CPS: COPEHRA Urges FG to Raise Police RSA by 100% to Stem Agitation for Exit

James Emejo in Abuja
 
The Contributory Pension and Happy Retirement Advocacy (COPEHRA), has called on the incoming administration to increase the employer contributions for the Nigeria Police Force (NPF) by 100 per cent to ensure their retirement Savings Account (RSA) under the Contributory Pension Scheme (CPS) is robust enough after serving the country.

The group argued that such a move would douse current agitations by the police to exit the pension scheme.
Speaking at a media briefing, Legal Adviser, COPEHRA, Oyiminu Audu, also called on entities that have issues with the CPS to, “look for solutions inside the scheme and not outside” adding that, “How can you leave where there are funds ready for payment and then move to where loans have to be taken before pension payment?”

The non-government organisation (NGO) further tasked the incoming administration to set up machinery for the consideration of a second pension pillar as per World Bank standards, adding that this would increase protection against retirement poverty.

The body also urged all workers in the informal and semi-formal sectors to take advantage of the Micro Pension plan (MPP), stressing that the initiative had expanded the implementation of the CPS to the informal sectors such as low-income earners, self-employed, SMEs, and artisans.

Audu noted that the contributory pension arrangement still has a long way to go, pointing out that the perception of employees and employers to the scheme, non or late remittance by employers- all reduce the effectiveness of the scheme to generate enough investible funds for the RSA owners.
He said more awareness was needed for both employers and employees.

According to him, there is a need for sensitisation, regular reviews of regulations to adapt to changing times, the enforceability of existing regulation, s and uniform applicability of pension laws and regulations. 

He said, “We use this opportunity to urge all aspirants to upcoming elections to bear upon their agenda the need to work towards a more adaptive and inclusive pension administration that is all-inclusive and proactive.”

Setting an agenda for the incoming government, the group said, “One common element of the mandate of all the presidential candidates is an economic boost. We are here to emphasize that pension is a major factor in the well-being of any society.

“The importance of sustainable pensions to a country cannot be overstated. Pension guarantees financial security for retired workers who have served the country, and generally boosts the economy. It brings equality and general well-being by ensuring that the weak and vulnerable have ready funds to take care of their day-to-day expenses after retirement from active service to the fatherland.

“Many countries have pension-related policies and approach that is country-specific and fits generally within worldwide accepted norms. – This proves the undeniable relevance of a functional and sustainable pension administration
“We note that going through the available manifestos of three of the four strong contenders for the presidency, not much was mentioned about pension or retirement.

“However, we take solace from their antecedence that all the frontline contenders made efforts to make laws for the reform of the pension sector when they are in charge of the helm of affairs in their respective jurisdictions.”