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Stakeholders task employers on contributory pension scheme

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Experts have urged employers in both private and public sectors to join the contributory pension scheme to secure the future of their workers.

The experts, who spoke at a virtual training organised by the Pension Fund Operators Association of Nigeria (PenOp) for journalists, urged employers to join the contributory pension scheme (CPS).

They called on employers to remit their workers’ monthly contributions promptly, adding that such will ensure employees have a secured life after retirement.

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A facilitator of the financial reporting training, Omagbitse Barrow, noted that the key areas in the pension system include, compliance, contributions, investment, service support and withdrawal.

He said that the biggest change between the CPS and the defined benefit scheme (DBS) is that both employees and employers contribute. He stated that improving productivity and hard work would go a long way in boosting the ultimate retirement benefits of employees.

On withdrawal, he lamented that lack of proper understanding of the mode of withdrawal of pension funds poses a big challenge to the growth of the industry.

He urged the public to seek an understanding of the withdrawal process during registration so that they are better informed on the exit options.

On his part, the Chief Executive Officer, PenOp, Oguche Agudah, noted that pensions are a delicate matter and to that end, need a proper understanding of the industry.

He said: “People are very emotional when it comes to their pensions. Any chance or story about their pensions getting lost, stolen, embezzled or losing value causes negative emotion amongst contributors.”

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