By Dada Ahmed.
The National Union of Pensioners, Contributory Pension Scheme Sector (NUPCPS), has appealed to all retirees under the Contributory Pension Scheme (CPS) to exercise patience and refrain from signing any payment agreements with their Pension Fund Administrators (PFAs) until all components of the 2024 consequential pension adjustment are fully received.
The advisory was issued on Thursday evening by the NUPCPS National Secretary, Comrade Bisan Olufemi John, who informed pensioners that initial alerts for the 2024 consequential adjustment had begun to drop.
He however stressed that more arrears are expected between Friday and early next week.
According to him, it is important for pensioners under both the Programmed Withdrawal and Life Annuity Schemes to wait for the complete settlement before visiting their PFAs for any payment advice or signing any binding documents.
Comrade John emphasized how pensioners should approach the process, noting that each retiree must ensure they receive 50 per cent lump-sum payment of the total consolidated amount before signing any agreement for the remaining 50 per cent, which is expected to be credited into their Retirement Savings Account (RSA) to boost monthly pension payments.
He further clarified what lies ahead, revealing that the long-awaited ₦32,000 pension wage award will also be paid in full at a later date.
The Union reassured pensioners that the directive is aimed at protecting their financial interests and preventing any premature agreements that may shortchange them during the ongoing disbursement process.
