Pension contributors cry out over delayed benefits, tells Federal Competition Protection to go after PFAs

Contributors and beneficiaries of contributory pension scheme which was introduced by the Federal Government has appealed to Management of Federal Competition Consumer Protection Commission (FCCPC), to urgently beam its searchlinght on Pension Funds Administrators (PFA’s) and Pension Commission (PENCOM) over delay in releasing requests from individuals.

These two bodies serve as warehouses of funds from public and private sector workers monthly contributions, as poll for benefits upon retirement.

It is expected that workers who retired from the private sector before the age of 50 years will access 25% of their contributions, while those in the public sector were expected to access all their contributions few months after retirement.

But the reverse had been the case, as retired workers stays for years after their application for availement without response from PenCom and PFA’s.

Accusations and counter accusations against the operation of both PFA’s, PenCom, as monies of contributors are being diverted in connivance with some officials of these two organisations.

For years, the two agencies withheld monthly interest on contributors funds to various beneficiaries without any official explanation.

Many Nigerians, retirees and beneficiaries had complained on the activities of PenCom and PFA’s, as funds meant for the purpose are always diverted into needless government commitement and private pockets.

They have been continuous clamour for complete overhaul of the entire system in the PFA’s and PenCom to meet the realities on ground, rather than withholding funds meant for people’s welfare.

They want FCCPC to wade in, so as to instill transparency and accountability to the activities of the two bodies, to ameliorate the suffering of many Nigerians.

The pension act allows workers both in the private and public sectors contributes 7.5% while in service, while their employers contributes 7.5% while in service amounting to 15% monthly contribution till retirement.

Monies contributed is expected to attract monthly interest while in the custody of PFA’s and PENCOM, pending the final withdrawal by the beneficiary.