PenCom Tasks Fund Operators’ Vendors to Enforce PRA 2014

PenCom Tasks Fund Operators’ Vendors to Enforce PRA 2014

By Oluwakemi Kindness The National Pension Commission (PenCom) has issued a new directive to all Licensed Pension Fund Operators (LPFOs), comprising Pension Fund Administrators PFAs) and Pension Fund Custodians (PFCs). The directive prohibits transacting with service providers and vendors that do not remit pensions for their employees as evidenced by a Pension Clearance Certificate issued by PenCom. Section 2 of the PRA 2014 mandates all employers in the public and […]

May 23, 2025 8 2 2

Economy

PenCom Urges Lagos Governor to Ensure Equitable Pension Increases

By Oluwakemi Kindness The National Pension Commission (PenCom) has urged Lagos state Governor, Sanwo-Olu to extend periodic pension increases given to retirees under the Defined Benefit Scheme (DBS) to those under the Contributory Pension Scheme (CPS) to improve their monthly payments. The Director General, PenCom, Omolola Oloworaran, made the request during a courtesy visit to Governor Sanwo-Olu. She points out that currently, only DBS retirees are paid pension increases in […]

May 8, 2025 7

12

Economy

PenCom To Recover N1.3bn Unpaid Pension Contributions from Newspaper Organisations

By Oluwakemi Kindness The National Pension Commission (PenCom) says newspaper organisations are owing over ₦1.3 billion in unpaid pension contributions for journalists. This is disclosed by the Director General of PenCom, Omolola Oloworaran, when she led a delegation to the Nigerian Press Council in Abuja. A statement by the commission says Oloworaran expressed concerns over widespread non-compliance with the Pension Reform Act 2014 (PRA 2014) among media establishments. Consequently, PenCom […]

April 29, 2025 14 12

4

Economy

PenCom, NERC Crack Down on GENCOs, DISCOs Over Pension Arrears

By Oluwakemi Kindness The National Pension Commission (PenCom) has sought the intervention of the Nigerian Electricity Regulatory Commission (NERC) to compel electricity Generation Companies (GENCOs) and Distribution Companies (DISCOs) to remit outstanding pension contributions owed to their employees. PenCom’s Director General, Ms. Omolola Oloworaran, stated this when she led a delegation to seek NERC’s intervention in addressing the non-compliance by 16 electricity companies. According to a statement by the commission, […]

April 28, 2025 14 4

5

Economy

Ondo State to Explore Pension Funds For Infrastructural Development

By Oluwakemi Kindness Ondo State government says it is exploring opportunities to leverage pension funds for infrastructural development in the state. Governor Lucky Aiyedatiwa, made this known when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Omolola Oloworaran in Akure. A statement by the Commission on Thursday says the PenCom delegation visited the Governor to discuss critical pension reforms aimed at improving welfare […]

April 17, 2025 25 5

6 4

Economy

PenCom Unveils New System To End Cases Of Uncredited Pension Contributions

Oluwakemi Kindness The National Pension Commission (PenCom) has officially launched its new Pension Contribution Remittance System, a platform designed to optimize the process of remitting pension contributions into employees' Retirement Savings Accounts (RSAs). This system, developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), has deployed approved Payment Solution Service Providers (PSSPs) to enhance accuracy, efficiency, and transparency in pension contributions. The introduction of the Pension Contribution […]

March 27, 2025 17 4 6

4 17

Economy

PenCom Tasks States On Implementation of CPS

Oluwakemi Kindness The National Pension Commission (PenCom) has called on all states and local governments to implement the Contributory Pension Scheme (CPS) for a pension-secure Nigeria. This is as the Commission urges Akwa Ibom, Borno, Kwara, Plateau, Cross River, and Yobe States to commence implementation of the Contributory Pension Scheme CPS in their states. PenCom also urges Abia, Adamawa, Bauchi, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Katsina, Kebbi, Kogi, […]

March 27, 2025 15 17 4

6 10

Economy

PenCom Eases Benefit Payments Process For Retirees

Oluwakemi Kindness The National Pension Commission (PenCom) says effective from 1st June 2025, Pension Fund Administrators (PFAs) would no longer be required to seek approval or obtain a “No Objection” from the Commission before processing and disbursing benefits, including Programmed Withdrawal, Retiree Life Annuity, and Temporary Loss of Employment benefits, among others. PenCom, however, noted that PFAs must continue to submit requests for approval to the Commission regarding depleted RSAs […]

March 14, 2025 22 10 6

4 42

Economy

Yobe State Government Seeks PenCom Support towards Pension Reform

Oluwakemi Kindness Yobe State Government has expressed its readiness to collaborate with the National Pension Commission (PenCom) in implementing the Contributory Pension Scheme (CPS) in the state. The Governor, Mai Mala Buni, disclosed this in Abuja at the weekend during a meeting with the Director General of PenCom, Omolola Oloworaran in Abuja, where discussions focused on the adoption and implementation of the CPS in Yobe State. Speaking during the meeting, […]

March 10, 2025 21 42 4

#PenCOM