How The Current Pension Scheme Frustrated Teachers And Civil Servants
starting January 2021, teachers and other civil servants will begin contributing towards a new scheme, public service superannuation scheme, PSSS.
contributions towards the current scheme, public service pension scheme ( PSPS) will stop for all civil servants who will be below 45 years as January 2021. PSPS has had a fair share of limitations, which have really frustrated teachers and other civil servants.
- The Scheme has continuously disadvantaged employees who may wish to leave the service before they attain the age of 50 years since they do not qualify for pension or any other benefit. This has forced a larger portion of work force to remain in employment or to serve only one undesirable employer till retirement.
- Benefits under the current scheme are not portable. Being non portable, it simply means that the accrued pension benefits under the current contributory Scheme cannot be transferred by an employee from one registered scheme to another irrespective of the sector (private or public). An employee who wishes to quit this current scheme for another scheme can transfer, forcing him to either ignore, or remit to two schemes.
- The benefits in the current scheme are predefined and the scheme does not allow for improvement of the benefits. There is no investment income or voluntary contribution.
- The current scheme is expensive and unsustainable in the long run.
- The current scheme is discriminatory to male officers on account of marriage gratuity and widowers pension. Who said that men cannot be vulnerable when they lose their spouses? And must men be the first to die in a family? Over time, men have been contributing towards WCPS, a pension that women have never contributed towards. This scheme assumed a lot of events that cannot be necessarily practical in real life.
- The accrued retirement benefits in the current scheme cannot be accessed while in service, hence not applicable for personal development.
- The scheme is Discriminatory against female officers as they are required to meet certain additional conditions to be allowed to contribute towards WCPS. May be some women teachers and civil servants were willing to contribute towards widowers and children pension scheme, WCPS, but the current scheme locked them out.