Key Takeaways
- • PenCom has credited accrued pension rights to the Retirement Savings Accounts of enrolled federal employees due to retire up to December 2029, according to Director-General Omolola Oloworaran.
- • Enrolment in the one-time verification exercise closes in December 2026, and eligible employees and MDAs have been urged to complete it before the deadline.
- • The N758 billion Federal Government Pension Bond, approved by President Bola Ahmed Tinubu, has reached 957,045 beneficiaries in settling inherited pension liabilities, some outstanding since 2007.
- • Pension assets rose from N20.79 trillion in July 2024 to N31.48 trillion in June 2026, with 938,229 Nigerians joining the Contributory Pension Scheme over the same period.
- • Retirement benefits that previously took up to 21 months to approve are now processed within 48 hours under a mandatory service standard for Pension Fund Administrators.
Summary
The National Pension Commission (PenCom) has credited accrued pension rights to the Retirement Savings Accounts (RSAs) of enrolled federal employees due to retire up to December 2029, as reported by Vanguard News. Director-General Omolola Oloworaran said the credits were made through a one-time verification and enrolment exercise, and she urged eligible employees and Ministries, Departments and Agencies (MDAs) to complete enrolment before it closes in December 2026.
Oloworaran framed the initiative as part of broader reforms aimed at eliminating delays in retirement benefit payments. She said President Bola Ahmed Tinubu approved a N758 billion Federal Government Pension Bond to settle inherited pension liabilities, some of which had remained outstanding since 2007, and that payments through the bond had reached 957,045 beneficiaries. She also cited the Zero Waiting Time policy, under which retirement benefits that previously took up to 21 months to approve are now processed within 48 hours under a mandatory service standard for Pension Fund Administrators (PFAs), allowing federal retirees to begin receiving pensions as they retire.
Other measures cited included Pension Boost 1.0, which increased monthly pensions for more than 241,000 retirees and raised total monthly payments from N12.15 billion to N14.83 billion. Pensions for 2,116 retirees of the defunct Nigeria Social Insurance Trust Fund (NSITF) were reviewed for the first time in 21 years, producing a 1,173 per cent increase, and N8.70 billion in arrears was paid to affected retirees.
Oloworaran said pension assets grew from N20.79 trillion in July 2024 to N31.48 trillion in June 2026, while 938,229 Nigerians joined the Contributory Pension Scheme in the same period. She also warned employers that failing to remit salary deductions to workers' RSAs constitutes a breach of trust and of the law. PenCom reaffirmed its commitment to strengthening pension administration and urged eligible federal employees to complete verification before the December 2026 deadline.
Oloworaran framed the initiative as part of broader reforms aimed at eliminating delays in retirement benefit payments. She said President Bola Ahmed Tinubu approved a N758 billion Federal Government Pension Bond to settle inherited pension liabilities, some of which had remained outstanding since 2007, and that payments through the bond had reached 957,045 beneficiaries. She also cited the Zero Waiting Time policy, under which retirement benefits that previously took up to 21 months to approve are now processed within 48 hours under a mandatory service standard for Pension Fund Administrators (PFAs), allowing federal retirees to begin receiving pensions as they retire.
Other measures cited included Pension Boost 1.0, which increased monthly pensions for more than 241,000 retirees and raised total monthly payments from N12.15 billion to N14.83 billion. Pensions for 2,116 retirees of the defunct Nigeria Social Insurance Trust Fund (NSITF) were reviewed for the first time in 21 years, producing a 1,173 per cent increase, and N8.70 billion in arrears was paid to affected retirees.
Oloworaran said pension assets grew from N20.79 trillion in July 2024 to N31.48 trillion in June 2026, while 938,229 Nigerians joined the Contributory Pension Scheme in the same period. She also warned employers that failing to remit salary deductions to workers' RSAs constitutes a breach of trust and of the law. PenCom reaffirmed its commitment to strengthening pension administration and urged eligible federal employees to complete verification before the December 2026 deadline.
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