PenCom clears pension arrears for 957,000 as assets rise 51% to N31.5tn

The National Pension Commission PENCOM, on Tuesday, said a total of 957,000 pensioners benefited from settlement of arrears, some dating back as far as 2007, as it’s assets expands to N31.48 trillion growing by 51 percent.

Omolola Oloworaran, director general, DG of the Commission states this while briefing State House Journalists, at the Presidential Villa, Abuja

The PENCOM DG, listing her achievements in two years, since assuming office, noted amongst others that her office recorded a historic N758 billion intervention resolving pension obligations stretching back almost two decades, with 957,000 pensioners benefiting.

Highlighting the sector’s performance over the past two years, the PenCom Director-General said pension assets had increased from N20.79 trillion to N31.48 trillion, representing growth of more than N10.7 trillion, or 51 percent.

She said the growth reflected renewed confidence in the pension system, with 938,229 additional Nigerians joining the Contributory Pension Scheme during the period.

“Pension assets have grown from N20.79 trillion to N31.48 trillion—more than N10.7 trillion in new retirement wealth, a fifty-one per cent increase in just two years. Let me say plainly what those numbers mean: confidence is back. The system is growing. Over 900,000 new contributors have joined the scheme—938,229 more Nigerians who now have retirement security. And this is only the beginning,” she said.

Others include a landmark Pension Boost that raised monthly pensions for retirees under the Contributory Pension Scheme.

The organisation also reviewed the National Social Insurance Trust Funds NSITF pensions, for the first time in twenty-one years – with some pensioners receiving increases of more than one thousand percent

Looking ahead, Oloworaran said the PENCOM is also working to create jobs around the pension scheme by registering Pension Agents across the country

She also revealed that her administration’s policies have attracted top ver 900,000 new contributors

“The system is growing. Over 900,000 new contributors have joined the scheme – 938,229 more Nigerians who now have retirement security.”

Speaking on the agitations by retired Police personal, over poor pension pays, the PENCOM boss assured that the Commission is working on plans that will improve the welfare of Police retirees, by increasing it to match their Military counterparts

“Their concern is that their pension is poor and we are working to address that. Once we are able to improve their pension, they will be happy” she said.

“We also transformed the experience of retirement itself. Benefits that once took months are now approved within forty-eight hours – not as a target, but as a mandate binding every Pension Fund Administrator”

She assured that PENCOM is strengthening enforcement, adding that ” every worker deserves absolute confidence that every naira deducted from a salary reaches a Retirement

On Savings account, she revealed that “compliance has risen by twenty-eight percent,” while ” recoveries of unremitted contributions have significantly increased”

According to her, ” over thirty-six billion naira recovered in the last two years, against twenty-eight billion in all the years before”

Also speaking on mandatory pension clearance, she stated that it “now runs across the entire ecosystem, the EFCC and the ICPC stand with us. And a Presidential Executive Order to deepen compliance is on its way.”

She revealed that the accrued pension rights have moved from twenty-one months in arrears to a forty-one-month surplus, adding that ” this is not an incremental improvement. That is a complete reversal”

She also noted that pension service – from first enrolment to final payout, ” is now fully digital, simplified onboarding, automated remittance, with clearance certificates online., adding that”government should make life easier – not harder”