PenOP Chairman explains how Contributory Pension Scheme is Beneficial to Everyone.
The Chairman of Pension Funds Operators Association of Nigerian (PenOp), Mrs Aderonke Adedeji, explains how the Contributory Pension Scheme is beneficial to everyone.
The Chairman of the Pension Funds Operators Association of Nigerian (PenOp), Mrs Aderonke Adedeji, said, “Those who are employed either by the private or public sector will give their best during their active years, knowing that they have a pension to fall back on in their retirement years.”
For the self-employed and informal workers, she explained, the pension savings were probably their only savings vehicle, helping to instil the discipline of Iong-term savings. For the retired, she added, it provided succour and dignity in their twilight years. For the unemployed, the investments by the pension industry enabled the economy to grow and create jobs in the process.
Adedeji said, “So, it is evident that a welI-functioning, transparent and efficient pension system is critical for all groups of Nigerians and our nation at large. A well-functioning pension industry will reduce the menace of corruption, because individuals will be assured that they have funds they can fall back on during their retirement years.”
“May I remind us that for the first time in Nigeria’s history, we have a national pension scheme that works. Retirees get paid on a monthly basis, no stories. For those who participated in the CPS and later lost their jobs, they are able to access up to 25% of the funds pending when they find a new job.”