Pension Scheme contributors hit 10m in June – PenCom

The National Pension Commission (PenCom) on Thursday said the number of contributors for the Contributory Pension Scheme (CPS) rose to 10 million members as at June from 9.86 members recorded in 2022.

Mrs Aisha Dahir-Umar, Director-General, PenCom made the disclosure at a conference organised for journalists covering the pension and labour industries in Lagos.

Dahiru-Umar said that the membership of the CPS within the period under review increased by 146,920.

She stated that pension assets increased  by N1.77 trillion in the first half of 2023, from N14.99 trillion in Dec. 2022 to N16.76 trillion at the end of June.

According to her, the theme of the workshop: Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction, is both timely and crucial.

The Director General said this indicated PenCom’s commitment to continuous service improvement in the pension industry so that contributors and retirees received the best possible experience.

She noted that CPS had ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.

According to her, PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

“The journalists conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of CPS and its impact in the lives of contributors and retirees.

“It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape,” she said.