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Tag: National Pension Commission

  • PenCom PFAs to launch data recapture self-service platform

    PenCom PFAs to launch data recapture self-service platform

    National Pension Commission (PenCom), in partnership with Pension Fund Administrators (PFAs) are set to launch a self-service online data recapture application known as the Data Recapture Self-Service Platform, this service enables Retirement Savings Account (RSA) holders to remotely update their personal records (recapture), without necessarily visiting their PFAs.

    In a statement signed by the commission, PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not undergone the data recapture process, the programme will be launched on 1 February 2026. “This initiative marks another key step by PenCom to enhance data integrity, improve service delivery, and modernise pension administration through responsible digitalisation”.

    “Rationale for the Data Recapture Exercise Accurate and up-to-date data remains fundamental to the efficient administration of retirement savings under the CPS. Over time, data inconsistencies arising from legacy records and incomplete documentation have posed challenges during verification and benefit processing.

    “PENCAP provides a proactive solution by offering contributors a secure and convenient channel to recapture their data. By improving the quality and reliability of contributor records across PFAs, the platform will support faster benefit processing, smoother verification exercises, and an overall improvement in service experience for RSA holders,” the commission stated.

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    The statement explained that, the Data Recapture Exercise (DRE) commenced in August 2019 for both active contributors and retirees.

    The DRE complies with the Federal Government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need for a credible database of all RSA holders in Nigeria with the National Identification Number (NIN) as the unique identifier.

    “In that regard, PenCom designed, developed and deployed an Enhanced Contributor Registration System (ECRS), which has been integrated with the NIMC database to authenticate the uniqueness of individuals seeking to register under the CPS and existing RSA holders who have not recaptured. Before now, RSA holders were required to physically visit their PFAs in order to recapture. This has not achieved the needed outcome with many eligible RSA holders yet to be recaptured for over six years”.

    The recapture process is fully online and requires a phone, a computer or other devices with a camera and internet access to enable live image capture. RSA holders will access the portal and create a secure user profile using a personal email address.

    “Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity.

    “Processing, Validation and Notifications Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

    “The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.  Importance of Compliance for RSA Holders RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records.

    “This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN). Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services”.

    Alignment with PenCom’s Strategic Objectives. The deployment of PENCAP aligns with the PenCom’s broader commitment to innovation, transparency, and operational efficiency within Nigeria’s pension industry. By embracing technology-driven solutions, PenCom continues to enhance public confidence in the CPS and ensures seamless access to retirement benefits.RSA holders who prefer physical recapture may still visit their PFA branches, as the self-service platform is designed to complement existing service channels.

  • PenCom okays upward review for 2,116 retirees

    PenCom okays upward review for 2,116 retirees

    The National Pension Commission (PenCom) has approved an upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from N12.56 million to N159.95 million.

    The adjustment represents an unprecedented 1,173 per cent increase in total monthly pension payouts and marks the first pension review for NSITF retirees in 21 years.

    Director-General of PenCom, Ms. Omolola Oloworaran, approved the review, which also included the payment of N8.7 billion in pension arrears to the affected retirees.

    According to PenCom, the move addresses long-standing disparities in NSITF pensions and restores the value of retirees’ benefits in line with statutory provisions and prevailing economic realities.

    In a statement, PenCom said the pension increase aligns with President Bola Ahmed Tinubu’s policy direction on improving the welfare of retirees, noting that the reform reflects ongoing efforts to strengthen Nigeria’s pension system.

    “The NSITF pension increase is yet another milestone in President Bola Ahmed Tinubu’s policy of enhancing the welfare of retirees in Nigeria, as the Director-General continues to champion landmark reforms that have transformed the landscape of the Contributory Pension Scheme,” the statement said.

    It stated that as part of the enhancement, the 2,116 retirees received a total of N8.70 billion in pension arrears, with an average payment of about N3 million per retiree.

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    “In one instance, an NSITF retiree’s monthly pension was increased from about N18,000 to N206,000. In addition, the retiree received over N8 million as pension arrears,” the Commission stated.

    PenCom attributed the pension enhancement to the significant growth of the NSITF Fund, which expanded from N54 billion at the point of its transfer in 2005 to N195 billion as of December 2025.

    According to the Commission, the growth reflects prudent fund management under PenCom’s strict supervision and provided the financial capacity to implement the long-overdue pension review while safeguarding the sustainability of the scheme.

    PenCom further cited Section 39(3) of the Pension Reform Act (PRA) 2014 and Section 173(3) of the Constitution of the Federal Republic of Nigeria, which mandate periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews.

    It also referenced the NSITF Benefits Payment Policy, which stipulates that the minimum retirement pension should not be less than 80 per cent of the prevailing National Minimum Wage.

    Despite these provisions, the Commission noted that the last review of NSITF pensions took place in 2005.

    “In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms,” the statement said.

    PenCom subsequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement, following which payments were made to verified NSITF retirees.

    To ease the burden associated with pension verification exercises, the Commission approved the deployment of the VerifyMe digital solution for the automated revalidation of NSITF pensioners.

    PenCom said the initiative eliminated the rigours of physical verification and significantly improved service efficiency for senior citizens.

  • Pension assets grow by N1.16tr

    Pension assets grow by N1.16tr

    The total pension industry net assets has jumped from N24.62 trillion in June 2025 to N25.79trillion in July marking a N1.16 trillion increase in one month, The Nation has learnt.

    This was shown in the National Pension Commission (PenCom) unaudited monthly results of June, July and August 2025.

    In analysing the Fund-wise gains of June and July, the report showed that all Retirement Savings Account (RSA) fund classes showed positive movements.

    Even more conservative funds like Fund I and Fund II posted gains, proving that safety and performance are not mutually exclusive.

    Besides, RSA membership stands at 10,796,862 contributors in June; 10,834,769 in July, showing that the reach continues to expand.

    It also indicates rising public engagement with pension instruments, with the trends reflecting contributors’ trust in the regulated system and the capacity of Pension Fund Administrators (PFAs) to manage growing capital.

    On the part of asset allocation by the PFAs, Government Securities continue to dominate as at July, with FGN bonds, treasury bills, and related instruments constituting the bulk of holdings.

    This underscores the sector’s preference for stable, low-risk instruments.

    Domestic equities investments in real estate, private equity, and infrastructure funds are part of the broader mix, showing cautious diversification.

    Significant allocations were made to Corporate Debt & Money Markets, illustrating how PFAs pursue higher yields within permitted risk boundaries.

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    This composition shows that portfolio strategies are becoming more balanced—with incremental steps toward growth assets, while still anchoring portfolios in fixed-income safety.

    Meanwhile, the conservative funds are still vulnerable. While growth is encouraging, Fund I and Fund II typically reserved for older or lower-risk contributors are not immune to market pressures.

    While their gains were relatively modest, interest rates and yields shift may subject the funds to greater scrutiny.

    Further analyses shows that with large sums held in government securities, returns are tethered to macroeconomic performance. If fiscal stress deepens, yields may underperform expectations, challenging PFA profit margins and member expectations.

    Overall, the July 2025 industry summary shows growing confidence, strategic allocations, and investor traction.

    Meanwhile, the Monthly Industry Summary of August 2025 showed that the pension industry’s Net Asset Value (NAV) moved from N25, 797trillion to N25, 895trillion, an increase of N97.88billion, a 0.38per cent increase. 

    The RSA Membership stands at 10,882,661 contributors as of August.

    On the other hand, Fund I and Fund II saw reductions from N10, 185billion and N8, 103billion respectively.

    The Director General of PenCom, Ms Omolola Oloworaran had earlier disclosed that it is reviewing raising funds limit for infrastructure and equity investment by PFAs to boost returns on retirement savings.

    She said the commission is worried about the imbalance in the investments of pension fund assets.

    For instance, she said, a situation where over 80 per cent are invested in fixed income securities with Federal Government Securities accounting for 62 per cent of total pension assets valued at N24.11 trillion as of 30 May 2025, while allocation to alternatives assets, that is private equity and infrastructure funds stands at only about three per cent had worried the commission.

    She noted that this led to the commission’s consideration of diversification to alternative asset classes for higher returns, amid rising volatility in the economy.

    Oloworaran stressed that while traditional asset classes such as bonds and public equities have served their purpose, the current economic landscape characterised by volatility, rising inflation and declining purchasing power of RSA Contributors, requires dynamic and resilient investment strategies.

    She said: “We are reviewing the share of funds that can be invested in infrastructure and private equity. The move is to boost returns on retirement savings. We are in the final stages of reviewing the limit on pension fund investments in the aforementioned asset classes, currently capped at five per cent. We are not really okay with returns the way they are because inflation is having significant negative impact.

     “The limit being considered will significantly cut a requirement that pension fund administrators can only invest in infrastructure funds, devoting at least 60 per cent of their portfolio to projects domiciled in Nigeria”, she added.

  • PenCom sensitises Pension Desk Officers to deepen trust

    PenCom sensitises Pension Desk Officers to deepen trust

    The National Pension Commission (PenCom) has sensitized employees/Pension Desk Officers across all six geopolitical zones to deepen trust and ensure that every federal employee and pensioner fully understands the Contributory Pension Scheme (CPS) and can access its benefits without delay.

    The Director General, National of the Commission, Ms. Omolola Oloworaran at nationwide sensitization workshop organized for Employees/Pension Desk Officers said the session is part of PenCom’s commitment to building the capacity of stakeholders, and will provide practical solutions and clarity on the modalities for the upcoming 2026 retiree enrolment exercise and the planned one-off enrolment of all employees of treasury-funded MDAs entitled to accrued pension rights.

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    She disclosed that they have developed a new, more efficient Enrolment Application that will provide a user-friendly and seamless experience for all stakeholders in the chain of processing and payment of retirees’ benefits.

    Looking ahead, she said PenCom will diversify pension asset investments to improve returns; Strengthen governance and oversight; Expand coverage to millions more Nigerians, particularly in the informal sector; and Enhance retiree welfare, including health and gratuity buffers.

    She stressed that the workshop is not just about reviewing policies or resolving technical issues, it is also about reaffirming a shared vision: a Nigeria where every worker can retire with dignity, where every pensioner enjoys peace of mind, and where pensions play a central role in national prosperity.

    The DG had earlier said 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

    She also said pension assets have grown to over ₦26 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

    In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent, she reiterated.

  • ‘Nigerians under 40 accounted for 82.48% of CPS contributors in Q2’

    ‘Nigerians under 40 accounted for 82.48% of CPS contributors in Q2’

    Nigerians under the age of 40 accounted for 82.48per cent of contributors under the Contributory Pension Scheme (CPS), The Nation has learnt.

    Besides, gender data shows an increase in number of women in the scheme indicating increased inclusion of women.

    According to the National Pension Commission in a report obtained by the newspaper, 105,993 new Retirement Savings Account (RSA) holders’ registrations reflected strong youth participation in the CPS, with individuals under 40 accounting for 87,427 registrations or 82.48 percent.

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    This trend highlights growing pension awareness among younger Nigerians and supports the long-term sustainability of the scheme, the report stated.

    Meanwhile, mid-career workers aged 40 to 49 contributed 14,231 registrations representing 13.43 percent, while enrolment dropped notably among those above 49, indicating lower first-time participation in older age groups and reaffirming the importance of targeting younger workers to expand coverage.

    The gender data shows 60,820 male representing 57.38 percent and 45,173 female or 42.62 percent registrations, pointing to a narrowing gender gap and increased inclusion of women.

    These demographic patterns signal a positive shift in CPS participation, driven by youth engagement and improving gender balance.

    Sustaining this momentum will require continued outreach, digital engagement, and partnerships focused on youth and women, the report read.

  • PenCom woos programmed retirees with N3.6b

    PenCom woos programmed retirees with N3.6b

    The National Pension Commission (PenCom) is wooing retirees receiving their monthly pension through the programmed withdrawal mode, starting from this month with N3.6billion, The Nation has learnt.

    This is coming as the Commission introduced Pension Boost, an initiative that has led to an increase of monthly pension payment from N8.3 billion to N11.9 billion for retirees under programmed withdrawal managed by Pension Fund Administrators (PFAs)..

    The Commission however announced that retirees under life annuity mode managed by insurance companies would not enjoy the enhancement as they are out of the Contributory Pension Scheme (CPS).

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    Director-General of PenCom Ms Omolola Oloworaran who disclosed this yesterday at the second quarter PenCom Press Conference in Lagos added that the pension boost would enable retirees under the programmed withdrawal pension benefit package to received pension enhancements this month of June 2025.

    Oloworaran said: “We are introducing Pension Boost 1.0. effective June 2025. The total monthly pension payment under the CPS will increase from N8.3 billion to N11.9 billion, directly benefiting over 233,000 retirees, depending on their pension account balances.

    “The rise is driven by our new modified standard pension enhancement template, a structured transparent mechanism to adjust pension as invest return increases and this is just the beginning, she submitted”.

  • PenCom gives update on private sector compliance in Q2 2024

    PenCom gives update on private sector compliance in Q2 2024

    • ’35 defaulting employers pay N210m penalty’

    The National Pension Commission (PenCom) has highlighted the compliance level of the private sector on Contributory Pension Scheme (CPS) in Second Quarter, 2024.

    During the quarter under review, the commission said it recovered outstanding pension contributions and penalties from 35 defaulting employers who failed to remit pension contributions as and when due.

    The employers paid N336.255 million comprising principal contributions N125.57 million and penalties of N210.68 million.

    The commission stated that it maintained the services of 25 Recovery Agents (RAs) for the recovery of the unremitted pension contributions and penalties from defaulting employers.

    Meanwhile, the commission said its Secretariat/Legal Advisory Services Department had been requested to take legal action against three defaulting employers.

    In all, the commission said since a total sum of N27.97 billion comprising of principal contributions N13.60 billion and penalties N14.17 billion has been recovered from defaulting employers from commencement of the recovery exercise in June 2012 to June 30, 2024.

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    The report also showed that PenCom processed and issued Pension Clearance Certificates (PCCs) totaling 13,047 PCCs to organisations that met the requirements and the sum of N143.13 billion was remitted into the Retirement Savings Accounts (RSAs) of 188,426 employees of the 13,047 organisations issued PCCs.

    Giving update on Refund of Pension Contributions to Personnel of the Military and Other Security Agencies, the commission said: “The commission received five requests for refund of pension contributions to military personnel and other security agencies. All five requests were processed and the sum of N 0.39 million was refunded to the affected personnel during the quarter.

    “The refund was attributed to the exemption of the Military and other Security Service Agencies from the Contributory Pension Scheme due to the nature of their jobs”.

    On the Nigeria Social Insurance Trust Fund (NSITF) Transfer of NSITF Funds, the Commission said it received twelve batches of NSITF transfer applications from Trustfund Pensions Limited on behalf of 91 NSITF members requesting for the transfer of a sum of N4.33 million into their respective RSAs.

    “The requests were reviewed and approvals granted for the transfer of N3.96 million into the RSAs of the 91 members with various Pension Fund Administrators, having met all the necessary requirements for the transfer of NSITF contributions.

    “However, the outstanding N370,000 was observed to be contributions remitted after the enactment of the PRA 2004 after July 2024, when the NSITF Scheme was terminated thus, the portion of the request was not approved for transfer into RSAs of the members.

    “Also, payment of NSITF Benefits Five batches of applications for NSITF benefits payment were received for the payment of N705,573.54 to 17 NSITF contributors. All the applications were processed. The Commission also granted approval to Trustfund for payment of monthly pension to the tune of N40.24 million to 2,263 NSITF pensioners during the quarter. Thus, from 2006 to date, the total pension payments made to NSITF pensioners from the NSITF Fund amounted to N5.57 billion”, the report read.

  • How expatriates, Nigerians in diaspora can participate in CPS

    How expatriates, Nigerians in diaspora can participate in CPS

    The National Pension Commission (PenCom) has urged Nigerians working abroad and expatriates who are willing to save for their retirement under the Contributory Pension Scheme (CPS) to do so through the Voluntary Contribution (VC) window provided under the scheme.

    According to PenCom, many Nigerians are working abroad due to increased global work mobility just as the country attracts expatriates from various parts of the world.

    The Director-General of the commission, Mrs. Aisha Dahir-Umar, said in some cases, Nigerians who moved abroad for work were enrolled in the CPS and might wish to continue saving for their retirement.

    Similarly, she said foreigners working in Nigeria might be members of various pension plans in their home countries and desired to participate in the CPS while working in the country.

    Recognising these needs, she stated that the commission issued Guidelines for Cross-Border under the Pension Reform Act (PRA) to facilitate the participation of the  workers in the CPS.

    Noting that the PRA 2014 applies to Nigerians working in Nigeria, she said those working abroad are allowed and encouraged to participate in the Scheme.

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    Mrs. Aisha-Umar further said that while the scheme is not mandatory for expatriate employees, such can elect to participate by making voluntary contributions under the CPS.

    She said: “The CPS covers Nigerians working in Nigerian Missions abroad if these workers are employees of Nigerian institutions required to implement the CPS under the PRA 2014, as in the case of career diplomats routinely posted to missions abroad. However, where the Nigerian Missions employ Nigerians as local temporary support staff in the host countries in line with their domestic laws, the PRA 2014 does not apply to these workers.

    “A Nigerian previously working abroad can be part of the CPS if he secures formal employment in Nigeria upon return. Where the returnee is not employed, the person may make voluntary contributions under the Scheme. A person who resigns from an organisation operating in Nigeria and takes up an appointment with an organisation outside Nigeria can make arrangements with the new employer to continue remitting his pension contributions to his RSA in Nigeria. If such an employee chooses to discontinue contribution under the Scheme in Nigeria or where the new employer has an entirely different pension arrangement, he can access his RSA upon retirement or attaining the age of 50 years, whichever is later.

    “Notably, the CPS aims to provide financial security for employees in their retirement years. The CPS requires both employees and employers to contribute at least 18 per cent of the employee’s monthly salary into a Retirement Savings Account (RSA). This account serves as a pool of funds that grows over time, ensuring a stable income for individuals during their retirement.

    “Nigerians working abroad can initiate the process by contacting a Pension Fund Administrator (PFA) through their website or by visiting its offices for information and guidance to facilitate enrolment in the CPS. The PFA will guide them through the account opening process, ensuring the required documents are submitted.”

    The DG explained that where a Nigerian working abroad hadjoined a retirement scheme abroad, the person could repatriate the accumulated benefits to his RSA with a PFA in Nigeria, where the offshore pension legislation permits such transfers. The repatriation of earned benefits must comply with the relevant Exchange Rate and Money Laundering Rules.

    “A Nigerian already contributing to an RSA that is going on transfer abroad or changing employment for another employment abroad should notify his PFA and request the PFA to freeze his RSA until he returns to continue his contributions. The employee shall indicate whether he intends to send voluntary contributions to the RSA.

    “For expatriates working in Nigeria, the process is relatively similar. Any foreign employee in Nigeria is allowed to join the CPS, irrespective of a pension arrangement in his home country. The employee shall inform his employer of his interest in joining the Scheme and open an RSA with a PFA of his choice. Where the employee’s wage is paid in foreign currency, the employer shall convert the contribution to the Naira equivalent and remit it to the Pension Fund Custodian (PFC). In the event of permanent relocation, the expatriate shall give the PFA three months’ prior notice before exiting from the Scheme..

    She maintained that by extending the CPS to Nigerians abroad and expatriates in Nigeria, the government aims to ensure that these individuals can secure their financial future and enjoy a comfortable retirement.

    It is, however, essential for all parties involved to comply with the guidelines set by PenCom towards a seamless process, she noted. 

  • Pension asset grows to N9.58trn

    Moses Emorinken, Abuja

     

    The National Pension Commission (PenCom) has revealed that its pension asset has risen to N9.58trn as at September 2019.

    This was made known on Thursday by the Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar, during a workshop organized by the Commission for journalists in Benin city, Edo state.

    According to her, “As at September 2019, the number of registered contributors under the CPS has grown to 8.85 million while pension fund assets have grown to N9.58 trillion. This growth indeed justifies our emphasis on the safety of pension funds as the bedrock of sustaining the CPS and assure all stakeholders that the pension reform remains steadily on course.

    “These modest milestones notwithstanding, the Commission and Pension Operators are committed to actualizing the growth potentials of the pension industry”.

    In line with the theme of the workshop, ‘Expanding Coverage of the Pension Industry’, Mrs. Umar, explained that the Commission’s strategic focus which aims to expand access to pension via the Contributory Pension Scheme (CPS), is also aimed at expanding coverage of pension through transformational initiatives especially the Micro Pension Plan (MPP).

    The MPP, which was launched in March, 2019 by His Excellency, President Muhammadu Buhari, is targeted at the informal sector and self-employed who are not mandatorily covered under the CPS.

    The PenCom boss also added that: “Enhanced Contributor Registration System (ECRS), which is an in-house developed ICT application which was deployed in June 2019 to enhance the integrity of the contributors’ database, has been integrated with the National Identity Management Commission (NIMC) database to help authenticate the uniqueness of individuals seeking to register under the CPS.

    “The ECRS provides a platform for the registration of Micro Pension Plan participants and is a major step towards the introduction of the transfer window, which will enable contributors change to the PFAs of their choice, in line with Section 13 of the Pension Reform Act (PRA) 2014”.

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    The Executive Director (Technical) of ARM Pension, Mr. Abisola Onigbogi, explained that the informal sector has a huge potential to contribute significantly to the pension sector because apart from having a concentration of 70 per cent of total workforce in Nigeria, it also makes up about 17 million business and contributes 59.7 per cent to the Gross Domestic Product of the country.

    He also stated that efforts are going to ensure partnership with service providers to provide access to basic services such as health care, insurance services among others, with the aim of bringing more persons in the informal sector into the pension scheme as a greater percentage of Nigerians which represent the informal sector are still out of the pension coverage.

    “We need to deepen financial inclusion which stands at 65 per cent through mobile phone subscription. There are currently 172 million mobile subscribers, therefore, we need to make it easier for contributors to contribute to their pension account from the comfort of their mobile phones.

    “Providing means of identification by enrollees has been a major challenge for us, therefore, we are working with the regulators to ensure that the requirements are relaxed a little too encourage more people into the scheme”.

  • ‘PenCom makes great strides in 16 years’

    The National Pension Commission (PenCom) has recorded tremendous achievements in the last sixteen years, its Acting Director-General, Mrs Aisha Dahir, has said.

    She spoke at the pre-retirement workshop for Federal Government (FGN) workers due to disengage in 2020 under the Contributory Pension Scheme (CPS).

    According to her,  the achievement would not have been possible without the support and understanding of all stakeholders, especially the contributors, who are about to retire.

    The workshop, organised for intending retirees in  2020 under the CPS, she said, was very important, adding that the commission considers contributors who are about to join the CPS retirees as very important stakeholders, hence the need for the sensitization workshop.

    According to her, the objectives of the Pension Reform Act (PRA 2014) are to ensure that every person who worked in either the public service of the Federation, Federal Capital Territory, states and local governments, or the private sector receives his retirement benefits as and when due. The objectives include establishing uniform set of rules, regulations and standards for all aspects of pension administration, and payment of retirement benefits to retirees, among others.

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    She said: “As part of our annual regulatory activities, the Commission has commenced the verification of prospective retirees, who will be retiring in the year 2020 from the public service of the Federation. The verification exercise is scheduled to hold from July 1 to August 2, 2019 in 15 centers across the country. The exercise, therefore, necessitated the need to undertake adequate sensitisation and public enlightenment in order to prepare prospective retirees on the steps to take towards a hitch free retirement life.

    “The intending retirees will be sensitised in three arears, which include enrolment exercise and documentation requirements, accessing retirement under the CPS and life in retirement. It is our hope that the workshop would inform them on what they need to know on documentation requirements, payment of retirement benefits and best ways to enjoy life in retirement.”

    In the commission’s pension summary report, she disclosed that pension assets have grown to N9.03 trillion as at March 2019. The assets gained N117 billion between February and March this year, even as N6.51 trillion of the assets was invested in Federal Government of Nigeria securities.

    She noted that the CPS implementation has greatly impacted the economy, stressing that the major visible areas of this impact are the economic and social spheres and that the pension assets, are slowly but surely changing Nigeria’s financial landscape and by extension, the course and pace of our socio-economic development.