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Tag: PenCom

  • PenCom raises capital base for PFAs to N20bn, PFCs to N25bn

    PenCom raises capital base for PFAs to N20bn, PFCs to N25bn

    The National Pension Commission (PenCom) has raised the minimum capital requirement for Pension Fund Administrators (PFAs) from N5billion to N20billion and Pension Fund Custodians (PFCs) from 2billion to N25 billion.

    The PFAs and PFCs have  up to December 31, 2026 while they would subsequently be monitored by the commission every two years based on the audited financial statements of the operators, and any shortfall shall be made up within 90 days.

    This was revealed in a revised circular released and signed by the Director of Surveillance Department, A.M. Saleem.

    According to PenCom, the new model aligned the capital requirement with the pension assets under management (AUM) and assets under custody (AUC) of the PFAs and PFCs, respectively.

    According to the commission, for PFAs, operators with AUM of N500 billion and above will be required to maintain a capital base of N20 billion plus 1 percent of AUM.

    Read Also: PenCom moves to improve welfare of police retirees, assures payment of arrears

    Also, PFAs with AUM below N500 billion are to maintain a capital base of N20 billion.

    PenCom stated that aside from the PFCs upward review to N25 billion, they are also expected to provide 0.1 percent of their AUC.

    The circular read: “The minimum capital requirement for PFC business had not been reviewed since it was established at N2 billion in 2004,

    “The operating landscape of PFC business has evolved significantly over 21 years, marked by exponential growth in AUC and increased complexity of operational activities requiring deployment of robust technology, cybersecurity and staff welfare.

    “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management in the operations of the PFC business,” PenCom stated.

  • PenCom to redesign Micro Pension Plan beyond 200,000 contributors

    PenCom to redesign Micro Pension Plan beyond 200,000 contributors

    • Plans name change to Personal Pension Plan

    Only 200,000 workers out of 80million informal sector workforce have been captured under Micro Pension Plan since its launch in 2019.

    This has triggered the regulatory authority, the National Pension Commission (PenCom) to redesign the plan, with a new tittle named, ‘Personal Pension Plan’

    The commission expects it to increase the uptake of micro pension and deepen financial inclusion in the informal sector.

    The Director-General, PenCom, Ms Omolola Oloworaran, made this known at the 2025 Annual Conference of the Nigerian Association of Insurance and Pension Editors, with the theme, “Strengthening Insurance and Pension Frameworks for Better Economy.”

    Micro Pension Plan is an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three employees to make financial contributions towards the provision of a pension for their retirement or upon incapacitation.

    Oloworaran who was represented by Head, Corporate Communications, PenCom, Mr. Ibrahim Buwai, averred that the majority of the Nigerian workforce is in the informal sector.

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    She said: “Let’s talk about this issue of expanding the CPS towards increasing financial inclusion to grow the informal sector. Even though the data out there puts the Nigerian labour force between 70 million to 80 million, the consensus there is that the labour force out there largely resides in the informal sector.

    “How we bring the informal sector under the scheme is made even more important in a country like Nigeria, in order to strengthen the social safety net is not that strong.

     Pension is what will come in handy to achieve that. The plan was launched in 2019 by PenCom), but unfortunately, it has not gained much traction as it has only about 200,000 contributors registered under that plan with an asset of about a billion naira, which is very insignificant.

    “What we are engaged in doing now is looking at totally redesigning that product. And in the next few weeks, we are going to come out with a newly branded micro pension plan now called Personal Pension Plan. We recognise the issues with the product.

     One of the key element of the product is that it is going to be stratified to recognise various segments of the sector. The new plan will be tailored towards the entire sector to cover Artisans, professionals, entertainers, sportsmen, amongst others.

    “But the most important thing is to address the challenges especially around onboarding. I am happy because even the keynote speaker mentioned technology-enabled onboarding, so that is part of what we are looking at. We will put technology in place so that onboarding can be as simple as going to the POS to withdraw or lodge money,” Ms Oloworaran said.

    The PenCom DG also disclosed that with the increase in FinTech, the regulators were considering a Super Agent model for the onboarding in close collaboration with Pension Fund Administrators (PFAs).

    On the deployment of pension fund to economic development, PenCom said it is one area it was focusing on.

    “At the moment, we are renewing impetus to ensure that pension funds are invested in infrastructure, private equity etc. This is a two-pronged approach. Apart from the issue of economic development, we are also concerned about the real returns on investment for the benefit of the retirees and contributors. This is to ensure that the real purchasing power of retirees is well protected”, she added.

  • CPS: Pensioners call for end to delay in pension increases

    CPS: Pensioners call for end to delay in pension increases

    The Contributory Pensioners Union of Nigeria (CPUN) have called on the National Pension Commission (PenCom) to pay the backlog of pension entitlements as promised by the Federal Government to all categories of contributory pensioners.

    This is coming on the heels of the announcement by PenCom in February this year, to float N758billion Bond for the purpose of offsetting pension liabilities under the Contributory Pension Scheme (CPS).

    The contributory pensioners under the CPUN said they have been waiting patiently but the payment has not been made.

    They lamented that many of their members have died without being paid their benefits, crying that they want to receive theirs while alive.

    The Chairman, Prince Akingbade Ajibade, made this known in Communiqué arising from the deliberations of Ibadan branch on the situation of the impending payments of backlog of pension entitlements as promised by the Federal Government to all categories of contributory pensioners.

    Ajibade also called for a revisit of the issue of palliative allowance of N32,000 which the President ordered to be paid to existing pensioners.

    He said: “”Members received with utmost appreciation, the Federal Government, through President Bola Ahmed Tinubu on the historic relief to wipe out the outstanding pension backlog of the contributory pensioners as published in The Nation issue on Wednesday, February 19th, 2025.

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    He said: “In that instance, the Federal Government had consequently committed a huge amount of N758billion Bond for this purpose, which was additionally intended to clear all pension increases since 2007 till date -a backlog that burdened retirees in contributory counterpart for over a decade.

    “These included 15per cent, and 33 per cent and the consequential allowances of salary increase till date, a fulfillment of which only our PTAD counterparts had been enjoying since whenever salaries increase. Our members equally underscored all government’s efforts in collaboration with the Debt Management Office (DMO) in this regard up to date.

    “Furthermore, contributory pensioners are all the same very expectant of palliative promised by President Tinubu. The issue of the palliative allowance of N32,000 should be resolved and paid to existing pensioners.

    “Even though the issue of the payment of gratuity as enshrined in the old pension regime had been another naughty issue being pursued by our national body, we are all the same hopeful that pensioners too will very soon be happy that they served their fatherland meritoriously”, he added.

  • PenCom moves to improve welfare of police retirees, assures payment of arrears

    PenCom moves to improve welfare of police retirees, assures payment of arrears

    The National Pension Commission (PenCom) has reassured retired officers of the Nigeria Police Force of the federal government’s commitment to addressing their pension concerns and improving their living conditions.

    The Federal Commissioner, Inspectorate Department of PenCom, Chief Sam Chigozie Uwandu, gave the assurance during his maiden official visit to police retirees in Enugu State.

    Chief Uwandu disclosed that under President Bola Ahmed Tinubu’s administration, plans are underway to clear all outstanding arrears owed to police retirees.

    He further revealed that the federal government has approved the payment of 200 percent gratuity based on retirees’ last emoluments.

    According to him, PenCom is also negotiating for retirees to receive between 75 and 100 percent of their last monthly salaries as lifetime pensions.

    “The commission and the presidency are deeply concerned about the inadequate pension payouts to police retirees. We are committed and working hard to bring this situation to an end within the limits of the law,” Uwandu said.

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    He explained that the meeting in Enugu was initiated to create a platform for retirees to directly air their grievances, experiences, and demands, especially regarding calls to exit the Contributory Pension Scheme (CPS).

    Uwandu said the commission was exploring practical and sustainable solutions to improve the general welfare of police retirees.

    While applauding the retirees for their sacrifices and continued service to the nation despite current security challenges, the commissioner conveyed the goodwill of PenCom’s Director General, Ms. Omolola Oloworaran, and President Tinubu, who, he said, remain sympathetic to the fiscal hardship confronting retirees due to low pension benefits.

    He called on the retirees to continue supporting the President in his efforts to reposition the nation under the Renewed Hope agenda.

  • PenCom to sanction PFAs over forced pension fund transfer

    PenCom to sanction PFAs over forced pension fund transfer

    Pension Fund Operators despite being the holders of the Pension Reform Act 2014 is contravening the law that allows their employees choose any PFA of their choice to manage their pension funds other than one that is their employer.

    They are coercing their employees including vendors to open or transfer their Retirement Savings Accounts (RSAs) with specific Pension Fund Administrators (PFAs), particularly those directly affiliated with the employer or indirectly through custody of their pension assets with Pension Fund Custodians (PFCs).

    To this end, the National Pension Commission has threatened criminal prosecution against any employer or individual infringing on employees’ statutory rights to choose their PFA or transfer their RSA.

    The commission issued a warning circular to all licensed Pension Fund Operators And Employers in a circular dated June 16, 2025 and titled “Illegal And Unethical Practices Regarding Opening of RSA And RSA Transfer” and signed by Head, Surveillance Department, A. M. Saleem.

    The circular read: “The commission has observed with concern the illegal and unethical practices by certain financial institutions and employers, where their employees and that of their vendors are being coerced or unduly influenced to open or transfer their RSAs with specific PFAs, particularly those directly affiliated with the employer or indirectly through custody of their pension assets with PFCs.

    “This practice is unacceptable and constitutes a clear violation of the following provisions of the Pension Reform Act (PRA) 2014 and relevant Regulation/Circular issued by the Commission. Section 11(1) of the PRA 2014 provides that every employee to whom the Act applies shall maintain a RSA in his/her name with any PFA of his/her choice. Section 13 of the PRA 2014 also provides that subject to the Guidelines issued by the Commission, a holder of RSA maintained under the Act may, not more than once in a year, transfer his/her account from one PFA to another.

    Section 2.3 of the Commission’s Circular ref: PENCOM/INSP/CIR/SURV/20/131, dated 14 August 2020 on RSA Transfers, explicitly prohibits employers from influencing the choice of PFA by employees.

     “The choice of PFA and RSA Transfer are the statutory rights of the RSA holders and must not, under any circumstance, be influenced by their employers or their affiliates. Any act of inducement or compulsion whether direct or indirect undermines the integrity of the CPS and the credibility of the RSA Transfer Process”.

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    PenCom further stated: “Accordingly, the Commission hereby issues the following warning and directives to all Licensed Pension Fund Operators (LPFOs) and employers: LPFOs must not collude with employers or their agents to solicit, influence or coerce employees to open RSAs or transfer their accounts with a specific PFA.

    “PFCs are reminded of their fiduciary responsibility and must report any attempt by affiliated PFA(s) or employer to compromise the statutory rights of RSA Holders. Employers, particularly financial institutions, are strictly prohibited from interfering with the statutory rights of their employees or that of their vendors regarding the choice of PFA and RSA Transfer .

    “The Commission shall not hesitate to take appropriate regulatory and legal actions on any LPFO or employer found to contravene the directives. This include Imposition of monetary penalties and other regulatory sanctions as deemed necessary by the Commission in line with the provisions of extant Regime of Sanctions and Penalties.

     “Suspension of RSA Transfer window for the affected PFA, such that it can only participate as a Transferring PFA and not a Receiving PFA; and Criminal prosecution of any employer or individual infringing on employees’ statutory rights to choose their PFA or transfer their RSA, contrary to the provisions of the PRA 2014 and relevant extant subsidiary legislations issued by the Commission. This Circular takes effect immediately”, PenCom stated.

  • PenCom to raise funds limit for infrastructure, equity investment

    PenCom to raise funds limit for infrastructure, equity investment

    The National Pension Commission (PenCom), is considering a review of the limit of funds that Pension Fund Administrators (PFAs) can invest in alternative assets..

    The proposed review, epected to come on stream by the end of the third quarter, will raise the percentage of funds available for PFAs to invest in alternative assets. 

    The measure dovetails into the Commission’s goal to eliminate threats posed by rising inflation against pension funds. PenCom spokesperson, Ibrahim Buwai confirmed this development to reporters yesterday.

    The Commission stated: “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.

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    “The limit being considered could be released before the end of the third quarter (Q3) of the year. The review 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.

    Pension fund managers had asked PenCom to grant them greater flexibility to invest beyond fixed-income securities, which account for 62 per cent of their assets.”

    Sequel to this, the imbalance in the investments of pension fund assets, 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.

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

    The Director-General of PenCom Ms Omolola Oloworaran, disclosed in June during a sensitisation workshop organised by the Pension Industry in partnership with FSDA-Africa, on ‘Investment In Alterative Assets For Chairpersons Of Board Investment Strategy And Risk Management Committees Of Pension Fund Administrators(PFAs) in Lagos 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 this potential shift comes as part of efforts to optimize returns for pension contributors, amid evolving market conditions and the need for more resilient, higher-yield investment options.

    According to her, alternative assets provide a complimentary pillar to core investment strategies of pension funds offers.

    She said: “Investments in infrastructure and private equity, in particular, help align pension fund portfolio with their investment horizon, provide opportunities for diversification of pension assets and enhance risk adjusted returns.

     “As chairpersons of the Investment Strategy and Risk Committees, you occupy a position of trust. You have a fiduciary duty, a legal and ethical obligation to act in the best interests of Retirement Savings Account holders at all times. This responsibility includes ensuring that investment decisions are based on sound strategy, robust risk assessments, and are compliant with the guidelines issued by the Commission.

     “Fiduciary responsibility also means independence of thought. It means resisting undue influence, asking hard questions, and insisting on transparency. It requires that every investment decision is not only justifiable on paper but also defensible in principle. You must continuously interrogate whether your PFAs’ investment strategy aligns with the long-term liabilities of the pension scheme and reflects a prudent balance of risk and return.”

    The PenCom boss said the global financial landscape is becoming more complex, with growing exposure to market volatility, geopolitical uncertainties, and evolving asset classes.

    “In this context, it is no longer sufficient to rely on traditional investment approaches. Your committees must deepen oversight of risk management frameworks, ensure scenario analyses are robust, and advocate for portfolio diversification into permissible but less correlated asset classes such as infrastructure, private equity, and sustainable investments within the confines of regulation,” she said.

    She further stated that a major goal of the workshop is to offer practical insights into the potentials benefits of the alternative asset class and explore how pension funds can effectively leverage these opportunities to mitigate portfolio concentration risk, enhance investment returns, and achieve sustainable growth.

    “The overarching theme of investment in the pension industry has consistently been the preservation of capital and generation of fair returns. However, the misperception of safety with liquidity has limited the ability of PFAs to optimally deploy pension funds under their management. Consequently, the Nigerian pension funds are yet to fully optimized investment potentials, despite the favourable long-term demography of members,” she maintained.

  • PenCom rejects NLC’s claims on workers’ pension funds

    PenCom rejects NLC’s claims on workers’ pension funds

    The National Pension Commission (PenCom) has said the allegations by the Nigeria Labour Congress (NLC) on the management of pension funds and non-inauguration of PenCom’s governing boards are incorrect and misleading.

    NLC President Joe Ajaero had accused PenCom of sidelining workers and employers in the management and investment of their pension contributions.

    Ajaero had also accused the commission of operating without a properly inaugurated board, as well as engaging in unauthorised spending.

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    The labour union issued a two-week ultimatum to PenCom to inaugurate its board and provide a comprehensive status report on the funds.

    The umbrella labour union wrote a letter to the commission on August 13, communicating the resolutions of its Central Working Committee (CWC) meeting, which re-echoed the same issues as the initial letter. 

    But in a statement by its Acting Director of Corporate Communications, Ibrahim Garba Buwai, PenCom assured the nation that pension funds are safe and secure.

    The commission explained that it does not directly invest pension funds.

    It said only licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) manage and safeguard the investments under strict regulations and supervision.

    “It is, therefore, incorrect to suggest that contributors and employers are kept in the dark about investments of pension funds. Equally, there is nothing to suggest that the funds are in any jeopardy. In the letter written by NLC, this is a possible sinister motive, as the commission has always operated with transparency and accountability,” PenCom said.

    Reacting to NLC’s complaint about the non-inauguration of the commission’s board, PenCom stressed that the inauguration of the governing board was beyond its control.

    The commission explained that while Section 19 of the Pension Reform Act (PRA), 2014, provides for its establishment, the appointment of board members is strictly the prerogative of the President, subject to the Senate’s confirmation.

    PenCom reminded the NLC that by virtue of the provisions of PRA 2014, the union is one of the 10 institutions represented on the commission’s board.

    It added that the President has the prerogative of appointing the other six members, comprising the Chairman, the Director General, and the four Executive Commissioners. “It is clear that the NLC is well aware that it is outside the purview of PenCom to appoint a Board for itself,” the statement said.

    PenCom assured the NLC that the appointment of board members was not a matter of concern, as the Federal Government had taken steps to address the issue.

    Reacting to NLC’s allegation on the budget and spending process, PenCom dismissed claims of unauthorised spending, explaining that the National Assembly, as provided under the Constitution, approves the commission’s budget, regardless of whether a board is in place or not.

    In the letter, PenCom drew the attention of the NLC to the fact that all its procurement activities are undertaken in accordance with the Public Procurement Act, 2007.

  • PenCom dismisses NLC allegations on pension fund mismanagement

    PenCom dismisses NLC allegations on pension fund mismanagement

    The National Pension Commission (PenCom) has rejected allegations by the Nigeria Labour Congress (NLC) over the management of workers’ pension funds and the non-inauguration of its governing board, describing the claims as “incorrect and misleading.”

    NLC President Joe Ajaero had accused PenCom of excluding workers and employers from decisions on pension fund investments, operating without a board, and engaging in unauthorised spending. 

    The union gave PenCom a two-week ultimatum to inaugurate its board and provide a detailed status report on pension contributions. It also restated its demands in a follow-up letter dated August 13, 2025.

    In a statement signed by its Acting Director of Corporate Communications, Ibrahim Garba Buwai, PenCom reassured contributors that pension assets remain “safe and secure.”

    Read Also: PenCom moves to prosecute 12 recalcitrant employers

    The commission clarified that it does not directly invest funds but regulates and supervises licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) that handle investments.

    “It is therefore incorrect to suggest that contributors and employers are kept in the dark,” the statement read. “There is no evidence that funds are in jeopardy. The allegations appear unfounded as the commission operates transparently and in line with the law.”

    Addressing the board issue, PenCom noted that while the Pension Reform Act (PRA) 2014 provides for a governing board, the appointment of its members is solely the prerogative of the President, subject to Senate confirmation. It added that the NLC itself is among the 10 institutions represented on the board once constituted.

    On claims of unauthorised spending, PenCom explained that all budgets are approved by the National Assembly as required by law, even when a board is not in place. It stressed that procurement and financial activities are carried out in line with the Public Procurement Act 2007.

    Reaffirming its willingness to engage with organised labour, PenCom highlighted the NLC’s historic role in shaping pension reforms and urged continued collaboration as the Federal Government moves to resolve the pending board appointments.

  • Retired Police officers reject further talks with PENCOM DG, insist on exit from CPS

    Retired Police officers reject further talks with PENCOM DG, insist on exit from CPS

    The Nigerian Union of Retired Police Officers under the Contributory Pension Scheme (CPS) has rejected further engagement with the Director-General of the National Pension Commission (PENCOM), Ms. Omolola Bridget Oloworaran, insisting on their exit from the scheme.

    The retirees reiterated their demand for the establishment of a Nigeria Police Pension Board and the transition of police personnel to the Defined Benefit Scheme (DBS). They said only such steps would address the decades-long pension crisis bedeviling retired officers.

    This was contained in a statement issued in Kaduna and signed by the Kaduna State Chairman, CSP Mannir M. Lawal (Rtd), on behalf of 35 other state chapters. He said members unanimously resolved to boycott future meetings with the PENCOM boss, describing further talks as a waste of time.

    According to Lawal, the union had clearly communicated its position during the 7th August 2025 meeting with the DG and expected immediate action rather than more dialogue. “We urge the DG to focus on implementing our demands, not endless discussions,” he stressed.

    Read Also: PenCom moves to prosecute 12 recalcitrant employers

    It would be recalled that the union, alongside its 35 state chapters and the FCT, staged what it called the ‘Mother of All Peaceful Protests’ in Abuja on July 21, demanding removal from the CPS and creation of a Police Pension Board. The protest drew solidarity from activists including Omoyele Sowore and Dan Bello.

    Following the protest, PENCOM’s DG met with selected union leaders where she urged them to remain under the CPS, citing alleged past fraud in the DBS. But the retirees dismissed her argument, blaming corruption by administrators, not the scheme itself, for past failures.

    Though Oloworaran promised to reconvene another meeting within two weeks, the retirees have resolved not to attend, insisting that their demands must be implemented first.

    An official letter conveying their stance has been sent to the PENCOM DG, with copies to the Inspector-General of Police, the Senate President, the DSS, and the Chief of Staff to the President.

  • Pencom seeks increase in Fed Govt’s police pension contribution

    Pencom seeks increase in Fed Govt’s police pension contribution

    Weeks after retired policemen and officers protested over their poor pension, the National Pension Commission (PenCom) has urged the Federal Government to raise its pension contribution for serving police officers from 10 to 20 per cent.

    The commission, which expressed reservations over the call  by the retirees  for their removal from the Contributory Pension Scheme (CPS), said it  was  ‘’working on solutions that can be achieved within the CPS framework.”

    It gave an assurance that reforms that would improve the conditions of police retirees were in the offing.

    One of the initiatives is a proposal for a   Health Insurance Scheme in which the monthly pension of police officers would be  75 per cent of their salaries as of the time of their retirement.

    Read Also: PenCom urged to invest 65% of pension fund in private equity

    The others are for the expansion of the Police Retirement Resettlement Fund and the overhaul of the police pension structure.

    The Commission’s Director-General, Ms. Omolola Oloworaran, dropped these hints yesterday during a visit to the Inspector-General of Police (IGP) Kayode Egbetokun at the Louis Edet  Force Headquarters in  Abuja.

     At the meeting were senior members of PenCom management team,  top police officers and the leadership of NPF Pensions Limited – the body that manages police pension assets.

    Retired policemen and officers, who last month protested at the Force Headquarters in Abuja, called for the establishment of a Police Pension Board to bring all police retirees under one umbrella.

    Ms. Oloworaran, according to a statement by PenCom,  said it was imperative for the commission and the Police to work harmoniously to address pension concerns and improve retirement benefits for officers.

    The statement reads: “She reminded officers that the CPS was introduced to correct flaws in the old Defined Benefits Scheme (DBS), which was unfunded, lacked transparency and often left many retirees in financial distress.

    “The DG acknowledged the challenges, but stressed that PenCom is working on solutions that can be achieved within the CPS framework.

    “On calls for the police to exit the CPS, Ms. Oloworaran said such a move is unnecessary and counter-productive, emphasising that the issues can be resolved within the scheme.

    “She urged patience and continued dialogue as PenCom and the NPF implement these reforms.

    ”She also advocated for the Federal Government to raise its pension contribution for police officers from 10 per cent to 20 per cent, noting that this will substantially boost retirement savings.”

    Oloworaran expressed gratitude to the Police leadership  “for its tireless service to the nation.”