The National Pension Commission (PenCom) has reaffirmed its commitment to strengthening collaboration with the Trade Union Congress of Nigeria (TUC) in advancing pension reforms and ensuring greater compliance with the Contributory Pension Scheme (CPS).
Omolola Oloworaran, Director General, PenCom, gave the assurance during a courtesy visit to Festus Osifo, the TUC President, on Wednesday in Abuja.
Oloworaran highlighted the critical role of the TUC as a member of PenCom’s Governing Board, stressing that the relationship between both organisations remained central to the sustainability of the CPS. She proposed more structured stakeholder engagements with the labour union to strengthen compliance among employers of labour across the country.
The PenCom DG reminded employers of their obligations under the Pension Reform Act (PRA) 2014 to remit pension contributions on behalf of employees. She urged the TUC to support enforcement efforts, noting that timely remittances were essential to guaranteeing workers’ financial security in retirement.
On ongoing reforms, Oloworaran disclosed that PenCom would soon unveil a revised Investment Regulation to expand opportunities in alternative investments and mitigate the impact of inflation on pension assets.
She also revealed that the Commission was working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on mechanisms to enable pension investments in naira but generate returns in dollars, thereby strengthening the value of retirement savings.
In addition, she announced that PenCom would soon introduce a minimum pension guarantee for all retirees under the CPS, backed by President Bola Tinubu’s approval of a ₦758 billion bond to fund the Pension Protection Fund.
Responding, TUC Festus Osifo commended PenCom for its professionalism and efficiency, describing the Commission as one of Nigeria’s best-performing institutions. He also recounted his personal experience with PenCom staff in the pension industry, praising their integrity and dedication.
Osifo pledged the union’s continued support for PenCom, particularly in driving compliance among employers. He criticised companies that deduct pension contributions without remitting them, warning that such practices erode retirement benefits and often lead to industrial disputes.
He further called for a review of the PRA 2014 to introduce greater flexibility in pension fund investments to protect workers’ savings from inflation and currency pressures.
The meeting ended with both parties resolving to deepen stakeholder engagements and strengthen the CPS as a safeguard for Nigerian workers’ future.
