Retirees under the contributory pension scheme have expressed their dissatisfaction with the delayed disbursement of the initial 25% of their accrued benefits, as well as the inadequate monthly pensions provided by Pension Fund Administrators (PFAs).
Many of these retirees view the scheme as a failure, which leaves them facing a bleak future characterized by debt, distress, and poverty.
Speaking to journalists, retirees from Osun, Ondo, and Ekiti states lamented that after dedicating 35 years to public service, they deserve better treatment in retirement than what the current scheme offers.
They appealed to the National Assembly to amend the Pension Act, seeking reforms that would enhance their quality of life post-retirement.
Joel Ige, a retiree, remarked that the current scheme could negatively impact employees’ dedication and productivity, fostering a sense of uncertainty among workers about their future after service.
He stated, “The current contributory pension scheme is 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.”
Margret Agunloye, another retiree, criticized the PFAs for their belief that retirees lack the ability to manage their retirement savings after years of service.
“The 25% lump sum paid to me 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 rights now,” she asserted.
Beatrice Adio expressed concern over the current conditions faced by retirees, stating, “It is unfortunate that many affected retirees have to depend on family and friends for feeding, education of their children, and other immediate needs, while some unlucky ones have died.”
Akin Ayeni, a legal practitioner, described the failure to pay accrued pension rights as criminal and contrary to the Pension Act of 2024.
He insisted that any Pension Fund Administrator acting against the law should be held accountable, stating, “It is one of the purposes of the contributory pension scheme to ensure that retirees are paid as at when due. If retirees have to wait for an average of one or two years to be paid, then that purpose has been defeated.”
Jimoh Bankole, a civil servant, recommended the establishment of a dedicated pension reserve fund for accrued rights payments, urging that this fund be separate from other government budgetary considerations.
Meanwhile, public affairs analyst Sunday Owoeye lamented the situation, stating that the failure to pay retirees adequately would only exacerbate corruption and complacency within the public service.
Lanre Lasisi, another civil servant, advocated for a return to the previous pension scheme, arguing that it provided retirees with their last basic salary until death, unlike the current system.
He pointed out, “Most civil servants feel that the federal government should return the pension scheme to the old program where the pensioner gets his last basic salary for life.”
Martins Alo, executive director of Upline Centre for Development, called for public support for pensioners to alleviate their challenges.
He warned that the current treatment of retirees under the Contributory Pension Scheme would persist unless significant changes were made. “We need to work together to amplify the voices of retirees and create a better future for ourselves,” he stated.
Kate Popoola, a former director of marketing at the News Agency of Nigeria (NAN), shared her experience, noting that while it took her 18 months to receive her first pension payment, the delay was not the fault of the pension fund administrator, but rather the National Pension Commission (Pencom).
“My pension administrator pays on the 20th of the month and it is regular… It took about 18 months before I started receiving my pension, but it is not the pension administrator’s fault,” she explained, emphasizing that payments depend on Pencom’s calculations and remittals.
