Retirees in Nigeria under the Contributory Pension Retiree Forum have cried out over their poor living conditions.
The retirees have called out the Pension Fund Administrators (PSAs) through Contributory Pension Scheme (CPS) for cheating them of their entitlements.
The Retirees made their feelings known on Monday in a message they tagged ‘Save Our Soul’
In their view, the Pension Scheme which managed their benefits and entitlements during their service years were cheating them off their monies.
They explained that they were made to join Annuity run by an Insurance company or programmed withdrawal under the Contributory Pension Scheme operated by PFAs under the control of the National Pension Commission (PENCOM) in 2004 under compulsion.
“By virtue of the 2014 amended Act, the narrative of retirees’ plights under CPS does not change the situation any better.
“The obnoxious CPS denies us having a greater share of the lump sum after retirement and dispenses a paltry monthly pension to retirees across the board under the scheme,” the Retirees Forum lamented.
The Forum pleaded on the Presidency and National Assembly to intervene in their ordeal, while explaining that they are “being shortchanged by giving a living pension while we are still alive and to save us from the greedy but lucrative business set up by PENCOM and PFAs for their own selfish interest under CPS arrangements and designs.”
The retirees gave an example of one of their won who served as a federal civil servant from July 15, 1981 to July 15, 2016 on salary grade Level 14 and compulsorily retired having reached the stipulated period of 35 years and maximum age of 60 years.
The retiree’s contributory pension total balance stood at N6,745,823.34, of which he was paid 25% which resulted to N1,686,455.84 “while the balance of 75% was greedily retained by PFA for their selfish investment in the capital market and other large institutions with high returns which is never added to retirees’ paltry monthly payment while still alive.”
They pointed out that the retiree has been receiving the sum of N26,703.15 monthly since 2016 till date “despite the huge profits declared every year under CPS.”
In their words, such amount “can barely buy a loaf of bread at the price of N1000 currently per day for 30 days.”
They explained that they all suffered the same fate.
“This is disappointing in a nation that prides itself as the giant of Africa and says in its National Anthem that the labour of our heroes past shall not be in vain.
“Retirees under this scheme worked for their life saving benefits while those collaborators under CPS enjoy their hard earned benefits in the name of investing their funds for them.
“At this point, one may ask, is 35 years working experience in Federal Service not enough to manage one’s entitlement?
“Or is a 60 years mature retiree unable to handle investment that they are handling and in return give just a little fraction to pacify the starving and financially incapacitated retirees under this unholy CPS?
“This sharp practice must stop.
“This enslavement and exploitation must stop.
“We know how to invest and manage our entitlement for our best interest.
“The N6,745,823.34 if given to the retiree en bloc will earn him yearly income of N674,582.33 at 10% and N56,215.19 monthly as against the N26,703.15 which he have been receiving as a monthly pension for the past seven years without increase.
“Unfortunately, the sad part of this is that every day prices of goods and services are on the increase unprecedentedly.
“While workers and retirees under the old scheme – Defined Benefit Scheme had their salaries and pension increased across all levels, we in the CPS are abandoned to our fate.
“We could not get an increase. We face the same adverse market conditions and inflation, yet no one to rescue us from this cruelty by the PENCOM and PFAs scam.
“Enough is Enough.
“Put an end to the abracadabra you are doing under the guise of CPS,” the Retirees said.
The Forum also touched on the fuel subsidy removal by President Tinubu and how that has also affected them adversely.
“The government has not only increased their hardships but has also rendered the paltry monthly pension useless,” they said.
