For the Contributory Pension Scheme (CPS) to be successful, the federal government has been encouraged by the Contributory Pension and Happy Retirement Advocacy (COPEHRA) to give partnerships with states first priority.
At a press conference in Abuja yesterday, COPEHRA’s legal counsel, Barr. Oyiminu Audu, noted that while many states have passed the Pension Reform Act, many have not yet put the program into effect.
Although the National Pension Commission is leading the initiative, she stated that “there is a clarion call on states to key into this noble scheme for its success and for the happiness of their retirees as most states that key into the CPS and have their funds managed by the registered operators do not owe their pensioners.”Also, it was revealed that Nigerians’ pension plans received little major involvement from front-line lawmakers.
We see that there was little mention of pensions or retirement in the three of the four prominent candidates for the presidency’s manifestos that are now accessible.In order to improve protection against retirement poverty, the group also urged the next government to set up machinery for the consideration of a second pension pillar in accordance with World Bank standards.
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