The Minister of Power, Prof. Barth Nnaji, has inaugurated an 8-man committee to investigate the status of pensions in the power sector, following issues discovered in the course of negotiations with the workers.
According to him, ‘’PHCN pensions have not been operated the way it should be, in line with the Pensions Reform Act(PRA) of 2004, and for some reasons PHCN workers want to follow the scheme which is against the law.’’
Nnaji explained that the existing scheme was unacceptable to government as it contravenes the 2004 PRA and insisted that with effect from July 1, PHCN must operate its pension scheme in line with the 2004 Pension Reform Act.