Osun APC chieftain urges pension scheme reform

A chieftain of the All Progressives Congress in Osun State, Mr Olatunbosun Oyintiloye, has urged President Bola Tinubu to step in and alleviate the stress faced by retirees on the Contributory Pension scheme before they receive their retirement benefits.

Oyintiloye, in a statement obtained in Osogbo on Tuesday, identified delayed or non-payment of pension, inadequate funding, and corruption within the pension scheme as some of the factors causing hardship and financial stress for the pensioners.

The ex-lawmaker recalled that since 2004 when the Federal Government enacted the Pensions Reform Act which introduced the contributory pension scheme, pensioners had not been treated fairly.

He said many senior citizens in the country were often paid between 25 and 50 per cent of the lump sum after retirement, while many did not even get paid at all many years after retirement.

Noting the plight of these ex-civil servants, who, after serving the government in their prime, are facing untold hardship and poverty due to delays or non-payment of their retirement benefits, he commended Tinubu for approving a N758bn bond in February to clear 16 years of pension liabilities.

He said more still needed to be done to save the pensioners from poverty ravaging them after retirement, leading to sickness and untimely death.

“I want to appeal to the President to look into the plights of pensioners under the Contributory Pension Scheme.

“The 2004 Pension Act should be reviewed to enable pensioners to live a decent life after retirement.

“Due to poor or delay in payment of retirement benefits, many retirees cannot afford a decent meal, good health care, good housing, among others, after exiting service. These are the people that served the country in their prime,” he said.

He implored the President to work with the National Assembly in reviewing the 2004 Pensions Reform Act to enable pensioners to withdraw all their retirement savings immediately after exiting service, and also have access to free health care services once they reach 65 years of age.

He said doing so would enable retirees to take care of their needs, and venture into any business of their wish, rather than live on a monthly pension that may be insufficient.

“After retirement and due to advanced age, many of these pensioners are already suffering ailments and yet they can’t afford medication, because they don’t have enough money.

“Even as retirees, many of these senior citizens still have many people depending on them.

“That is why I am pleading with President Bola Tinubu to intervene.

“His intervention will go a long way in bringing relief to these people and hope for those who are still in active service,” the statement added.