National Pension Commission ,PenCom, has said it hopes to achieve about 20 million pension contributors by the end of year 2027, as against the over 10.65 million it currently counts.
The Director-General of PenCom, Ms Omolola Oloworaran, said this over the weekend at the Pension Industry Leaders’ Retreat in Lagos.
According to her, the target would be achieved through the expansion of Personal Pension Plan ,PPP, formerly known as Micro Pension Plan ,MPP; constant engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.
On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.
As of February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account ,RSA, holders 10.65 million.
Recall that recently, the pension regulator announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management ,AuM, surpassed N23 trillion as of February.
The DG also announced state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme ,CPS.
Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory ,FCT, had enacted laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states”, she explained at the First Run 2025 Consultative Forum for States and the Federal Capital Territory ,FCT, held in Kano in late April.
