According to Onun, a pensioner that receives N52, 000 as monthly pension under the old in-house pension scheme, now gets N18, 000 under the new programme.
Union Bank pensioners take case to stakeholders
Some aggrieved pensioners of Union Bank Plc
have appealed to stakeholders in the industry to prevail on the bank to
complete the actuarial valuation of its pension legacy assets.
Mr Augustine Onun,
the Coordinator, Aggrieved Pensioners of Union Bank Plc, Ibadan Zone,
made the appeal in an interview with the News Agency of Nigeria (NAN) in
Ibadan.
Onun said that their
members had been facing serious financial challenges due to the slashed
monthly pension allegedly caused by the bank’s inaction on the valuation
of its pension legacy assets.
He said that as at
March 2008, the actuarial variation of legacy assets of Union Bank
Pension Scheme was given as N46.711billion, adding that the Pension
Commission (PENCOM) in January 2010 confirmed the transfer of
N30.51billion.
Onun also claimed that PENCOM had
through a letter confirmed that the legacy funds of N30.51billion was
transferred to Premium Pension Ltd and AIICO Pension Manager Ltd.
He
said that PENCOM had urged the bank’s management to provide evidence of
the remaining legacy pension of N16.2 billion and the accrued right of
N26.57billion to their Retirement Savings Accounts (RSAs).
The
commission, according to Onun, had stated that the bank did not comply
with Part IV (C) 2 of the PENSION Reform Act 2014 as amended.
He
alleged that the refusal of the bank to transfer the entire retirement
benefits of pensioners into their RSAs had short changed retirees.
According
to Onun, a pensioner that receives N52, 000 as monthly pension under
the old in-house pension scheme, now gets N18, 000 under the new
programme.
He claimed that several appeals made to
the bank’s management by stakeholders such as PENCOM, Union Bank
Pensioners Association and NUBIFIE retirees were ignored.
The group called on other stakeholders to intervene to help assuage the pains of retirees.
But
reacting to the development, Mrs Ugochukwu Ekezie-Ekaidem, the bank’s
Head of Corporate Communication, denied that such an issue was still
subsisting.
She claimed that issues bordering on pensions were recently resolved.
Ekezie-Ekaidem
also said that the bank would continue to appreciate the services of
its pensioners and was ever committed to resolving any outstanding issue
in a transparent and fair manner to all parties involved.
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