1 COMMENT

  1. How has the constant increase in pension assets impacted on the living standards of contributory retirees?
    Today Contributory pension retirees from the public sector can not rereceive their lump sum and first monthly pension until about fifteen months or more after retirement.
    CPS retirees from the public sector are owed pension increases since 2010, which the management of PTAD has duly paid to DBS retirees while PENCOM has failed to do same for contributory retirees who are also entitled to pension increases in accordance with Section 173(3) of the Constitution of the federal republic of Nigeria (as amended).

    Since 2004 PENCOM is yet to determine the minimum pension guarantee under the CPS in Nigeria.
    Clearly the CPS managed
    by private pension fund
    managers is not benefiting
    public retirees, instead it is the owners of pension
    fund companies that are
    benefiting from the CPS
    and are daily smiling to the
    bank with the huge profits they make from the
    contributions of workers,
    while workers and retirees
    who are the owners of
    pension funds are
    impoverished.

    Nigeria should emulate
    other countries who
    previously embraced CPS
    managed by private
    pension managers who
    have since reversed their
    private pension system
    back to public
    management.

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