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Retirees Decry Economic Struggles Under Contributory Pension Scheme

Daud Olatunji 

In a heartfelt plea, retirees across Nigeria are sounding the alarm about their dire financial situations under the Contributory Pension Scheme (CPS). 

They are calling on authorities to end the exploitation and ensure a dignified retirement for all. Under this scheme, retirees face meager monthly pensions and limited access to their life savings.

One retiree’s story exemplifies the hardships faced by many. After 35 years of service to the Federal Government, they retired with a meager lump sum payment of only 25% of their savings, while the remaining 75% was retained by Pension Fund Administrators (PFAs) for investment purposes.

Despite years of service and the promise of financial security in retirement, they receive a paltry monthly pension that can barely cover daily expenses.

Retirees argue that they are capable of managing their own savings and investments more effectively.

They highlight that the current system fails to provide them with a fair share of their hard-earned money.

In contrast, PFAs continue to profit from their investments, leaving retirees struggling to make ends meet.

Furthermore, retirees are frustrated by the lack of pension adjustments to account for rising costs of living.

While prices for goods and services continue to soar, retirees under the CPS have not seen any increase in their pensions.

This situation has been exacerbated by recent policy changes, such as the removal of fuel subsidies, which have made their meager monthly pensions even less sufficient to cover basic needs.

Retirees are calling on all Nigerians, union bodies, the National Assembly, and the Presidency to take action against the exploitative practices of Pension Fund Administrators and the Pension Commission (PENCOM).

They demand fair treatment and a pension system that ensures a dignified life in retirement.

This call to action comes from the Contributory Pension Retirees Forum and senior citizens-to-be, urging everyone to share their message with relevant authorities.

The recipients of this plea include the President of Nigeria, the National Assembly, the Head of Service, all relevant workers’ unions, the Minister of Labour, and all Federal civil servants.

It is a united call for change and justice in the pension system, seeking to bring an end to the financial struggles faced by retirees under the CPS.

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