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Retirees claim CPS leaves them financially exposed and unprepared
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Association calls for temporary return to Defined Benefit Scheme
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State government assures retirees that concerns will be addressed
Members of the Association of New Ogun State Civil and Public Service Retirees staged a protest at the governor’s office in Abeokuta on Thursday, urging the government to postpone the implementation of the Contributory Pension Scheme (CPS). The retirees argued that the sudden shift from the Defined Benefit Scheme to CPS has left many of them financially vulnerable, unable to meet basic needs, and emotionally distressed.
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Speaking on behalf of the retirees, Omopariola Oluwole stated that most retirees expected their Retirement Savings Account (RSA) balances to be significantly higher.
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“By now our RSA account should be nothing less than ₦50 million, but what we have is around ₦10–11 million, and some have even less,” he said, warning that the amounts are insufficient for survival in the current economic climate. He pleaded with Governor Dapo Abiodun to defer CPS implementation for retirees who retired since July 2, 2025, allowing them to continue receiving monthly pensions under the Defined Benefit Scheme until proper preparations are made.
While acknowledging that the CPS policy was introduced in 2008, Oluwole emphasized the need for flexibility to prevent hardship for recent retirees.
Responding to the protest, Mrs Arinola Adetayo, Permanent Secretary of the Ogun Bureau of Pensions, assured demonstrators that the governor would consider their demands.
“Our governor is a listening governor, and your concerns regarding CPS will be communicated to him and addressed,” she said.
The protest highlights growing concerns among retirees across Nigeria over the sudden switch from Defined Benefit to Contributory Pension Schemes and the adequacy of Retirement Savings Accounts.