By Ijendu Iheaka
Retired Federal Establishments’ Directors who were enrolled in the Contributory Pensions Scheme (CPS) have called on the Federal Government to discontinue the CPS because it is hurting the interest of the planned beneficiaries.
The body made the call in a letter signed by Mr. Lawrence Ojabo, who is on the body’s Media and Advocacy Technical Team.
The concerned Retired Federal Directors described the CPS scheme as “a modern day slavery tool” designed to cause the death of workers through abject poverty.
“Stop the exploitation and rip-off under the guise of managing their benefits and entitlement now!
“In 2004, retirees were compulsorily asked to join Annuity operated by Insurance companies or programmed withdrawal under the Contributory Pension Scheme operated by Pension Fund Administrators (PFAs) under the control of the Pension Commission (PENCOM).
“By virtue of 2014 amended Act, the narrative of retirees plights under CPS has not changed the situation any better.
“The obnoxious CPS denies us having greater share of lump sum after retirement and dispenses a paltry monthly pension to retirees across the board under this scheme”, he said.
Ojabo said the retirees under this scheme worked for their life-savings benefits while those collaborators operating the CPS enjoy the workers’ hard earned benefits in the name of investing their funds for them.
“At this point, one may ask is 35 years working experience in the Federal Service not enough to manage ones entitlements?
“Or is a 60 years matured retiree unable to handle investments that they are handling and in return give just a little fraction to pacify the starving and financially incapacitated retirees under this unholy CPS?,” he queried.
He said this sharp practice must be condemned by all Nigerians and stopped by those in the corridors of power as it might be their turn tomorrow.
“This enslavement and exploitation must stop. We know how to invest and manage our entitlements in our best interest”, he said.
The group called on workers still in active service to join the crusade against servitude under this retrogressive and oppressive scheme called CPS.
He said “It is a call to duty by all right thinking Nigerians, the union bodies, the National Assembly, the Presidency.
“They are expected to rise and defend the retirees from being short-changed by giving a living pension while we are still alive.
“And they are expected to save us from the lucrative business set up by the greedy operators of PENCOM and PFAs for their own selfish interest under CPS arrangements and designs.”
