JUDGING from the assessment by the organized labour in the Electricity sector, two years ago, the workers in the Power Holding Company of Nigeria, PHCN’s pension scheme has accumulated a whopping N331 billion.

Operating under the Superannuation Fund Scheme, President-General of the Senior Staff Association of Electricity and Allied Companies, SSAEAC, Engineer Bede Opara, said though as at today, it should have been far higher, but the management of PHCN has not funded the scheme.

In a chat with Pension and You, he said the pension scheme is part of unresolved issues with Federal Government ahead of the planned privatization of Power Holding Company of Nigeria, PHCN.

According to him, “What government is saying about the issue of pension is that we should move to Contributory Pension Scheme, CPS and open RSA, Retirement Savings Account. But we have our scheme that is the Superannuation Fund Scheme and we are running it but unfortunately, the management of PHCN has over the years not been funding that account properly. If they have not been funding the scheme properly it is not our business it that of the federal government because they are the one that appointed the management of the scheme.”

“We have made some researches and discovered that the amount we will get from RSA cannot be compared to what we get now according to our condition of service. Our condition of service says government has to implement it because that is our contract document with the Federal government. If we have to move to RSA, talking about what the law says, funding should be proper.”