…Announces Over 10.5 Million Contributors

To reduce the burden on retirees occasioned by persistent issue of delays in the payment of accrued rights, the National Pension Commission (PenCom) has launched a determined initiative to ensure retirees receive their benefits in a sustainable way going forward.

In view of this, the Director General (DG) of the Agency, Omolola Oloworaran, who spoke at PenCom Media Conference in Lagos on Thursday said the Commission is working out details of how such benefits are implemented without putting much burden on beneficiaries.

He noted that the Commission has faced the persistent issue of delays in the payment of accrued rights.

According to her, N44 billion was approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023.

However, subsequently, Oloworaran, said that PenCom together with the federal government has commenced a process to put in place a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.

She pointed out that technology has become the backbone of transformation across all sectors including the pension industry, just as the theme of the conference aptly says ‘Tech-Driven Transformation: Shaping the Pension Landscape.’

In her words: “At PenCom, we have embraced this transformation wholeheartedly. Today, we have over 10.5 million contributors and oversee pension assets in excess of 21.9 trillion Naira as of October.

“This progress demonstrates the strength of our contributory pension system, but we are not without challenges. Inflation, for instance, continues to erode the purchasing power of pensioners, and we are actively seeking innovative solutions to address this issue.” she said.

From her assumption of office, Oloworaran

said she has focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimise returns, improving benefits, and expanding coverage to include more Nigerians, especially those in the informal sector.

She also said she is passionate about micro-pension initiative, promising that no one should be left behind, no matter how small their earnings might be.

The DG, emphasised that technology plays a vital role in driving this inclusion, from mobile enrollment to real-time account management to benefits administration and assured the Agency’s determination to use technology to scale the micro-pension plan.

Continuing, she highlighted some of the Commission’s initiatives, stating that this year PenCom, achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October.

This initiative replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online.

Since its deployment, PenCom has issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance.

Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation and this initiative will digitise pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.

To further enhance contributors’ experiences, the Commission has introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage.

These measures are designed to make retirement processes more efficient and user-centric but the DG said she is most excited by the potential to transform lives.

She said: “Every time I meet a pensioner who is able to live comfortably because of the contributions they made during their working years, it reminds me of why this work is so important.

“And every time I hear from a young entrepreneur or artisan who has signed up for the micro-pension scheme, it strengthens my belief that we are moving in the right direction.”