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Pension Union seeks increment in pension and other benefits

The Contributory Pensioners Union of Nigeria (CPUN), Southwest Zone, has petitioned the National Pension Commission (PenCom) to pay their members’ benefits, which include a 15% and 33% increase in pension.
They are also requesting a minimum pension, payment of accrued interest on rights accrued since 2007, and a pension for professors.

On the other hand, the pensioners praised the commission for promptly paying their monthly pensions from programmed withdrawal and annuity.

During the peaceful protest for the welfare of Contributory Pension Scheme (CPS) retirees, the association’s Chairman, Chief J. B. Idowu, said his colleagues had high hopes that the plight of pensioners would improve with the CPS.

“With the introduction of the CPS, through the PRA Act of 2004 as amended, we had hoped that the plight of pensioners would improve, and thus they would live a better life after retirement,” he said.

“Monthly pensions in the form of programmed withdrawal and annuity are paid on time, which is commendable. However, we are requesting the arrears of our benefits after 12 months of retirement. Pension payments one year after retirement appear to have become the norm. This is unacceptable, especially since the act states that pensioners should be paid no later than three months after retirement.

“We are disappointed that PenCom has not implemented the 15% and 33% pension increase since 2007 and 2010. Despite various promises from the commission, we have yet to enjoy the increase that has been implemented and enjoyed by Defined Benefit Scheme pensioners (DBS). Due to the recent increase in worker salaries and wages for DBS pensioners, there is also a new consequential adjustment in pension. They are already enjoying it and smiling to the market while ignoring CPS pensioners in violation of the PRA Act 2004 as amended.”

“Part XI subsection 84(1) of the PRA 2004 as amended provides that retirees who have contributed to a Pension Fund Administrator (PFA) for several years are entitled to a guaranteed minimum pension from time to time,” he said. It is not acceptable for pensioners to receive monthly pensions as low as N3,000. We have asked PenCom several times for a statement on this vexing issue.

“There is also the issue of non-payment of accrued interest on the accrued right from 2007 to the present. Without a doubt, CPS pensioners have not received any interest on their accrued benefits from the time of inception to the time of retirement. We request your immediate attention to this matter to ensure that interest on arrears is calculated and paid at the official rate of the Federal Government at the time of retirement. “Furthermore, we want full salary payment as pension to professors. PenCom should set in motion the machinery for implementing and paying full salary to professors under the CPS.”

Source: The Nation

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