The National Union of Pensioners Contributory Pension Scheme (NUPCPS) has applauded the Contributory Pension Scheme (CPS) declaring it as the best thing that has happened to Nigeria’s Pension administration.
They commended the government and operators for the transformation that has taken place since 2004 when the contributory pension system took off and made that clear to the CEO of the Pension Fund Operators Association of Nigeria (PenOp) Mr. Oguche Agudah, when they paid a courtesy visit recently.
The pensioners who were represented by their executives from various states of the Federation mentioned that the way the CPS is framed puts the interest of pensioners as the utmost and hoped it remained so in implementation. They said the CPS has eliminated fraud, has given them certainty of payments of pensions benefits, and has also allowed them to plan.
Nonetheless, they said there are aspects of the CPS that can be improved upon, and they called on the PenOp CEO to engage with other stakeholders to ensure that these things are looked into. Some of the things they mentioned had to do with constant engagement with the pensioners by the industry, the enhancement of their pensions and more transparency in terms of how their returns are shown to them.
The CEO of PenOp, Oguche Agudah, responded by saying the pensioners are the reason the industry exists and that all workers in the pension space have the pensioners to thank for their jobs. He commended the pensioners for giving their all to their country and their organizations in their twilight years and he further added that the pension industry and the country still needs to tap from wealth of experience that they have gathered over the years. He assured the pensioners that the pension industry is committed to the welfare of the pensioners, will continue to listen and engage with them ever so often to hear them out. He assured them pension fund operators are working daily to ensure the best outcomes for pensioners.
The chairman of the NUPCPS, Mr Nwaiwu thanked Mr. Agudah for his listening ear and his desire to champion the cause of pensioners. He also thanked him for his support over the years and tasked him not to relenting in his efforts to make sure the impact of the CPS is felt maximally by the pensioners.
