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  • Workers should have unhindered access to all their funds in PFAs on retirement-Labor Leader

    RetireThe Federal Government has been called upon to carry out a review of the laws on the contributory pensions scheme in favor of workers.
    This call was made by the chairman of the Medical and Health Workers Union of Nigeria(MHWUN), University College Hospital(UCH) branch, Ibadan, Nigeria, Comrade Simeon Ibekwe.
    ''Talking about the opposition to the contributory pension scheme, the perspective has to do with the fact that workers can only access a certain percentage of their funds while the other percentage remains with the Pension Funds Administrators(PFA). They don't have to dictate to us how we will use our money. I wish the government would review the law and set it aside. Once workers retire, they should collect all their money,'' Comrade Ibekwe stated.
    Similarly, the chairman of the Non-Academic Staff Union and Associated Institutions(NASU) UCH branch, Comrade Kerhinde Abiona has  advised workers to change their PFAs if they discover that their service delivery is not satisfactory.
    ''The window for people to move around is open. If any worker is not satisfied with his or her PFA such a worker can move. PFAs must sit tight, they know that anytime you can move your Retirement Savings Account(RSA, Comrade Abiona stated.

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  • Contributory Pensions- Future with PFAs Bleak-Public and Civil Servants

    Value 1Workers in the University College Hospital(UCH), Ibadan, Nigeria, and other Federal Government institutions have expressed reservations over the attitude of Pensions Funds Administrators(PFAs). 

    The workers, whose names are withheld, to avoid victimization stated,

    '' The Pensions Funds Administrators have not lived up to expectations. In the first few months of their operations, all went well, but afterward, it has been one complaint or the other. The future is bleak with the PFAs.'' Interestingly, in his reaction, the chairman of the Non-Academic Staff Union(NASU), University Colege Hospital(UCH), Ibadan, Oyo state, Nigeria, Comrade Kehinde Abiona disclosed that his union paid for data recapture for its members by the Pension Commission(PenCom). ''We wrote to the PenCom and they wanted details of our members, and for the purpose it licensed agents. We paid these agents for data recapture, it was for just two days. PFAs did not do this. They are not forthcoming.''

    ''As salaries are paid the PFAs go to offices appealing to our newly employed workers to open accounts with them, as soon as an account is opened by an employee, the PFAs generate Pension Enumeration Number. Sadly, on data recapture, the PFAs are yet to respond because they do not want workers to move forward. We have done what we can do from our end, but the financial implications that are very obvious, we cannot do more than what we have done.''

    Comrade Abiona lamented that workers who are unable to do the data recapture would have difficulties accessing the contributory pension funds.
    ''We contriBute monthly to the National Housing Fund. It is mandatory. However, if one wants to deal with an estate developer, the requirement includes a 10 percent deposit. Workers cannot afford this. But the contributory pensions allow workers to access 25 percent of the funds, provided that they have done data recapture,'' Comrade Abiona disclosed.