What’s the matter with Union Bank?


SIR: We, the aggrieved pensioners of Union Bank of Nigeria Plc nationwide (pensioners from 2006 to 2014) have been maltreated, pauperized, traumatized, tortured, tormented and completely dehumanized by the recalcitrant posture of Union Bank and PENCOM. Some have been sent to their early graves.

For almost four years, Union Bank has refused to remit the full legacy fund/accrued pension rights into our various Retirement Savings Accounts (RSAs). By this action, we find it impossible to access our full monthly pension. This has made us to be in real mess and bondage; life has been extremely difficult for us and we have been unable to cater for our families.

Despite many entreaties, protests and write ups in various national dailies urging the bank and PENCOM to correct all these anomalies, the bank remains adamant and unperturbed. This is sheer impunity which must be stopped. We have cried and shouted enough about these injustices and inhuman treatment meted on us.

We are in a dilemma and we are appealing to President Muhammadu Buhari to intervene and call both PENCOM and Union Bank to order.

Union Bank must comply fully with part x (1) (a) (g) and part iv 15 (c) (2) of the Pension Reform Act 2014 as amended.

However, the good news is that PENCOM on Monday, September 21, again directed the bank to credit our Retirement Savings Accounts (RSAs) on or before October 31.

On Wednesday, September 2, the Director-General of the National Pension Commission (PENCOM), Mrs. Chinelo Anohu-Amozu described non-remittance of pension funds by employers as a grave crime; she stated this after a meeting with President Muhammadu Buhari in Abuja.

Will Union Bank comply this time? Will Union Bank continue with these impunity, recklessness and crimes unchecked? These injustices and inhuman treatment meted on us must stop.

The bank must remit full and commensurate legacy fund/accrued pensions rights into our RSAs. The criteria and computation of the actuarial valuation of legacy fund/accrued pensions each aggrieved pensioner is entitled to must be made transparent and open to all; it must not be shrouded in secrecy.

Lanre Onawola,

Apata, Ibadan.

The Nation


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