Chuks Udo Okonta
The Group Managing Director Pensionscope and pension consultant Mr Peter Tai
Adediji, has called on governments at state and local governments to embrace and join forces
with the federal and private sector to make the Compulsory Pension Scheme (CPS)
robust and meet set objectives.
Adediji in a paper entitled: Contributory Pension
Scheme in the public service: Challenges and Benefits and presented at the Annual
Public Lecture of the Chartered Institute of Personnel Management of Nigeria (Ondo
State branch) in Akure, Ondo State, noted that for the pension scheme to
succeed efforts should be made in tackling issues such as misconception and apprehensions about the scheme; compliance
and enforcement; extending the coverage to the informal sector and self
employed; sensitisation challenge and general knowledge gap.
He said the sector also needs quality
personnel to bridge the general knowledge gap and that there should be
coordinated efforts in combating inflation to ensure positive real return on
savings.
Adediji also suggested that there should
be more investment channels and that measures should be in place to take care
of post retirement risk factors.
He said the contributory pension scheme is worth not only
giving a trial, but should be embraced like a beautiful bride.
He noted that the scheme is notable
because it provides earning at retirement; retain emotional and psychological
balance; helps cultivate saving culture; increase life expectancy; helps reduce
corruption and provides means to meet essentials at retirement.
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