NUP, NUPCPC urge FG, NASS to probe contributory pension scheme exit - Tribune Online

AI Summary

The Nigeria Union of Pensioners Contributory Pension Scheme (NUPCPS) called on the Federal Government and the National Assembly to investigate the increasing number of members leaving the Contributory Pension Scheme (CPS) and to review the Pension Reform Act 2014. The appeal was made by Comrade Olusegun Abatan, Secretary of the Oyo State Council, and Mr Joseph Oyadiran, Chairman of the NUPCPS sector in Oyo State, during a celebration event in Ibadan. They argued that the original objectives of the CPS, introduced in 2004 to replace the older Defined Benefit Scheme, are being undermined by the exits, and questioned whether CPS participants are better off than those under the previous system. The union urged legislative and executive action to halt the trend and assess the scheme’s effectiveness, indicating that further inquiries or policy revisions may follow.

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