RETIRED workers, who started benefiting from the new Pension Reform Act 2004 (pension scheme 2004), have raised alarm over the many problems associated with the new arrangement.
It would be recalled that the Obasanjo regime, in line with the global policies, introduced a new pension scheme, which amounts to privatisation of pensions.
In the new arrangement, retired civil servants were no longer to be paid pensions by the government and have their pensions guarantee in future through the budget but were to depend on private funds that would make the money they contributed to their pension fund grow by investing it in stocks, shares and other speculative activities.
Section 11 of the Act says that every employee