Retirees Press For Abrogation Of Contributory Pension Scheme

By Ayodele Oni

The Federal Government has been advised to abolish the Contributory Pension Scheme, (CPS) in the interest on beneficiaries.

Retired Federal Directors on Contributory Pension Scheme (CPS) which advocated for the abolishment, described it as “a modern slavery tool fashioned to annihilate workers to death in abject poverty.”

The association in a statement signed by Lawrence Ojabo, media and advocacy, Technical Team on CPS stated that “Stop the exploitation and rip-off under the guise of managing their benefits and entitlement now!

“In 2004, retirees were compulsorily asked to join Annuity operated by Insurance company or programmed withdrawal under the Contributory Pension Scheme operated by PFAs under the control of PENCOM.

“By virtue of 2014 amended Act, the narrative of retirees plights under CPS does not change the situation any better.

“The obnoxious CPS denies us having greater share of lump sum after retirement and dispenses a paltry monthly pension to retirees across the board under this scheme.

“Retirees under this scheme worked for their life- saving benefits while those collaborators under CPS enjoy their hard earn 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 ones entitlement?

“Or is a 60 years matured 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 and condemned by all Nigerians and those in corridors of powers as it might be your turn tomorrow.

“This enslavement and exploitation must stop. We know how to invest and manage our entitlement for our best interest.”

They call on workers still in active service to join the crusade against servitude under this retrogressive scheme called CPS.

“It is a call to duty by all right thinking Nigerians, the union bodies, the National Assembly, the Presidency, etc to rise and defend the retirees from being short changed 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.”