Retirees of the Union Bank of Nigeria Plc have accused the National Pension Commission (PenCom) of collaborating with the bank to withhold their benefits amounting to N42.77 billion.
The pensioners, numbering 6,748, said the bank has not paid the balance of N42.77 billion, 11 years after they retired.
The former staff under the auspices of Grand Progressive Association of Contributory Pensioners of Union Bank of Nigeria, allege that PenCom refused to sanction the bank in accordance with the pension reform act, 2004 as amended.
The Group’s President, Yohanna Sodo, in a statement, said the Union Bank Legacy Pension Assets/Accrued Rights carried out on March 31, 2008 by Hogg Robinson Nigeria Limited, puts the total legacy pension asset at N46.711 billion, while the accrued rights was N26.57 billion.
They also alleged that PenCom, instead of exercising the powers conferred on it, chose to remain silent on the issue even when it is obvious that union bank has flouted the law.