If you are indeed a civil servant, please stand for the piece below and even pray its fulfilment.
PENSION ADMINISTRATORS are EXPLOITING US!!!
All of us will get old one day…..in few years to come it !will be your turn!*
The current pension manipulations should be stopped by Nigerians now!
I was very happy when the Senate recently made a move to adjust the Pensions Act to enable Nigerians withdraw up to seventy five percent of their cumulative savings. The liberty should even extend to allowing pensioners withdraw their whole sum. The law could also give pensioners the liberty to either withdraw their total sum or give the Pension Administrators the kind of investments they want!
After spending sixty years or thirty five years of active service to your nation gathering all types of experiences finance, administration etc. PFA still termed you as novice; you don’t know how to handle your hard earned entitlements!
I will make a simple illustration here: MR. A retires at sixty and has =N=20m as his savings. He accesses 50% of =N=20m which equals =N=10m. The balance =N=10m is to be spread over 180 months (15years) and MR. A earns =N=55,555 monthly for 15years and he stops earning anything because he is expected to die at 75. If MR. A will be allowed to have his total sum of =N=20m, ceteris paribus (all things being equal), he could invest in the Money Market or Government Treasure Bills. Currently and authoritatively =N=20m fetches up to 15% on a 70 days tenor. Meaning =N=20m gives about =N=3m per annum. Divide =N=3m by 365 days and multiply by 30 days gives MR. A, a monthly earning of =N=246,575 without depleting his capital of =N=20m!
Why have we been quiet. Nigerians should wake up from this very deep slumber. The sum given to an average pensioner is not up to the interest the Administrators rake in on his/her capital. This manipulation/exploitation made the PFAs the richest entities even richer than Nigeria its self!
Please share this widely to save yourselves at old age. The National Assembly should save the Nigerian elders now! these is a call to save us all from EXPLOITATION AND CORRUPTION
Don’t miss this chance to learn about Education (Formal and Informal with scholarship opportunity)
Happening tomorrow 9am at Living Faith Church J-Allen Sokoto.