Pensioners ask N'Assembly to probe operators, review PENCOM ActPENSION, the world over, is meant to be a safety net in the twilight of the worker's years, a period he or she is supposed to spend at ease after decades of toiling for the country's good in the public or the private sector.Various federal administrations since Nigeria's Independence have tried to actualise this dream, culminating in several legislations, the current one being the widely acclaimed Pension Act 2004.However, seven years down the line, the dream appears deferred, as investigation by The Guardian has shown.In fact, pensioners and workers still in service have bitterly expressed their misgivings over the matter, with both groups calling for a national probe of the pension scheme).Pointedly, retirees in the scheme, under the aegis of the Nigeria Union of Pensioners (NUP) have asked the National Assembly to probe the PFAs' management of pension funds.Perhaps more poignantly, the NUP expressed its loss of faith in the Pension Act 2004 and called on the legislators to review it as well as the Act establishing the Pension Commission (PENCOM) to make it 'more responsible and responsive to the pensioners''.And, apparently against the backdrop of recent fatalities recorded among pensioners right on queues at pension offices nationwide to which they are regularly summoned ostensibly for verification exercises, a groundswell of trepidation is palpable in the ranks of current public and private sector workers regarding their fate when they retire.The retirees are urging government to streamline pension verification exercise in such a way that old citizens are not subjected to inhuman treatment with its concomitant fatalities.The old scheme, which gave way to the new contributory scheme in 2004, was fraught with anomalies and graft, such that it became imperative to physically check on pensioners periodically.A former Head of Service of the Federation, Steve Oronsaye, in 2009, came up with biometric data capturing initiative for federal employees, which culminated in the discovery of thousands of ghost workers.Now, according to the Chairman, NUP North-Central Zone, Peter Ahmodu, on Monday in Jos, Plateau State, some Pension Fund Administrators (PFAs) were into 'sharp practices leading to mismanagement of pensioners' funds''.Ahmodu argued that although a lot of money was being remitted to the PFAs, the funds were being 'siphoned into some private accounts in the guise of investing them''.His words: 'Pensioners can't get their benefits after retirement. Even when you are lucky to be paid after three or four years, you are only paid a third of the total amount.'The PFAs will tell you that they are spreading the remaining two-thirds across 18 years without your consent. If I have worked for 35 years, why should PFAs teach me how to spend my pension''The NUP chief alleged thatsuch discrepancies involved in the administering of pension funds led to the withdrawal of the military from PENCOM and called on relevant authorities to check such excesses.But proffering explanations on why those still working cannot access their contributions, a National Pension Commission (PENCOM) official said it was against the Pension Reform Act and 'nothing can be done unless the Act is reviewed,' pointing out that the provisions of the Act was aimed at protecting senior citizens at old age when they would have become weak and frail and would need the savings most.The PENCOM official also blamed discrepancies and irregular or delayed crediting of contributors' account to the untidy way in which pay officers or accountants handle their payment schedules and mandates.Sometimes, the officials pointed out, the contributions would be less than it is in the schedules sent to the Pension Fund Custodians, while at other times, it could be more.Attempts to get the Director-General of PENCOM, Muhammad Ahmad, to comment on the matter were unsuccessful as he was not in when The Guardian called at his office yesterday.Spokesman of the agency, Emeka Onuarah, declined comments, saying he was new on the job and not permitted to talk to the media without authorisation.But Ahmodu expressed regretsthat pensioners were undergoing 'perpetual suffering', asking: 'Is it a crime for one to serve his country with his strength' We (pensioners) have suffered enough in the hands of the same country we served with our strength. This is not how we should be rewarded for our service to the nation. It does appear that government is deliberately frustrating us.'A public service employee told The Guardian that he had noticed that he was being short-changed by his PFA in the last four months.According to him, by the end of every month instead of his pension contribution increasing, 'it is rather decreasing.' When he complained to his employers, he was told that his contribution was being 'faithfully' remitted to his PFA, even as the latter was not forthcoming with a clear explanation for the gaping discrepancies in his contribution records.Another contributor said: 'Every month, the text alert of my contributions carries different figures. Sometimes the amount rises and at other times, declines. The amount remitted to my account is often far below my contribution. I sent an email to my PFA using the address on their website but surprisingly it bounced back.'Another subscriber who painstakingly produced a record of her contributions and that of his employers over the years was also shocked by the glaring discrepancies.When she presented the records to the official in charge of the pension remission in her company, 'I received a very unsatisfactory answer. I have the feeling that something is wrong somewhere. I'm not too sure that there is no conspiracy between that official, or even our company, with my pension administrator.'But an official of a PFA explained that the alleged discrepancies 'are based on stock market fluctuation,' especially because part of the pension contributions is invested in stocks and bonds, which dance to market conditions.The PFA official added: 'The stocks appreciate or depreciate based on market forces. Part of the retirement savings is usually in stocks, bonds and other instruments, which are subject to market vagaries. This actually may explain why what you receive this week may be different from that of the preceding week.'The Guardian also discovered that while many PFAs have well publicised websites, some of them are not fully functional, making access to contributors' records difficult.One subscriber observed: ' I have tried to access my account with my PFA for months but I have been frustrated. The website kept treating me as a new subscriber, offering the same fields to fill all the time without showing me a statement of my account.'Another subscriber said: 'I am alarmed that my PFA sometimes ago informed me that my contribution for the month was N300, despite the fact that my monthly contribution alongside that of my employer, is about N13,000. Sometimes I get electronic messages informing me that a transaction had taken place on my account without any details whatsoever.'' No doubt, a lot needs to be explained to the people', said PENCOM official. 'Too many fears and doubts persist and may undermine the integrity of the scheme.
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