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

Workers 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 were 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 per cent of the funds, provided that they have done data recapture,'' Comrade Abiona disclosed.