The National Pension Commission (PenCom) has disclosed that total Pension Fund Assets in October 2024 surged to N21.92 trillion.
This represents an increase of N1.13 trillion when compared to the N20.79 trillion recorded in July.
This is even as the Contributory Pension Scheme (CPS) increased to 10.53 million registered contributors.
These developments were announced by Omolola Oloworaran, Acting Director-General (DG) of PenCom while speaking at a media conference themed ‘Tech-Driven Transformation: Shaping the Pension Landscape’ in Abuja on Thursday.
The DG said the achievement reflects the commission’s unwavering commitment to fund safety, prudent management, and sustainable growth.
However, Oloworaran said the economic realities of 2024 and preceding years present unique challenges.
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“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,” she said.
“To address these challenges, PenCom has initiated a comprehensive review of the investment regulations, focusing on 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.”
Speaking on plans to improve PenCom’s services, Oloworaran said the commission revamped its micro pension plan and leveraged technology to incentivise informal sector participation.
As a result, she said the move has made it easier for everyday Nigerians to save for retirement.
“This initiative aligns with our vision of inclusive growth and financial security for all,” she added.
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“We are 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 also said PenCom is harnessing technology for enhanced pension administration.
“By leveraging innovation, we aim to transform service delivery, improve transparency, and drive efficiency across the pension industry,” Oloworaran said.
Oloworaran also said the commission launched an e-application portal for pension clearance certificates (PCC) in October.
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With the portal, Oloworaran said companies can seamlessly apply for and receive PCCs online, adding that 38,528 PCCs have been issued so far – thereby enhancing ease of doing business and ensuring compliance.
“Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation,” she added.
“This initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.”
The DG said to further enhance contributors’ experiences, PenCom introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage.
Oloworaran said this would go a long way to make retirement processes more efficient and user-centric.
