The Nigeria Union of Pensioners Contributory Pension Scheme (NUPCPS) has urged the Federal Government and the National Assembly to halt the rising rate of members exiting the Contributory Pension Scheme (CPS) and review the Pension Reform Act 2014.

Secretary of NUPCPS, Oyo State Council, Olusegun Abatan, and Chairman of the NUPCPS Sector in Oyo State, Joseph Oyadiran, gave the charge during the maiden celebration of pensioners under the scheme held in Ibadan, the Oyo State capital.

Abatan and Oyadiran said that the objective of establishing the scheme by the administration of former President Olusegun Obasanjo is gradually being undermined by the growing number of exits.

Abatan stated that the CPS was introduced in 2004 to address the challenges that plagued the old Defined Benefit Scheme (DBS), which was fully funded by the government but was weakened by corruption and poor political will. He said pension funds under the DBS were mismanaged by corrupt officials.

The labour leader, who said that the introduction of the CPS raised high hope among workers who believed that the scheme would end the hardship and delays associated with pension payments, however, expressed concerns that some of those who designed the scheme had exited it, with police personnel currently seeking to withdraw.

He also raised concerns over the delay in the payment of accrued rights, returns on investments managed by Pension Fund Administrators (PFAs), and the absence of gratuity payments under the scheme.

Oyadiran urged the National Assembly to carry out a comprehensive review of the 2014 Act establishing the CPS, noting that it replaced the Defined Benefit Scheme due to alleged mismanagement of pension funds.

retirees under the CPS in Lagos State have issued a strong warning to the authorities, threatening to stage a mass protest if long-standing pension arrears and the newly approved increment are not paid promptly.

Chairman of NUPCPS, Lagos State chapter, Michael Omisande, made the declaration during the union’s open congress day at the weekend.

He said that the NUPCPS members are increasingly frustrated over the delay by the Lagos State Pension Commission (LASPEC) to complete the cost evaluation required for the implementation of the pension increase.

According to Omisande, pensioners have endured years of financial strain as a result of irregular payments and administrative bottlenecks, saying that despite repeated assurances from the state government, retirees are yet to see concrete action regarding the settlement of outstanding entitlements.

Omisande recalled that Governor Babajide Sanwo-Olu had earlier met with pension representatives at the Alausa Secretariat in May 2025 and promised to address the issue once the Federal Government released its pension implementation template.

He said that the template was eventually received in January 2026 and forwarded to LASPEC for financial assessment.

However, Omisande expressed concern that more than a month after the document was submitted to the Commission, no visible progress has been made toward implementing the increment or clearing the arrears.

He warned that if LASPEC fails to conclude the cost analysis and begin payment before the end of March, pensioners would have no alternative but to mobilise for a peaceful protest to press home their demands. (The Guardian)