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INSURANCE & PENSIONS

Group advocates creation of Ministry of Pensions in Nigeria

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PenCom allays fear over management of N8.67trn pension fund

The Nigerian Union of Pensioners (NUP) in Enugu State has advocated creation of Ministry of Pension and Senior Citizens in Nigeria.

The NUP Chairman, Mr Damian Udeani, gave the advice in an interview with our reporter in Enugu on Friday.

Udeani said that this would strengthen the pension administration in the country.

“I plead with both the Federal and state governments to create the ministry of pension and senior citizens just as other ministries in Nigeria.

“Because I believe that with the creation, the pension system will be strengthened and beneficial to every pensioner,” he said,

He also urged the Federal Government to create effective pension scheme to enable pensioners receive their allowances regularly.

According to him, effective pension scheme will be of great benefit to the pensioners and the country at large.

Udeani explained that effective scheme would help pensioners to live healthy and longer, adding that it would also portray the county’s image positively before the international communities.

He identified corruption as a major factor inhibiting pension scheme in Nigeria.

Udeani said that if it was dealt with right from the root in all agencies, “we the pensioners will stop complaining about non-payment of our allowances”.

“Some of us had gone for verifications three times for our pension to be paid without good result, this is disheartening,” he said.

He noted that the 2004 Pension Act was better than the previous one, adding that the government should appoint honest people who were ready to work for pensioners.

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