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My Take On Pension Reforms To Exclude Customs, Police, Immigration, Prisons And - Business - Nairaland

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My Take On Pension Reforms To Exclude Customs, Police, Immigration, Prisons And by Gentlebabs(m): 8:10am On Sep 24, 2017
Deliberately, i have been silent until now on the above subject matter. Today, i have decided to come out of my shell to air my view accordinglly.

The proposed amendment to exclude the above sets will further increase pension liabilities and take them back to the Defined Benefits Scheme where pension was budget based.

Secondly, it will increase the avenues of diversion of such funds as was witnessed in the past under the Defined Benefit Scheme

Thirdly, the DBS is not sustainable as it is not contributory and to a large extent budget based. If they do not pass budget, it becomes challenging to pay pensions.

Fourthly, retirees will be expected to attend continous verification exercise, which can be rigorous and further expose them to health risks.

Fifthly, the waiting period will increase as it is seen now that all Federal retirees that retired from November 2016 to date are still yet to be paid.

In addition, the bill to amend the law for retirees to have access to up to 75% of their terminal benefits will subject their future to a life of risks and uncertainty. For example, if a retiree's total benefit is #10,000,000, he gets #7,500,000 as lump sum, he will then be getting between #20,000 and #27,000 monthly. Meanwhile, this person would have been receiving between #100,000 and #150,000 monthly before retirement. How will such people cope
Already, th NPF PFA is doing a great job in managing her officers and men, others can take a cue from this.

Still on the above, i agree that some people can actually manage their funds themselves, but do you think that percentage is up to 70%?

Pension and retirement is a serious matter. I imploy all the stakeholders to proceed with caution, consider the submissions of these stakeholders and take a decision that will not ricochet in the long run.

Absolute dependency on Government for pension and retirement is a risk you do not really want to take hencei do not align with those beating the drums of exemption.

Finally, may i also use this platform plead with the government to build modern RETIREMENT HOMES, as is obtainable in advanced countries to cater for the needs of our Senior Citizens. Having paid their dues serving meritoriously for years, we cannot but care for them.

Babatunde Raimi
Author/Life Coach.

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