News Update pension

Special pension package excites teachers

The A,B,C of EkoEXCEL

By Omobola Tolu-Kusimo

Teachers are excited and looking forward to their retirement, The Nation has learnt.

This followed the extension of their Retirement Age, Length of Service, Special Salary Scale & Special Pension Scheme by President Muhammadu Buhari.

The proposal has been included in Executive Bill approved by the Federal Executive Council (FEC) for consideration and passage by National Assembly.

Buhari  during last year’s World Teacher’s Day okayed an extension of Retirement Age, Length of Service, Special Salary Scale & Special Pension Scheme for teachers.

The Pension Reform Act 2014, which provides for the Contributory Pension Scheme (CPS), pegs retirement age for teachers at 60.

A teacher, Mr Sola Adebayo, said he was due for retirement in two years but he was eager to work for another five years.

He said he had helped many students to become better in life and he would be happy to live well at retirement.

Another teacher, Mrs. Rebecca Atuche, who is also excited about the Presidents’ pronouncement, said they devote their entire life to building the foundation of younger ones.

She added that every teacher deserves a befitting retirement package from his or country.

The Head of Corporate Communications, National Pension Commission (PenCom), Mr. Peter Aghahowa, said the commission is bound to implement once it becomes law, noting that their role as a regulator is to implement the law.

He explained: “Pension deductions and contributions will continue up till teachers are 65. They will retire at 65. There is no adjustment to be made on our side. We will just comply with law.’’

“It means that when they are exiting by 65 is when they will start the process. They will go to their Pension Fund Administrator (PFA) at that time, make normal application and normal procedure will follow. No matter what, the CPS is the same. There has to be deductions from employers and employees. There is no special CPS”, he added.

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