By Abdulwahab Abdulah

The plight of the retirees and pensioners in Nigeria overtime took the center stage at a pension administration reform roundtable organised by the Nigerian Institute of Advance Legal Studies, NIALS, to further strengthen pension frameworks in the country.

In his address, the director general, NIALS, Professor Adedeji Adekunle, represented by Prof. Lanre Fagbohun, director of research said the institute reputed for legal research and development put up the roundtable to further discuss how to advance the legal frameworks on the administration of pension scheme in the country.

He said, the outcome of the discussion will enhance the scheme in the country and make it stand on robust footing. The keynote speaker, Mr. Tony Aletor, Vice Chairman, Capital Express Holdings, in his address, spoke on the plights of retirees in the country before the advent of the civilian administration, saying that recent efforts by the government have made it possible for the country to have a monolithic funded and Defined Contributory (DC) scheme which unified and standardized the public and private sectors pensions.

According to Aletor, pension issues have become worrisome over the years, which led the government to set up committees to address the problems.

He said, ‘’pension problem and its excruciating plight of the retirees in the country for decades appear to have defiled all solution which the topic has become particularly more prominent since the rebirth of democracy in 1999’’. He noted that several committees were set up to by the federal government to provide lasting solution to the situation which latter came up with the pay as you go system that he said has woefully failed.

Speaking on the Pension Act, Aletor said the administration of former President Olusegun Obasanjo in 2002, through the recommendations of a committee presided by Fola Adeola which put up the framework of the Pension Reform Act No. 2 of 2004.

He said the statute revolutionized pensions administration in Nigeria by introducing sweeping changes directed at saving the collapsing public section pensions under the 1990 Pensions Act, harmonizing and regularizing the private sector schemes, and establishing a virile and functional pension system in the country.

Speaking on the pension reform Act 2004, he said, ‘’After 10 years of regulation of the CPS which was replaced by pension reform Act 2014 was to make provision for the uniform contributory pension scheme for public and private sector in Nigerian and related matters.”

He noted, “Among other provisions, the main outstanding improvements on the 2004 statute are the extension of the scope of coverage by the scheme to include public service of the states and the public service of the council.”