National Pension Commission (PenCom) has recorded a total sum of N21.92 trillion in pension fund assets under the Contributory Pension Scheme (CPS) as of October 2024, and plans to surpass ₦22trillion by the end of this year.
Also, the Contributory Pension Scheme (CPS) has recorded 10.53 million registered contributors.
This was disclosed on Thursday by the Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, at the 2024 PenCom Media Conference in Abuja themed, “Tech-Driven Transformation: Shaping the Pension Landscape”.
Ms. Oloworaran highlighted PenCom’s commitment to ensuring fund safety, prudent management, and sustainable growth, while
acknowledging the economic challenges of 2024 and preceding years, including high inflation, Naira devaluation, and the impact of unorthodox monetary policies, which have eroded the real value of pension funds and weakened contributors’ purchasing power.
The Director General of PenCom also addressed concerns over delays in retirement benefit payments to retirees in government treasury-funded Ministries, Departments, and Agencies (MDAs), noting that efforts were ongoing to resolve the teething issue.
“We are also addressing delays in retirement benefit payments. Recently, ₦44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023.
“Moving forward, we are working with the Federal Government to institutionalise a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.
“To address these challenges, PenCom has initiated a comprehensive review of the Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency denominated investments. Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility.
“Again, expanding pension coverage remains a top priority for the Commission. Our revamped Micro Pension Plan leverages technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement. This initiative aligns with our vision of inclusive growth and financial security for all.
“This year, we achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. This initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online. This year we have so far issued 38,528 PCCs, significantly enhancing ease of doing business and ensuring compliance,” Ms. Oloworaran said.
She pointed out that the Pension Industry Shared Service Initiative is in advanced stages of implementation, and that the initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.
According to her, to further enhance contributors’ experiences, PenCom has introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage.
These measures, she added, are designed to make retirement processes more efficient and user-centric, and noted that by integrating technology into every facet of the pension industry, the Commission is shaping a future where the CPS becomes more accessible, reliable, and sustainable.
“However, this transformation requires your unwavering support as media practitioners. Your role in amplifying our efforts and enlightening stakeholders across Nigeria is crucial. This will ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement,” Ms. Oloworaran stressed.
PenCom reaffirmed its dedication to fostering financial stability and ensuring the sustainability of Nigeria’s pension system as it advances strategic reforms.
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