HE argued that even the Pension Reform Task Team, PRTT, set up to bring some sanity to the system, worsened the plight of the pensioners.  Ndoma-Egba added that the thrust of the bill was to overhaul the entire structure and the scheme of pension administration in the country including, “the establishment of a uniform set of rules, regulations and standards for the administration and payment of retirement benefits for the public service in all tiers of government and the private sectors, thus, making provisions for the smooth operations of the contributory pension scheme and ensuring that every worker receives his retirement benefits as and when due.”

Leading the debate Senate President, David Mark, said to achieve success in the management of pension fund, Nigeria must change strategies including the engagement of experienced and professional fund managers.

He blamed the problems in the management of Nigeria’s pension fund to engagement of those he referred to as “rookies”, regretting that the development had negatively affected pensioners, contending that a whooping N2.9 trillion pension money was left in the hands of few inexperienced persons with little knowledge on pension fund management.

According to him, “We must do everything possible to make sure that people who have worked and contributed receive their pension on time. I think the problem we have had is that we have all sorts of rookies. People who have no idea about managing funds, not to talk of very huge pension fund to manage. And I think it is a very specialized area where you cannot just wake up tomorrow morning and be appointed to manage the pension fund.

“We should look for people who are very experienced in the management of pension. And before people are appointed, they should also go and take example from country like China that has successfully managed their pension so that we do not repeat the mistakes others have made in the past.

The national budget is 4.9 trillion and we have money in the pension fund up to 2.9 trillion. So you can imagine the amount of money at the disposal of few individuals who are not properly supervised, who have no training in management, and who just dip their hands into the funds as and when they feel like”.

Senator Mark said the essence of the pension reform bill was to make sure people with little or no experience were no longer allowed to manage the country’s pension funds.

“I think the essence of this pension reform is to make sure people who are properly trained are put in charge of the pension fund for proper management. There is hardly any pensioner in this country who is not going through hell. He makes all his contribution, when it’s time for him to receive his pension, then people don’t recognize him anymore.

But when he is paying his contribution, he is a very lovely person and everybody is petting him until he retires. When he should now enjoy his pension, then the nation forgets him. It is bad and we must do everything possible to make sure that people who have worked and contributed receive their pension on time”, he added.