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Tag: pension

Finance

Lagos pensioners give Sanwo-Olu August 31 deadline over unpaid arrears

Lagos State Government is facing a looming confrontation with retirees under the Contributory Pension Scheme as pensioners have issued Governor Babajide Sanwo-Olu an August 31 ultimatum to pay their long-awaited pension enhancement and wage award or face what they described as the “mother of all protests.” The ultimatum was announced by the Chairman of the […]

Finance

Pension contributions rose to 11.18 million in Q1

Federal Government’s National Pension Commission, PenCom, has said cumulative Retirement Savings Account registrations under the Contributory Pension Scheme rose to 11,183,475 in the first quarter of 2026, from 11,040,227 recorded in Q4’25. PenCom, in its first-quarter 2026 report, said active membership now corresponds to approximately 12.1 per cent of Nigeria’s estimated 92 million-strong labour force. […]

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 […]

Finance

Enugu approves ₦32,000 minimum pension for LG retirees

The Enugu State Government has approved a new minimum pension of N32,000 for local government retirees, with payments expected to begin once administrative processes are completed. The government has also approved the enrolment of all local government pensioners into the state’s free health insurance scheme, which is scheduled to be launched on August 20, 2026, […]

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PTAD pays ₦3.82bn pension arrears to 30,356 retirees

The Pension Transitional Arrangement Directorate has disbursed N3.82 billion in accrued pension arrears to 30,356 Federal Government retirees under the Defined Benefit Scheme. According to Vanguard, the Directorate disclosed that it paid a total of N3,817,568,592.80 in pension arrears to affected DBS pensioners across the Parastatals Pension Department, Defunct and Transferred Agencies Pension Department, and […]

Insurance

Pension contributions fall by 38% in Q1 2026

Pension contributions under Nigeria’s Contributory Pension Scheme declined by 38 per cent in the first quarter of 2026, according to data released by the National Pension Commission. The latest Nigerian Pension Industry Quarterly Report showed that total pension contributions fell to N559.4 billion in Q1 2026, compared with N903.7 billion recorded in the fourth quarter […]

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Over 90% of informal workers abandon personal pension plan

More than 90 per cent of informal sector workers who enrolled in the Personal Pension Plan have abandoned the scheme, as subscribers blame worsening economic hardship for their inability to make regular pension contributions. Vanguard reported that only 17,320, representing eight per cent of the 215,412 registered Retirement Savings Accounts under the scheme, had received […]

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, […]

Finance

Public sector pension remittances hit ₦903bn as assets surge

Public sector pension remittances recorded a significant increase of 234.85 per cent, rising to N550.96 billion in the fourth quarter of 2025, according to the Q4 2025 Quarterly Industry Report released by the National Pension Commission. The report revealed that total pension contributions for the quarter stood at N903.7 billion, while the private sector contributed […]

Finance

Employees ₦30bn pension contributions stuck in PFAs accounts – PENCOM

Nearly N30 billion in pension contributions is currently stuck with Pension Fund Administrators instead of reaching employees’ accounts. The National Pension Commission attributes this N29.84 billion backlog to employer errors, such as inconsistent data and irregular schedules, which prevent the transfer of funds to individual Retirement Savings Accounts. Stanbic IBTC accounts for nearly half of […]

Finance

Nigeria pension assets hit N26tr

Nigeria’s pension industry continued its steady climb in September 2025, with total pension assets rising to N26.09 trillion, up from N25.90 trillion in August. The increase represents 0.75 percent month-on-month growth and a strong 23.44 percent surge year-on-year, underscoring sustained investor confidence despite mixed capital market conditions. Fresh figures released by the National Pension Commission […]

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