No fewer than 203 former employees of the Union Bank of Nigeria Plc on Thursday dragged the bank before the National Industrial Court, Ibadan, over unpaid N16.2bn balance of pension entitlements. The case was filed by Augustine Onu, Abegunde Solomon, Olanisebe Ezikiel and 200 others. The claimant’s counsel, Mr. Adeniyi Ishola, told the court that the claimants were deprived of their pension entitlements by Union Bank who managed their pension before the advent of the Pension Reforms Act 2004. Ishola said that the claimants’ pension, were being paid from an in-House Pension Scheme, called Legacy Pension Fund managed by Union Bank. He said that the defendant ignored the Pension Reforms Act 2004 and continued paying the claimants’ regular pension until January 2013 when the National Pension Commission compelled it to comply with the Act. Ishola further said that the Legacy Pension Fund managed by the defendant was valued at N46.71bn and Accrued Right valued at N26
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