty.
Some of the retirees in Osun, Ondo and Ekiti states who spoke with the News Agency of Nigeria (NAN) said that after 35 years of meritorious service, they deserve better treatment after retirement than what they were experiencing under the scheme.
The respondents appealed to the National Assembly to make amendments to the Pension Act to enable retirees enjoy their lives after retirement.
A retiree, Mr Joel Ige, said that the current contributory pension scheme was capable of affecting dedication as well as productivity in public offices, and could also create in workers fear and a sense of uncertainty after service.
Another retiree, Mrs Margret Agunloye, said it was absurd for PFAs to have the notion that after 35 years of service or attaining the age of 60 years, retirees would not have capacity to manage their retirement savings on their own.
Agunloye, who retired as a level 14 officer in a federal ministry, said that the 25 per cent lump sum paid to her after retirement was nothing to write home about.
“Contributory pension is a scam and I want to encourage those who are still in service to fight for their right now.
“As a retiree, you can’t survive with what you will be paid on a monthly basis, except with the grace of God,” she said.
Another respondent, Mrs Beatrice Adio, said that the situation on the ground does not portray both the pension administrators and government as having the interest of civil servants at heart.
“It is unfortunate that very many àffected retirees have to depend on family and friends for feeding, education of their children, and other immediate needs, while some unlucky ones have died,” she said.
A legal practitioner, Akin Ayeni, said it was criminal and contemptuous of the Pension Act of 2024, if accrued rights, referred to as the pension benefits, that employees of the federal government’s treasury-funded Ministries, Departments and Agencies (MDAs) are entitled to, are not paid to them, as and when due.
He called for the discharging of any Pension Fund Administrator found to be acting contrary to the provisions of the law.
“In my thinking, it is one of the purposes of the contributory pension scheme to ensure that retirees are paid as at when due
“However, if retirees have to wait for an average of one or two years to be paid, then, it means such a good purpose has been defeated then, and no longer of effect,” he said.
