A growing number of Nigerians are calling for reforms to the Pension Act to allow retirees 100% access to their Retirement Savings Accounts (RSAs). Spearheading this advocacy is Uwaifor Oga, a social media activist, who took to social media to highlight the plight of pensioners and the perceived exploitation by Pension Fund Administrators (PFAs).
“The current pension manipulations must stop,” Oga declared, emphasizing the need for retirees to have full control of their savings after decades of service. He criticized the current system, which limits retirees to withdrawing only 50% of their savings upfront, with the remainder spread across monthly stipends over 15 years.
Using a practical illustration, Oga argued that retirees would benefit more from full access. For instance, a retiree with ₦20 million in savings could invest the amount in government treasury bills or the money market, earning about ₦3 million annually at a 15% interest rate. This would yield a monthly income of ₦246,575—far higher than the ₦55,555 many receive under the current pension plan.
He further accused PFAs of profiting significantly from pensioners’ savings, describing the sector as one of the most lucrative businesses in Nigeria. “The sum given to an average pensioner is not up to the interest PFAs make on their savings,” he noted.
Oga urged the National Assembly to revisit the Pension Act and give retirees the freedom to withdraw their entire savings if they so wish or dictate how the funds are invested. The ongoing campaign reflects a broader dissatisfaction among Nigerians over pension management and a call to protect the rights of future retirees.
