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Tag: Pencom

Insurance

PenCom extends pension verification deadline after low turnout

The National Pension Commission has extended the deadline for the ongoing mandatory One-Time Online Verification and Enrolment Exercise for employees of treasury-funded Ministries, Departments and Agencies entitled to accrued pension rights. The exercise, which commenced in February 2026 and was initially scheduled to end on July 31, 2026, has now been extended to December 31, […]

Insurance

Why Q1 2026 pension contributions dropped by 38% — PenCom

The National Pension Commission has clarified that the 38 per cent decline in pension contributions recorded in the first quarter of 2026 was largely due to exceptional Federal Government remittances made in the preceding quarter. According to PenCom’s Nigerian Pension Industry Quarterly Report, total pension contributions fell to N559.42 billion in Q1 2026 from N903.70 […]

Insurance

PenCom admits PPP savings target will miss 2026 deadline

The National Pension Commission says it will not meet its Personal Pension Plan target of 30 per cent funded accounts by Q4 2026, citing a persistent funding gap and weak savings culture. According to the latest Nigerian Pension Industry Quarterly Report, only 18,811 of the 219,316 PPP accounts registered under the scheme have received contributions, […]

Finance

Private sector kicks against proposed pension contribution hike

The Organised Private Sector of Nigeria has expressed deep concern over the recent announcement by the Director-General of the National Pension Commission regarding a proposed increase in mandatory pension contributions and the introduction of an additional three per cent mandatory annual contribution equivalent to three per cent of the total wage bill. The OPSN members […]

Business

PenCom orders cybersecurity overhaul for Nigeria’s pension industry

The National Pension Commission has introduced a major regulatory overhaul designed to strengthen cybersecurity and safeguard digital records across Nigeria’s multi-trillion-naira pension industry. Under the new directive, all licensed Pension Fund Administrators and Pension Fund Custodians will be required to deploy advanced cryptographic security measures to protect sensitive data from both internal and external cyber […]

Insurance

PenCom plans new investment vehicle to fund pension industry infrastructure

Nigeria’s National Pension Commission is developing plans to establish a new investment vehicle that could channel resources from the country’s $22 billion pension industry into critical infrastructure projects. This is as the government seeks new sources of long-term financing for roads, railways, energy and healthcare. Nairametrics reported that the proposal was disclosed by PenCom spokesman […]

Business

Nigeria’s pension assets hit record N31.32tn in May

Nigeria’s pension fund assets climbed to a record N31.32 trillion in May 2026, underscoring the steady growth of the country’s pension industry despite persistent macroeconomic headwinds. The figure is contained in the unaudited monthly report of the National Pension Commission for the period ended May 31, 2026, released on June 29, 2026. The latest figure […]

Business

PenCom unveils child pension registration, FX contribution scheme

The National Pension Commission has unveiled an ambitious operational roadmap for the 2026 fiscal year, introducing a first-of-its-kind child registration initiative and foreign currency-denominated contribution options aimed at expanding pension coverage and strengthening financial inclusion across Nigeria. The roadmap, outlined in PenCom’s fourth-quarter 2025 industry report titled Stronger Pensions, Stronger Nigeria, signals the launch of […]

Business

PenCom directs MDAs to submit 2026 retiree data for scheme rollout

The National Pension Commission has instructed treasury-funded Ministries, Departments and Agencies to provide details of staff who have retired or are scheduled to retire between January 1 and December 31, 2026, as part of preparations for the rollout of the Federal Government’s newly approved Exit Benefit Scheme. In a circular dated June 16, 2026, PenCom […]

Insurance

92% of personal pension plan accounts dormant — PenCom

Amidst efforts by the National Pension Commission to include informal sector workers in the pension scheme, the Personal Pension Plan which caters to the informal sector, has remained stagnant. While the PPP has 215,412 registered Retirement Savings Accounts only 17,320 of these RSAs, which represents eight per cent, have received contributions. The remaining 198,092 RSAs, […]

Business

PenCom, NURTW move to enrol nine million transport workers

The National Pension Commission and the National Union of Road Transport Workers have commenced talks on a partnership to bring an estimated nine million transport workers into the Personal Pension Plan under Nigeria’s Contributory Pension Scheme. The development was disclosed in a statement issued by PenCom on Wednesday after the NURTW National President, Musiliu Akinsanya, […]

Business

PenCom launches monitoring platform to enforce pension compliance

The National Pension Commission has stepped up efforts to enforce compliance with the Contributory Pension Scheme by launching a dedicated monitoring platform aimed at states yet to fully implement the pension system. As part of the initiative, the commission inaugurated the first Bi-Annual Consultative Session for Heads of Service from non-compliant states, a move designed […]

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