PenCom, TUC Partner to Safeguard Nigerian Workers’ Pensions

By Oluwakemi Kindness

By Oluwakemi Kindness

The National Pension Commission (PenCom) has reaffirmed its commitment to work more closely with the Trade Union Congress of Nigeria (TUC) to strengthen pension compliance and safeguard the retirement savings of Nigerian workers

PenCom Director General, Ms. Omolola Oloworaran, gave the assurance during a courtesy visit to the TUC President, Comrade Festus Osifo, in Abuja on Wednesday.

She was accompanied by senior officials, including Acting Commissioner, Technical, Hafiz Kawu Ibrahim.

Oloworaran stressed that under the Pension Reform Act (PRA) 2014, every employer is obligated to remit workers’ contributions.

She urged TUC’s support in tackling defaulting employers, warning that delays in remittance undermine workers’ retirement security.

The DG also unveiled key reforms aimed at strengthening the Contributory Pension Scheme (CPS). These include:

* A revised Investment Regulation to expand opportunities in alternative assets and deliver better real returns.

* Plans to allow pension investments in naira but generate returns in dollars, in partnership with the CBN and Finance Ministry.

* The introduction of a minimum pension for all retirees, enabled by President Tinubu’s approval of a ₦758 billion bond to fund the Pension Protection Fund.

Responding, TUC President Osifo praised PenCom’s professionalism, describing it as one of Nigeria’s most effective institutions.

He pledged the union’s support in driving compliance among employers but decried the practice of some firms deducting workers’ pensions without remitting them.

Osifo also called for a review of the Pension Reform Act 2014 to allow greater flexibility in pension fund investments, better protecting savings from inflation and exchange rate volatility.

Both PenCom and TUC resolved to deepen collaboration to sustain the Contributory Pension Scheme and secure a more dignified retirement for Nigerian workers.