PenCom boss Omolola Oloworaran says the personal pension plan is a critical pillar for building Nigeria’s long-term economic resilience.
PenCom has approved a 1,173 per cent upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund, and has paid N8.70 billion in arrears to them.
PFAs and pension operators with Assets Under Management of N500 billion and above to maintain a minimum of N20 billion, plus one per cent of the excess above N500 billion.
According to PenCom, the country’s pension assets have grown to about N27 trillion as a result of the bold decision and structured reforms.
The National Pension Commission has launched Pension Revolution 2.0 to strengthen the scheme.
The initiative introduces a minimum pension guarantee and healthcare coverage for retirees, described as unprecedented in Nigeria’s pension history.
Oguche Agudah, chief executive officer of the Pension Fund Operators Association of Nigeria, disclosed this on Tuesday in Lagos.
Mr Ododo reiterated the Kogi government’s position during a courtesy visit to the commission.
Mr Agbaje writes on Nigeria’s economic policies.
The National Pension Commission reports that the total assets under the Contributory Pension Scheme increased to N23.33 trillion as of March 31.
