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Tag: Pencom

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PenCom, HOS partner on gratuity framework for civil servants

The National Pension Commission and the Office of the Head of the Civil Service of the Federation have agreed to collaborate on developing a gratuity framework for civil servants in treasury-funded ministries, departments, and agencies under the Contributory Pension Scheme. PenCom disclosed this in a statement on Tuesday, following a courtesy visit by its Director-General, […]

News

PenCom launches N1.3b recovery drive for journalists’ unpaid pension contributions

The National Pension Commission has launched a recovery effort to secure over N1.3 billion in unpaid pension contributions owed to journalists by newspaper organizations across Nigeria, according to PenCom Director-General, Ms. Omolola Oloworaran. Speaking during a visit to the Nigerian Press Council in Abuja, Oloworaran highlighted widespread non-compliance with the Pension Reform Act 2014 (PRA […]

Business

PenCom targets power firms in crackdown on pension non-compliance

The National Pension Commission is escalating its efforts to recover billions of naira in unpaid pension contributions from electricity generation and distribution companies, signaling a crackdown on non-compliance in the power sector. In a statement on Sunday, PenCom Director-General, Omolola Oloworaran recently led a delegation to the Nigerian Electricity Regulatory Commission, urging the regulator to […]

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PenCom grants PFAs full authority to approve retirement benefits

The National Pension Commission has introduced a new directive that empowers Pension Fund Administrators to approve and process various categories of retirement benefits without prior authorization from the commission. This policy, set to take effect on June 1, 2025, aims to streamline pension payments and eliminate bureaucratic bottlenecks within Nigeria’s Contributory Pension Scheme. Previously, PFAs […]

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Deceased retirees’ relatives receive N274bn in death benefits – PenCom

The National Pension Commission has disbursed N274.34 billion in death benefits to 45,976 beneficiaries over the past five years. This was revealed in its latest Pension Industry Performance Dashboard. The payments were made to the legal beneficiaries of deceased contributors under the Contributory Pension Scheme. Data from PenCom shows that 2024 recorded the highest death […]

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Retirees to receive pension boosts from 2007 – PenCom

The Director-General of the National Pension Commission, Ms. Omolola Oloworaran, has announced that retirees will soon receive the benefits of pension increases dating back to 2007. This development follows the Federal Government’s approval of a ₦758 billion bond aimed at clearing all outstanding pension liabilities under the Contributory Pension Scheme. This was disclosed by Oloworaran […]

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Living wage approved for retired low-income earners – PenCom

The National Pension Commission has unveiled plans to ensure a living wage for retired low-income earners. This follows the Federal Government’s approval of a ₦758 billion bond aimed at clearing all outstanding liabilities under the Contributory Pension Scheme. This was disclosed by the Director-General of PenCom, Omolola Oloworaran, at a press conference in Abuja on […]

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PenCom to restructure micro-pension scheme

The Director-General of the National Pension Commission, Omolola Oloworaran, has announced plans to remodel the micro pension scheme to enhance participation. Oloworaran made this disclosure at the 2024 PenCom Media Conference held in Lagos. Micro pensions are tailored for individuals in the informal sector, such as self-employed workers, traders, and artisans, who lack access to […]

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Pension fund assets reach N21.92tn in October

The National Pension Commission has reported that total pension fund assets under the Contributory Pension Scheme reached N21.92tn as of October 2024, driven by contributions from 10.53 million registered participants. The commission projects the assets will exceed N22tn by year-end. The was disclosed by the Director-General of PenCom, Ms Omolola Oloworaran, during the 2024 PenCom […]

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PenCom lifts ban on PFAs investment in commercial papers

The National Pension Commission has lifted its ban on Licensed Pension Fund Administrators investing in commercial papers managed by non-bank capital market operators serving as Issuing and Paying Agents. This follows steps taken by the Securities and Exchange Commission to resolve regulatory concerns regarding these operators’ roles in such transactions, paving the way for increased […]

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PenCom approves full withdrawal of savings for low-income retirees

The National Pension Commission has clarified that low-earning pensioners can now withdraw their total retirement savings at once or opt to continue receiving monthly pensions while awaiting the implementation of the Minimum Pension Guarantee. This directive was outlined in a memo signed by the Head of PenCom’s Surveillance Department, A. M., Salam. PenCom, in a […]

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Pension funds surpassed N20tn in May – PenCom

The value of Nigeria’s pension funds climbed by 2.23 percent month on month to N20.23 trillion in May 2024. According to the National Pension Commission’s unaudited report on the pension funds industry portfolio for the period ended May 31, 2024, Pension Funds Administrators’ investment in FG securities remained high and increased during the review period, […]

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