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Tag: retirees

  • Falana writes bank over retirees’ entitlements

    Falana writes bank over retirees’ entitlements

    Lagos lawyer, Femi Falana (SAN), has threatened to sue Unity Bank Plc if it fails to pay the entitlements of over 300 workers disengaged about five months ago.

    In a petition, which was sent  through their lawyer, Falana, the discharged staff contended  that the moment their appointments were terminated, “your management deliberately for unjustifiable reasons refused to pay their exit benefits and entitlements, including all previously accrued entitlements prior to the termination of their employment without offering any explanation for the delay till date, in flagrant disobedience to the extant labour laws.”

    The threat of legal action is contained in a petition dated September 11, , signed  by Dare Falana (of the Falana and Falana Chambers) on behalf of the retirees and sent to the Managing Director  of the bank.

    While claiming that the bank paid some monies early September to a few of the affected  workers, it pointed out that the payment fell short “of the total benefit and entitlements due to those who were paid, while the rest were not paid.”

    It was also alleged that the bank failed in the “payment of staff leave backlog, full value for number of years in service, interest earned on funds set aside/invested and a host of other entitlements which currently constitute over 60 per cent of expected gratuity payment from the bank in contravention of collective agreement and antecedents thus undermining the welfare of its retirees.”

    The petition added: “An employee whose appointment is terminated and has leave days outstanding or accrued as at the date of termination, shall have the days commuted to cash.” It wondered why the bank was not disposed to paying them their leave bonus.

    The petitioners alleged that the benefits and entitlements of affected top management staff were paid, while those of the lower cadre staff were left unattended.

    They added that since the management claimed that it invested the funds set aside for the payment of their outstanding benefit to yield interest, the retirees “are at a loss as to why the investment has not been recalled for their use.”

    They urged the bank to urgently  address the demand of the entire staff affected in the disengagement exercise, failure, warning that otherwise litigation would be instituted against the bank.

    However, in its response to the petition, the bank through its legal officers, Alaba Williams and Hamisu Sani, Head, Legal Services Department and Legal Services respectively, denied any wrongdoing, maintaining that it places premium on meeting its due obligations to deserving ex-staff of the bank in accordance with its policies.

    In its five paragraphs letter, the bank requested the lawyer to verify the petitioners’ claims so it can do the needful, if need be, emphasising that as a socially responsible organisation, it is ready to settle the entitlements of every individual with genuine claims.

    “To assist our investigation, please make available the schedule of amounts of entitlements each of your clients have been paid, what each of them claims to be outstanding and the parameters for their calculation and expectations,”, the letter  added.

     

  • Lagos pays 525 retirees N2.1b

    Lagos pays 525 retirees N2.1b

    • To commence free medical treatment for retirees

    Lagos State Governor Akinwunmi Ambode has paid N2.1 billion to 525 retirees, the Director-General, Lagos State Pension (LASPEC), Mrs. Folashade Onanuga, has said.

    Speaking during the 19th batch Retirement Benefit Bond Certificates presentation in Lagos, she said the governor had okayed free health care for retirees.

    According to her, the payment of N2.1 billion to the retirees brings the total amount paid by the governor from August to last month to N4.5 billion.

    She said: “The governor has once again fulfilled his promise of paying retirees monthly till the backlog is cleared,  by paying another set of 525 retirees. This brings the total number of retirees paid from August to September to 1,201. The amount expended for the two months is N4.5 billion.

    “The tradition that retirees receive their Bond Certificates monthly in Lagos State without stress, has now come to stay. The governor desires to see retirees enjoy their life out-of- office without stress.

    “He also promised that retirees will enjoy free health care delivery in Lagos State hospitals as arrangements are on to provide them with Retirees identification cards.

    She reiterated that the pensioners would be well treated by the Pension Fund Administrators and Annuity Service providers as the money paid to them is their rights and not privileges.

    Mrs Onanuga advised the retirees to invest their money wisely.

    She urged retirees to tell their colleagues that were yet to collect their bond certificates that all outstanding backlog would be paid soon, adding that the payments were being structured based on the date of exit and also grade level.

  • ‘Fed Govt yet to remit N100b retirees’ accrued rights, others’

    ‘Fed Govt yet to remit N100b retirees’ accrued rights, others’

    The Federal Government is yet to remit about N100billlion representing retirees accrued pension rights and employees’ outstanding contributions under the Contributory Pension Scheme (CPS), the Chairman, Pension Fund Operators Association of Nigeria (PenOp), Misbau Yola, has said.

    Yola, who made this known while speaking to journalists in Abuja, said the last payment on accrued rights was made in February, this year.

    Pension accrued rights represent the total sum of employees’ pension benefits before the commencement of the new Contributory Pension Scheme (CPS).

    The PenOp chairman, however, noted that despite the fiscal challenges, the Federal Government is trying its best as it has remitted contributions up to July, this year.

    He pointed out that it is important that all outstanding payments  are paid to avoid erosion of confidence in the CPS.

    He said: “The fiscal challenge being encountered by the Federal Government has affected its pension contribution and remittances

    “The Federal government is trying, as it has paid its remittances of contributions on its employees up to July, 2015. There are few challenges with the accrued rights, but we have been told that it would be paid soon. The last payment was made in February, 2015. These are issues that affect the confidence in the system.

    “We are aware that the Executive members of the National Pension Commission (PenCom) visited President Muhammadu Buhari and raised the issue of the accrued rights, and the President promised the accrued rights would be paid soon. The accrued rights and outstanding contribution rights is about N100 billion.”

    Speaking on compliance level of CPS by State Governments, he said Lagos State and perhaps Delta State are the only state that is up to date.

    He said others are at different levels of compliances.

    “The states are in various stages. We have various states and they have different needs and challenges. The Federal Government has complied the most and we can only encourage the states to also join the CPS.

    “Even in the PRA 2014, there is a mention of states; the reality is that Federal Government does not make laws on pension matters for states. The states have rights to do their pension he way they want so we have to continuously engage them based on moral suasion for them to join. The states don’t have the resources the FG has and fiscal discipline is different.

    “With the fiscal revenue challenges the states are having, it is not clear when the states will come out of the challenge. The states have revenue challenges and the Federal Government has more revenue streams,” he said.

  • Window for CPS retirees to change their PFA coming

    Window for CPS retirees to change their PFA coming

    Workers and retirees under the Contributory Pension Scheme (CPS) who desire to change their Pension Fund Administrators (PFAs) may soon be able to do so.

    This was made known in a report obtained by The Nation from the National Pension Commission (PenCom).

    According to the report, the PenCom has identified the major challenge hindering the opening of the transfer window which is meant to allow workers and retirees transfer their account from one PFA to another.

    Section 13 of the Pension Reform Act, 2014, provides that, “Subject to the Guidelines issued by the Commission, a holder of a Retirement Savings Account (RSA) maintained under this Act, may not more than once a year, transfer his account from one Pension Fund Administrator to another.”

    The report said in line with the provisions of the Act, the Commission has already released the regulations for the transfer of RSA to pension operators and also exposed same on its website.

    The Commission explained that a major challenge hindering the opening of the transfer window is the issue of RSA holders registering more than once through their PFAs on the Commission’s database.

    For effective take off of the transfer window, the Commission said it is putting in place infrastructure and modalities that would enable the cleaning up of the existing registration database to eliminate multiple registration thereby facilitating the opening of the transfer window.

    The Commission however implored all stakeholders to exercise patience as the window would be opened in due course.

  • Retirees demand N15b gratuity, pension arrears

    Retired civil servants in Bauchi State yesterday implored Governor Mohammed Abubakar to pay their N15billion gratuity and pension arrears.

    The demand is coming on the heels of the government’s receipt of N8.60billion bailout loan from the Federal Government.

    The Chairman, Nigeria Union of Pensioners (NUP), Abu Gar, in an interview with reporters in Bauchi said: “With the bailout loan released to Bauchi State amounting to N8.6billion, the government should look into the plight of pensioners, who are owed N15billion, to alleviate our suffering.”

    He said retirees’ right to pension, as contained in the constitution, was in compliance with Section 16(2)(d) of the 1999 Constitution, “which stipulates that the state shall direct its policy towards ensuring that suitable and adequate shelter, suitable and adequate food, reasonable national minimum living wage, old age care and pension, sick benefits and welfare of the disabled are provided for all citizens, but all avail to pensioners in this country.

    “We are suffering. Imagine, after several years of retirement, life has been very hard on us. Most of us have been living by the grace of our children. Many of us have been living at the mercy of God. Some of us are engaged in small scale farming.

    “We appeal to the government to use the bailout loan by the Federal Government to reduce the arrears of our gratuity and pension.”

  • Why there are delays in paying federal retirees, others, by PenCom

    Why there are delays in paying federal retirees, others, by PenCom

    Federal retirees and kinsmen to deceased employees are at the receiving end whenever there are delays in the funding of the Retirement Benefits Bond Redemption Fund by the Federal Government, National Pension Commission (PenCom) Director-General CHINELO ANOHU-AMAZU says   in her presentation to President Muhammadu Buhari on the pension reforms since 2004.   The presentation also reveals that despite the availability of N3.95 trillion for infrastructure financing, only N156.3 billion has been accessed, leaving N3.77 trillion untapped.

    Pension and related issues had received significant attention over the recent past with the aim of solving the myriad of challenges bedevilling the retirement benefit system in Nigeria.  The public sector scheme became unsustainable due to lack of adequate and timely budgetary provisions and increases in salaries and pensions.  There were demographic shifts due to rising life expectancies, which was a phenomenon that affected the family support ratio. In addition, Pension Administration had been largely weak, inefficient, less transparent and cumbersome.  The private sector schemes, which were largely akin to the Provident Fund Schemes, had been characterised by very low coverage and compliance ratio due to lack of effective regulation and supervision.  This resulted in complete paradigm shift from the Defined Benefits Schemes as operated by both the public and private sectors to the Contributory Pension Scheme.

    The key objective of the pension reform is to introduce a pension system that is sustainable and has the capacity to achieve the ultimate goal of providing a stable, predictable and adequate source of retirement income for each worker in Nigeria. The reform also seeks to establish a uniform set of rules and regulations for the administration and payment of retirement benefits in both the public and private sectors; stem the growth of outstanding pension liabilities; reduce fiscal cost of pension to government; stimulate domestic savings; and generate pool of long-term funds for financing developmental projects and increase private investments.

    Accordingly, the Federal Government enacted the Pension Reform Act 2004, which established the Contributory Pension Scheme and the National Pension Commission. The Commission has been empowered by the Pension Reform Act 2004 to superintend on all pension matters. This includes supervision and regulation of the Contributory Pension Scheme and the Defined Benefits Scheme as well as the administrative structures established pursuant to the provisions of the Pension Reform Act 2004.

    After 10 years of implementation of the Pension Reform Act 2004, the Pension Reform Act 2014 was enacted on  July 1, 2014. The major thrusts of the 2014 Act are the enhancement of the powers of the Commission in its regulatory and enforcement activities, enhancement of the protection of pension fund assets, provision of greater opportunity for investment of pension funds in infrastructure and housing development, review of the sanctions regime to reflect current realities, provisions that would facilitate the participation of the informal sector and provide the framework for the adoption of the Contributory Pension Scheme by states and local governments. The 2014 Act also repositioned the Pension Transition Arrangement Directorates (PTADs) for greater efficiency and accountability in the administration and payment of pensions under the Defined Benefits Scheme.

    The Commission, as regulator of all pension matters, had established institutional and legal frameworks to facilitate the successful implementation of the provisions of the Pension Reform Act 2014. In this regard, 26 Pension Fund Administrators (PFAs), 57 Pension Fund Custodians (PFCs) and seven Closed Pension Fund Administrators (CPFAs) were licensed. However, due to the consolidation of the pension industry following the recapitalisation conducted in 2012, there are currently 21 PFAs and four PFCs while the number of CPFAs remains seven.

    The Commission operates under a Board of Directors that reports directly to Mr. President by virtue of Section 9 of the 1st Schedule to Pension Reform Act 2014. The Board is headed by a part-time chairman with a director- general as the chief executive officer. Other members of the board include four full-time commissioners and representatives of the following ten agencies and institutions. They are: Head of Civil Service of the Federation; Federal Ministry of Finance; Nigeria Labour Congress (NLC); Trade Union Congress (TUC); Nigeria Union of Pensioners (NUP); Nigeria Employers Consultative Association (NECA);

    Central Bank of Nigeria (CBN); Securities and Exchange Commission (SEC); Nigerian Stock Exchange (NSE) and National Insurance Commission (NIC).

    The chairman, the director-general and the four full-time commissioners each represent one of the six geo-political zones. The day–to–day running of the commission is handled by an executive committee that comprises the director-general and the four full-time commissioners. The Senate and the House of Representatives both have oversight functions on the Commission through the Senate Committee on Establishment and Public Service and the House Committee on Pensions respectively.

    There is no doubt that CPS has gained public confidence and acceptability as a result of which 6.63 million employees from both the public and private sectors had opened Retirement Savings Accounts (RSAs) as at  June 30. The scheme had accumulated approximately N5 trillion worth of pension assets over the same period with a monthly inflow of about N30 billion and an average of 30 per cent annual growth rate. The inflow consists of contributions by employers and employees of both the public (including states and local governments) and private sectors. Initially, the rate of contribution was 7.5 per cent each by employers and employees. However, as provided in the Pension Reform Act 2014, the contribution rate has been reviewed upwards to 10 per cent and eight per cent by employer and employee respectively.

    The Federal Government contributions are deducted at source by the Accountant-General of the Federation and remitted into a Contribution Account in the CBN.  However, for the Federal Government, Ministries, Departments and Agencies (MDAs) under the Integrated Personnel Payroll and Information System (IPPIS), the Accountant-General of the Federation makes direct remittance of the monthly pension contributions of their employees. In addition, the Federal Government has acknowledged the pension liability for the past services rendered by its employees prior to the enactment of the Pension Reform Act 2004. This liability is being funded by the government through a revolving Fund for which an account, the Retirement Bond Redemption Fund Account, was opened and is being managed by the CBN. The Act provides that the Federal Government remits at least five per cent of its monthly wage bill into this account for the payment of the accrued pension rights.

    The Pension Reform Act 2014 has stipulated the allowable instruments for investment of pension funds and assets. The instruments must be structured and traded on the platform of a Stock Exchange licensed or recognised by the SEC; and Money Market Platform approved by the CBN. Exercising its regulatory responsibility, the commission had issued egulation on Investment of Pension Fund Assets to further guide how the pension contributions should be invested. The pension assets have been largely invested in Federal Government Securities, Equities, Money Market Instruments and Corporate Debt. The Commission has been making efforts to stimulate growth in the economy by introducing new assets classes into the portfolio of the pension funds provided they are allowed by the Pension Reform Act 2014. In this regard, infrastructure funds and bonds were introduced to bridge the gap in the financing of infrastructure and housing. However, despite the availability of N3.95 trillion for infrastructure financing, only N156.3 billion has been taken, leaving N3.77 trillion untapped.

    The payment of retirement benefits under the CPS to retirees as well as death claims to beneficiaries of deceased employees is regular and timely except for the delays being experienced in the settlement of accrued benefits of the Federal Government retirees and deceased employees whenever there are delays in the funding of the Retirement Benefits Bond Redemption Fund by the government as is the case in 2012, 2014 and 2015. About N483.33 billion has been released into the Retirement Benefits Bonds Redemption Fund Account, which was invested by the CBN and yielded N7.71 billion between 2006 and March 2015. Consequently,  N490.09 million was paid as accrued pension rights to 81,764 retirees and 15,244 deceased employees from inception to March 2015.

    It is worthy of note that the Federal Government is yet to release monthly mandates for the payment of accrued rights for September to December 2014 and April to August amounting to N35.30 billion. Meanwhile, the accrued benefits of 8,193 retirees and death benefits of 4,847 deceased employees amounting to N48.39 billion were processed for February to August, but were yet to be settled by the Federal Government. This clearly shows that even if the total outstanding monthly mandates were released, there will still be a shortfall of N13.09 billion. In addition, the total mandate for September to December will be N20.08 billion from the total accruable benefits of N23.12 billion, leaving a shortfall of N3.04 billion. Thus, even if all the mandates for the period of September 2014 to August this year were released, there will still be underfunding to the tune of N16.13 billion.

     

    Ten states yet to adopt CPS

     

    Already, 26 states of the federation had adopted the Contributory Pension Scheme and are at various levels of implementation. The Scheme had facilitated increased transparency and accountability in determining budgetary estimates for payments of pensions by the Federal Government and all the state governments that adopted it. Similarly, about 200,000 private sector employers had implemented the scheme.

     

    The PRA 2004 and subsequently the PRA 2014 have both recognised the pension arrangements made for all those exempted from the Contributory Pension Scheme, namely, judicial officers, the military, security agencies and those already retired under the old Defined Benefits Scheme before July 2007. In this regard, the Pension Transition Arrangement Directorate (PTAD) was established by both the 2004 and 2014 Acts to coordinate administration of pension for the latter retirees while the National Judicial Commission (NJC), the Military Pension Board (MPB) and security sgencies handle pension matters for the judicial officers, the military and security agencies respectively. However, the 2014 Act established separate Pension Transition Arrangement Directorates for the Federal Government and the Federal Capital Territory (FCT).

    Repositioning the scheme

    A five-year strategy plan has been concluded to re-position the pension industry. In this regard, initiatives were designed to extend pensions to the informal sector through Micro Pension Plan. The aim is to extend pension coverage to 20 million Nigerians by 2019 and to 30 million by 2024. All self-funding public agencies had switched over to the Contributory Pension Scheme except the Nigeria National Petroleum Corporation (NNPC). However, a 12-month grace was given to the NNPC to ensure full compliance with the Pension Reform Act 2014.

    Challenges of the pension scheme

    • Inadequate funding of retirement benefits

    • Delays in releasing funds to pay the accrued benefits

    • Federal Government is yet to implement the 15% and 33% pension increase for its pensioners as approved in 2007 and 2014

    • Substantial amounts are owed to Federal Government retirees under the DB Scheme

    • Non-Implementation of new rate of pension contributions for federal employees from the old rate of 7.5% by both employer and employee to the new rates of 10% by employer and 8% by employee as stipulated in Section 4(1) of the PRA 2014.

    • Review of Accrued Pension Rights and Entitlements as provided by Section 15(4) of the PRA 2014 pursuant to Section 173(3) of the 1999 Constitution

    • Paucity of assets that qualify for Pension Fund Investments.

    • Provisions of Section 6(2) of the PRA 2014 on the payment of any shortfall in the retirement Benefits of Professors and category of Political Appointees entitled to retire with full benefits is yet to be implemented.

    • Lack of accurate personnel information for prompt remittance of monthly pension contributions of FGN employees of MDAs that are yet to be captured under the IPPIS platform.

    • Absence of a Nigerian Mortality Table to facilitate the accurate computation of benefits under the CPS, which necessitated the Commission to adopt the A(55) and A49/52 Mortality Tables published by the Institute of Actuaries of the United Kingdom (UK) and being used by Actuarial firms in Nigeria.

     

     

     

     

  • Ekiti won’t pay retirees from N9.6b bailout loan

    •Govt to clear arrears of salaries, bonuses

    Ekiti retirees may have to wait longer before getting their gratuities as the state will not pay them from the N9.6 billion Federal Government “bailout funds”.

    The Head of Service, Gbenga Faseluka, broke the news in Ado Ekiti, the state capital, yesterday at a briefing on the  Civil Service Week.

    Faseluka said payment of gratuities would not be  from the N9.6 billion “bailout funds”.

    He said the government would use the bailout funds to clear arrears of August and September 2014 salaries, 2014 and 2015 leave bonuses and pensions.

    Faseluka said: “All arrears of salaries, pensions and leave bonuses will be attended to as soon as we receive the funds. Gratuities may not be attended to immediately.

    “Approvals for the funds have been secured from the State Executive Council and legislative backing received from the House of Assembly to access the funds.”

    He added that the last time retirees received their gratuities was in September 2012, noting that since then, the arrears had accumulated as more officers retired.

    Restating government’s commitment to workers’ welfare, Faseluka said over N200 million was disbursed as car loans to 677 workers while over N192 million was disbursed to 464 workers as housing loans.

    Speaking on lateness to work, Faseluka described it as “unacceptable and not in the interest of the state” warning them to desist from such.

     

  • Police retirees appeal to PTAD over 11-year pension benefits

    Distressed police pensioners have appealed to the Director-General of the Pension Transitional Arrangement Directorate  (PTAD),  Nellie Mayshack to pay their over 10 years pension benefits.

    The pensioners, numbering over 5000, are majorly soldiers from the Nigerian Army, who got seconded into the Nigeria Police Force.

    Sixty-year-old Inspector, Abu Ekundayo, said he has not been paid his retirement benefits eight years after serving the Nigeria Army and the Police Force for 27 years. He served last with the Lagos State Command, Ikeja, before his retirement on July 1, 2006.

    Ekundayo, who spoke with The Nation on behalf of some of his colleagues, said he was planning to go to PTAD office in Abuja.

    He said he was receiving salary regularly until he retired in 2006, adding that he and his colleagues had high hope that they would be paid after PTAD’s verification exercise carried out on police pensioners nationwide early this year.

    He stressed that following the verification  exercise, PTAD gave them certificate of participation, which included their account number, pensioner verification number, phone number and states.

    Ogundare, who said many of them are seriously sick, homeless and hungry, wondered why they have not been paid till now.

    He appealed to the PTAD and other relevant authorities to come to their aid.

    “I was receiving salary regularly until I retired in 2006 but I have not received my pension since I retired. I have been suffering and partially blind with no money to eat or go to hospital. I have been living a miserable life.

    “We are demobilised soldiers, who fought war between 1967 and 1970 before we were asked to join the Nigeria Police Force. We do not deserve this kind of treatment from the country that we have served,” he said.

    When asked why and when the police retirees would be paid their pension, Mayshack  said the PTAD has just made some payment into the police pensioners’ account.

    She said: “This is good timing. We have just paid this long suffering group, but the Integrated Financial Management Information System (GIFMIS) payment system may take a day or so to deposit the payment into the bank account of the pensioners. But be rest assured that payment is on its way.

    “PTAD has worked extra hard to bring relief to this group of pensioners. We inherited them as a forgotten group, but we are glad that relief is finally here.”

    The Police Pension Department (PPD) was initially established by Decree 75 of 1993 as an Extra – Ministerial Department under the Ministry of Police Affairs. The  Department under PTAD now handles the payment of Gratuity and Pension of Police pensioners, who retired on or before 30th June, 2007, while the National Pension Commission (PENCOM) handles the payment of entitlements of Police personnel in the new contributory Pension Scheme through various Pension Fund Administrators.

    The administrative structure of the Police Pension Department is made up of both civilian and police personnel headed by a Commissioner of Police, who reports to the Director-General of PTAD.

  • PenCom advises retirees against huge lump sum payout

    The National Pension Commission (PenCom) have advised retirees against huge withdrawal as lump sum payout after retirement from their Retirement Benefits Account balance to avoid little amount as monthly pension.

    PenCom Head, Research & Corporate Strategy PenCom, Farouk Aminu gave the advice while speaking with journalists in Lagos.

    He noted that many retirees have burnt their fingers with such decisions, adding that the quest to withdraw fabulous amounts at retirement, leaving little in the account is responsible for the little monthly pension some retirees receive.

    He called on retirees to take less lump-sum payout if they don’t have need for much financial needs, stressing that less lump-sum will help them keep more money in their accounts.

    “People should take less lump sum unless they need it. If they do not need it, they should not take it. It is important people really understand this. The more lump sum you take the less money you leave in your RSA and the lower your pension.

    “People take much of their money and blow it and expect the little they left to perform wonders. People should leave a lot of money behind so that they can have huge pension,” he said.

    He urge retirees to take less lump-sum payout if they don’t have need for it, adding that less lump-sum will help them keep more money in the Retirement Savings Account (RSA).

     

     

    “You must assume responsibility for how the money is invested and how much you can afford to spend each month. One danger with a lump sum is that you may be tempted to spend too much today, leaving you short of money down the line. By choosing a steady monthly payout, you’ll avoid the temptation to run through your pension stash.

  • Premium chief urges retirees to plan for retirement

    Premium chief urges retirees to plan for retirement

    Employees in the country need to plan their retirement to avoid disaster for the retirees and the society, Managing Director, Premium Pension Limited, Wilson Ideva has said.

    Speaking with reporters in Lagos, he said there is need for in-depth planning, mental and psychological conditioning of the retiring worker to equip him to seamlessly adjust to a different kind of life after decades of service to society.

    He said: “The consequences of lack of understanding of the basic requirements for a happy life in retirement and associated ill-preparedness for disaster both for the retiree and the society and consequently give the Contributory Pension Scheme (CPS) a bad name and erode the initial gains.

    “The onus falls on the Bureaux of Pensions and the pension operators to run preparatory programmes for workers, especially those on the verge of retirement.”

    He said economically, socially and psychologically, stable retirees are the most effective advertisement for the CPS.

    He called for synergy of all stakeholders in the Contributory Pension Scheme (CPS) to ensure that the gains of the industry in the past decade are sustained.

    “Partnership of relevant government institutions, especially the Bureaux of Pension and the pension operators in the country is the sine qua non for sustaining the current gains of the scheme and even expanding its scope and proliferating its inherent opportunities “There is also the need to prioritise awareness creation along with the importance and workings of the CPS,” he said.

    To ensure that many more workers are covered by the pension scheme, Ideva advised that government should to plan to expand and or redefine its programmes even as it relates to requirements of participants, beneficiaries and key actors as the case may be.

    He noted that expanding the CPS to the informal sector of the economy as permitted by the Pension Reform Act 2014 requires some measure of creativity and professionalism on the part of key actors to make it work.