By Gistflash
June 17, 2021
Some Nigerian retirees have canvassed for a lump sum payment of over 50 percent of pensions to those who retired at 60 years.
In separate interviews with the News Agency of Nigeria (NAN) in Ado-Ekiti, on Thursday, they said that it would be a welcome development if 60-year-old retirees accessed over 50 per cent of their pensions.
One of the retirees, 62-year-old Adeniyi Ajayi, who bowed out of active service in 2019 from the Ekiti Civil Service, wondered why those who retired at 60 could not enjoy a larger sum of their pensions, since they worked for the money.
Ajayi said it was disheartening that a civil servant, who retired at 60, and not voluntarily, would have to suffer before enjoying the fruit of his or her labour.
“We have seen cases of retirees who died shortly after retirement, without accessing their pensions.
“The sorry state is that some of us who retired in their 60s have no much time on our hands. We should not be denied our hard-earned benefits (pensions) in the name of spreading it over a longer period than necessary.
“I, therefore, appeal to pensions managers to allow up to 50 per cent or 75 per cent lump sum withdrawal of pensions by retirees,” Ojo said.
Speaking in the same vein, another retiree, Mr Abiodun Adeyeye, said 25 per cent draw of pension benefits is “enslavement.”
Adeyeye said: “A pensioner worked for this money, this is his or her labour, to me I believe 75 per cent should be paid to someone, who retired at age 60.”
Also, another retiree, Mrs Ibironke Ayokunle, concurred saying that it was not normal for a retiree not to have access to over 50 per cent their pensions from his or her pension managers.
In his own contribution, a legal practitioner, Mr Olatunde Olayemi, said the Pensions Commission Act, which allowed for only 25 per cent withdrawal was long overdue for review.
Olayemi said at 60 in Nigeria nowadays, a retired man or woman, was only expected to enjoy good food and no worries and “denying those aged over 60 a larger part of their pensions savings may simply cause frustration”.
NAN recalls that Justice Oyebiola Oyewumi of the National Industrial Court, Abuja Division, gave a landmark judgment order to ARM Pensions Managers to pay one Maroof Giwa, a claimant, at least 50 per cent of his pensions.
NAN
