FAST DOWNLOAD
Mrs. Oloworaran told a press conference in Abuja yesterday that as of October, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and N21.92 trillion in pension fund assets.
The conference’s subject, “Tech-driven Transformation Shaping the Pension Landscape,” emphasized PenCom’s strategic commitment to innovation.
According to her, the data proved PenCom’s unwavering commitment to financial safety, responsible management, and long-term growth.
High inflation, the Naira’s depreciation, and the consequences of unconventional monetary policies were among the year’s economic challenges, according to PenCom’s CEO.
“To address these issues, the commission has initiated a comprehensive review of its investment regulations,” she said, adding that they had affected contributors’ purchasing power and reduced the real worth of pension funds.
Its main goal is to diversify pension fund investments into alternative assets, foreign currency-denominated investments, and inflation-protected securities.
“The objective is to protect contributor savings and guarantee resilience against future fluctuations in the economy.”
She reaffirmed the commission’s commitment to increasing pension coverage, especially through the sophisticated micro-pension scheme that uses technology to promote participation from the unorganized sector.
According to Mrs. Oloworaran, this scheme will make it easier for normal Nigerians to save for retirement, which aligns with our goal of inclusive growth and financial security for all.
“The backlog in retirement payments for retirees from the Federal Government’s Ministries, Departments, and Agencies (MDAs) will shortly be resolved.
“The Federal Government recently disbursed N44 billion from the 2024 budget to settle approved pension rights.”
Again, the Naira depreciates in the parallel market, trading at N1,668 per dollar
“We are collaborating with the Federal Government to institutionalise a sustainable solution to ensure retirees receive their benefits promptly, eliminating delays.”
She noted that PenCom’s technology-driven shift was intended to improve the CPS’s sustainability, dependability, and accessibility.
“We are establishing the framework for a future where the pension business efficiently serves all Nigerians, from data management to frictionless contributions and regulation.
She claims that the e-application gateway for pension clearance certificates has replaced manual procedures to facilitate business.
“Since its deployment, 38,528 pension clearance certificates have been issued. This program assures compliance and secures the future of Nigerians who work in government-related organizations,” she stated.
