Greater than 552,000 retirees in Nigeria at the moment are receiving common month-to-month pensions beneath the Contributory Pension Scheme (CPS), in response to the Nationwide Pension Fee (PenCom).
The Fee additionally disclosed that complete pension belongings have surpassed N25 trillion, marking a milestone in Nigeria’s pension administration and its contribution to nationwide growth.
The Director-Basic of PenCom, Ms. Omolola Oloworaran, made this identified on Thursday in Yola throughout a two-day sensitisation workshop on the workings of the CPS for workers and pensioners within the North-East.
She was represented by Alhaji Bello Abubakar, the Commissioner for Administration on the Fee.
Improved transparency in pension system
Oloworaran stated the achievement mirrored improved transparency, governance, and accountability within the pension system.
“Presently, over 552,000 retirees presently obtain common month-to-month pensions, whereas 291,735 others have accessed lump-sum advantages beneath the scheme,” she acknowledged.
“In complete, greater than 844,000 retirees throughout each private and non-private sectors now get pleasure from retirement advantages which are regular, dependable, and clear.”
She famous that greater than 10 million Nigerians, together with public servants, personal sector staff, and the self-employed beneath the Micro Pension Plan, at the moment are lined beneath the CPS.
Reforms to enhance retirees’ welfare
Oloworaran highlighted a number of ongoing reforms geared toward bettering retirees’ welfare and strengthening the scheme’s long-term sustainability.
“The Fee has launched free medical insurance for retirees, beginning with low-income classes, to make sure dignity and safety past monetary pensions,” she stated.
“PenCom has additionally strengthened prudential requirements for operators by introducing stricter capital and governance necessities for Pension Fund Directors (PFAs) and Custodians.”
Beneath the “Pension Revolution 2.0” initiative, PenCom has launched 5 new regulatory frameworks, together with whistle-blowing tips for pension fund belongings, revised funding rules, and frameworks for accredited pension belongings.
New enrollment utility
The DG additionally disclosed that the Fee had developed a brand new enrolment utility to make sure a seamless expertise for the 2026 retiree enrolment train.
She stated PenCom plans to additional diversify pension investments, develop protection to casual sector staff, and improve retiree welfare by way of further well being and gratuity buffers.
“Over time, the Contributory Pension Scheme has rewritten Nigeria’s pension story,” Oloworaran famous.
“We now have moved from an period of unpaid entitlements and uncertainty to 1 anchored on transparency, sustainability, and inclusiveness.”
Whereas acknowledging progress, she admitted that restricted protection and non-compliance by some states and employers stay ongoing challenges.
The Yola workshop, organised in collaboration with the Nationwide Salaries, Incomes and Wages Fee (NSIWC), is a part of a nationwide marketing campaign to deepen consciousness of the CPS and reinforce the welfare and dignity of Nigerian pensioners.
What you need to know
On Tuesday, PenCom and the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) signed a Memorandum of Understanding (MoU) geared toward recovering unremitted pension contributions and implementing compliance throughout sectors.
- The settlement was formalized throughout a signing ceremony in Abuja, the place PenCom Director-Basic, Mrs. Omolola Oloworaran, emphasised the importance of the partnership in strengthening accountability and transparency in pension fund administration.
- She defined that the MoU outlines a coordinated framework for immediate disbursement of recovered funds into Retirement Financial savings Accounts (RSAs) and mandates authorized motion in opposition to defaulting employers.
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