Key Takeaways
- • PenCom has tasked Pension Fund Administrators and other industry stakeholders with opening three million additional funded Retirement Savings Accounts by the end of 2027, according to Tribune Online.
- • PenCom Director-General Omolola Oloworaran said the owners of all pension fund administrators have committed to delivering three million new funded active accounts, not merely registrations.
- • Pension assets rose from ₦20.79 trillion in July 2024 to ₦31.8 trillion by August 2026, per the director-general.
- • The President has approved the first-ever exit benefit for retirees of Federal Government treasury-funded MDAs, presented as a symbolic cheque at the event.
- • Oloworaran called for competitive real returns above inflation and for the private sector to join the Federal Government in funding the Pension Protection Fund.
Summary
The National Pension Commission (PenCom) has set a target of opening three million additional funded Retirement Savings Accounts by the end of 2027, tasking Pension Fund Administrators (PFAs) and other industry stakeholders with the goal. Director-General Omolola Oloworaran made the announcement on Thursday at the National Pension Conference and Awards in Abuja, according to Tribune Online.
Oloworaran said the industry's next decade rests on five reforms, the first being a shift from payroll-based coverage to population-wide coverage. Through the Personal Pension Plan (PPP), accredited pension agents and other initiatives, PenCom aims to extend pension coverage to workers in markets, motor parks, farm clusters and on mobile phones. She stressed that the target concerns funded active accounts rather than registrations, and said the owners of all PFAs have committed to it.
The director-general also called on the private sector to join the Federal Government and the pension industry in funding the Pension Protection Fund. She emphasised that the industry must deliver competitive real returns above inflation, describing pensions as "a right within reach of all." A second reform, she said, is a shift from savings to security, so that no Nigerian who served and saved for retirement grows old in want.
Oloworaran disclosed that pension assets rose from ₦20.79 trillion in July 2024 to ₦31.8 trillion by August 2026. She also stated that the President approved the first-ever exit benefit for retirees of Federal Government treasury-funded ministries, departments and agencies, with a symbolic cheque presented at the event. The summit focused on pension reforms and collective industry efforts to strengthen the sector.
Oloworaran said the industry's next decade rests on five reforms, the first being a shift from payroll-based coverage to population-wide coverage. Through the Personal Pension Plan (PPP), accredited pension agents and other initiatives, PenCom aims to extend pension coverage to workers in markets, motor parks, farm clusters and on mobile phones. She stressed that the target concerns funded active accounts rather than registrations, and said the owners of all PFAs have committed to it.
The director-general also called on the private sector to join the Federal Government and the pension industry in funding the Pension Protection Fund. She emphasised that the industry must deliver competitive real returns above inflation, describing pensions as "a right within reach of all." A second reform, she said, is a shift from savings to security, so that no Nigerian who served and saved for retirement grows old in want.
Oloworaran disclosed that pension assets rose from ₦20.79 trillion in July 2024 to ₦31.8 trillion by August 2026. She also stated that the President approved the first-ever exit benefit for retirees of Federal Government treasury-funded ministries, departments and agencies, with a symbolic cheque presented at the event. The summit focused on pension reforms and collective industry efforts to strengthen the sector.
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