The National Pension Commission (PenCom) has reaffirmed its commitment to closer collaboration with the Trade Union Congress of Nigeria (TUC) to strengthen the Contributory Pension Scheme (CPS) and ensure greater compliance by employers.
PenCom Director-General, Ms. Omolola Oloworaran, gave the assurance during a courtesy visit to the TUC President, Comrade Festus Osifo, in Abuja on 24 September 2025. She was accompanied by the Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, and other senior management staff of the Commission.
Acknowledging the TUC’s invaluable role as a member of the PenCom Governing Board, Oloworaran stressed the need for more structured stakeholder engagements between the two organisations to safeguard workers’ retirement benefits.
She reminded employers that under the Pension Reform Act (PRA) 2014, they are legally obliged to remit pension contributions for their employees. She urged the TUC to support PenCom in enforcing compliance, noting that timely remittances were crucial to securing workers’ financial stability in retirement.
On ongoing reforms, the PenCom chief disclosed that the Commission is addressing value erosion in pension savings by finalising a revised Investment Regulation, which will expand opportunities in alternative assets and improve real returns. She further revealed that PenCom is collaborating with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on mechanisms to allow pension investments in naira while generating returns in dollars.
Oloworaran also announced plans to introduce a minimum pension for all retirees under the CPS, enabled by President Bola Tinubu’s approval of a N758 billion bond to fund the Pension Protection Fund (PPF). The initiative, she said, would guarantee retirees a more dignified standard of living.
In his response, Comrade Osifo commended PenCom for its professionalism, integrity, and effectiveness, describing it as one of Nigeria’s best-performing institutions. He pledged TUC’s continued support in driving employer compliance, while condemning the practice of deducting pension contributions without remittance—a trend he said undermines savings and often sparks industrial disputes.
Osifo also advocated a review of the PRA 2014 to introduce greater flexibility in pension fund investments, thereby protecting contributors’ savings against inflation and exchange rate volatility.
Both organisations agreed to work more closely
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