National Pension Commission (PenCom) has initiated a comprehensive review of the investment regulations for pension funds aimed at 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,” the director general of PenCom Omolola Oloworaran made the disclosure during the 2024 PenCom Media Conference in Abuja.
The DG also said high inflation, the devaluation of the Naira, and the lingering effects of unorthodox monetary policies have eroded the real value of pension funds, impacting contributors’ purchasing power.
As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92 trillion. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth.
The DG said the economic realities of 2024 and preceding years present unique challenges for the pension sector and the nation’s economy.
Oloworaran said as of October 2024, the Contributory Pension Scheme has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92 trillion. “These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth,” she said yesterday.
Speaking to the theme of this conference, “Tech-Driven Transformation: Shaping the Pension Landscape,” Oloworaran said PenCom aims to transform service delivery, improve transparency, and drive efficiency across the pension industry.
She said expanding pension coverage remains a top priority for the commission.
PenCom’s revamped Micro Pension Plan leverages technology to incentivise informal sector participation, making it easier for everyday Nigerians to save for retirement, an initiative she said aligns with the commission’s vision of inclusive growth and financial security for all.
Oloworaran told journalists that the commission is also addressing delays in retirement benefit payments to retirees of federal government treasury-funded MDAs.
Recently, N44 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 institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.
She said her commission is shaping a future where the CPS becomes more accessible, reliable, and sustainable.
