The National Pension Commission (PenCom) has announced that pension fund assets under the Contributory Pension Scheme (CPS) have grown to N21.92 trillion as of October 2024, with contributions from 10.53 million registered participants. The Commission projects that the assets will exceed N22 trillion by the end of the year.
PenCom Director-General, Ms. Omolola Oloworaran, shared this during the 2024 PenCom Media Conference in Abuja on Thursday. She reaffirmed the Commission’s commitment to safeguarding contributors’ funds through prudent management and sustainable growth strategies.
“These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth,” Oloworaran said.
Oloworaran highlighted several economic challenges impacting pension funds, including high inflation, naira devaluation, and unorthodox monetary policies, which have eroded the real value of funds and reduced contributors’ purchasing power.
To address these issues, PenCom has reviewed its investment regulations to diversify funds into inflation-protected instruments, alternative assets, and foreign-currency investments.
“Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility,” she added.
The Commission is also prioritizing the expansion of pension coverage, particularly within the informal sector. PenCom plans to revamp the Micro Pension Plan and leverage technology to encourage wider participation, enabling more Nigerians to save for retirement.
On delays in retirement benefit payments for retirees of Federal Government-funded MDAs, Oloworaran revealed that N44 billion has been 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,” she said.
In October, PenCom launched an e-application portal for Pension Clearance Certificates (PCCs), allowing businesses to apply for and receive certificates online. So far, 38,528 PCCs have been issued, enhancing ease of business and compliance.
Oloworaran also highlighted the ongoing implementation of the Pension Industry Shared Service Initiative, aimed at digitizing pension contributions and resolving remittance discrepancies.
To simplify retirement processes, PenCom introduced a revised programmed withdrawal template that facilitates access to voluntary contributions and aligns en-bloc payments with the new minimum wage.
Looking ahead, Oloworaran emphasized plans to integrate technology into all aspects of the pension industry in 2025 to enhance accessibility, reliability, and sustainability.
She called on the media to support PenCom’s efforts by raising public awareness about the CPS, ensuring more Nigerians understand its benefits and opportunities.
