December 2024
20Dec

Nigeria. PenCom to remodel micro-pension scheme – DG

The Director-General of the National Pension Commission, Omolola Oloworaran, has revealed that the micro pension scheme would be remodelled to boost participation. Oloworaran said this on Thursday at the 2024 PenCom Media Conference held in Lagos. Micro pensions are specifically designed for individuals in the informal sectors. She said, “What we are doing with a micro pension is treating it a little differently from how we were doing it before. As we know, the micro pension doesn’t resonate with everyone within the...

December 20, 2024
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18Dec

AI and machine learning to help pension plan governance, says CFA report

The CFA Institute Research and Policy Center has released new research exploring how AI and machine-learning technology can address critical issues facing the global pensions industry. Demographic shifts, underfunding of defined benefit pension plans, inflation, rising inequalities, and gaps in financial literacy, are creating an increasingly complex pensions environment and more risk of pension inadequacy for retirees. The research, ‘Pensions in the Age of Artificial Intelligence’. explores whether technology can offer solutions to address key issues across various parts of the value...

December 18, 2024
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17Dec

Nigeria. Voluntary pension savings rise as workers prioritise future

Workers are voluntarily increasing their contributions to the pension scheme as they focus on the future in the face of economic uncertainties. Data from the National Pension Commission (PenCom) shows that Additional Voluntary Contributions (AVCs) under the Contributory Pension Scheme (CPS) have more than tripled in the last two years. The total AVCs rose from N1.08 billion in second quarter 2022 to N3.46 billion in second quarter 2024, indicating a 220.4 percent increase over the two-year period. This sharp increase in voluntary...

December 17, 2024
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03Dec

Low-Income Nigerians Can Access Entire Pension Pot – PENCOM

Low-income pensioners can now withdraw their entire retirement savings at once or continue receiving their monthly pension while awaiting the Minimum Pension Guarantee approval. In a memo issued by the National Pension Commission, signed by A.M. Salem, the Head of the Surveillance Department said that the change aligns with the new section 4.1 (g) of the revised regulations for managing retirement and terminal benefits, following the recent minimum wage increase to N70,000. Previously, retirees could only withdraw one-third of their total Retirement...

December 3, 2024
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November 2024
12Nov

Nigeria. Micro Pension Subscribers To Get Free Health Insurance Cover

There are strong indications that Micro Pension Plan(MPP) subscribers in the country will soon get free health insurance cover as part of benefits of subscribing to the micro pension scheme. To this end, LEADERSHIP learnt that the National Pension Commission (PenCom) has had meetings with health insurance stakeholders, comprising the National Health Insurance Agency (NHIA) and some Health Management Organisations(HMOs) on the possibility of procuring this cover for subscribers of the scheme. Hence, the cost of the annual basic health cover...

November 12, 2024
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September 2024
18Sep

Nigerian pension assets soar 4.17% to N20.48tn in Q2’2024

The National Pension Commission (PenCom) has maintained an upward growth trajectory as the contributory Pension Scheme (CPS) recorded a total asset of N20.48 trillion in the second quarter of 2024, marking a 4.17 per cent  increase from N19.66 trillion it recorded in Q1 2024. According to PenCom, the number of pension contributions increased from 89,061 in the first quarter of 2024  to 100,063 in Q2 2024. It noted that remittance of pension contributions increased by 20.26 per cent from N314.17...

September 18, 2024
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July 2024
09Jul

Nigeria. Pension fund assets increased to N20.22trn in May 2024, says PenCom

The National Pension Commission (PenCom) says total pension fund assets increased to N20.22 trillion in May 2024. This is an increase of 2.23 percent compared to the N19.78 trillion recorded in April 2024, according to PenCom’s data on the pension funds industry portfolio for the period ended May 31. The commission’s data showed that 63.22 percent or N12.78 trillion of the total funds were invested in federal government securities, comprising bonds and treasury bills. PenCom said about 10.83 percent of the funds were invested in...

July 9, 2024
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June 2024
20Jun

Nigeria. Economic hardship: Workers swoop on their pension contributions

In apparent response to the biting hardship in the economy, the number of workers that made withdrawals from their voluntary contributions under their pension savings increased by 87.6 per cent in the first quarter of 2024, Q1’24. Specifically, the number of workers that withdrew from their voluntary contributions went up to 1,302 in Q1’24, from 694 recorded in the preceding quarter, Q4’23. Also, the value of funds withdrawn from the voluntary contributions increased by 160 per cent to N3.9 billion from...

June 20, 2024
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May 2024
27May

Nigeria. Pension assets declines amid low patronage

Pension assets have fallen by N90 billion in the first quarter of the year, from N19.75 trillion to N19.66 trillion at the end of the first quarter (Q1), a situation attributed to low market patronage. The report was contained in data released by the National Pension Commission (PenCom) on their website. Explaining further, the report stated that the equities market attracted N2.3 trillion of the fund, having risen from N1.77 trillion in December 2023. The development, according to PenCom, translated to N530...

May 27, 2024
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22May

Nigeria. Retired police officers protest unpaid pension in Abuja

RETIRED police officers in Nigeria under the contributory pension scheme, on Tuesday, May 21, expressed their displeasure over several months of unpaid pensions. The retired officers stormed the National Assembly in Abuja, to protest the “severe hardships” they had faced due to the alleged failure of the National Pension Commission (PENCOM) to pay their entitlements. The retirees representing various state chapters called on the federal government to remove them from the Contributory Pension Scheme. The retirees, seen with various placards, lamented being...

May 22, 2024
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