Abuja: The National Pension Commission (PenCom) has reaffirmed its commitment to strengthening collaboration with the judiciary in advancing Nigeria's pension reform agenda and ensuring effective retirement benefits administration. The Director-General of PenCom, Omolola Oloworaran, highlighted these initiatives at a sensitisation workshop on the Contributory Pension Scheme (CPS) for Judges of the National Industrial Court of Nigeria (NICN).
According to News Agency of Nigeria, Oloworaran, represented by the Acting Commissioner, Administration, Mr. Bello Malabu, emphasized that the engagement provided a platform to deepen understanding and clarify concerns between the judiciary and the pension industry. She noted the challenges persisting in areas such as accrued pension rights, delayed remittances, and transition issues affecting some judicial officers. However, she assured that discussions with the National Judicial Council (NJC) are underway to resolve these pending issues.
Oloworaran introduced the Personal Pension Plan (PPP), a rebranded voluntary pension product aimed at providing greater flexibility and inclusiveness for professionals, self-employed individuals, and those in non-traditional employment arrangements. She encouraged judicial officers and senior public officials to explore this scheme to enhance their financial security in retirement.
Furthermore, Oloworaran unveiled the first volume of the Pension Law Report, which includes landmark judgments on pension matters delivered by the NICN and other courts. She commended the President of the NICN, Justice Benedict Kanyip, for his support in facilitating the publication and his dedication to promoting sound pension jurisprudence in Nigeria.
Justice Kanyip called for a comprehensive reassessment of political pensions and severance packages, criticizing them as inconsistent with social justice and public service principles. He highlighted the need to strengthen Nigeria's pension landscape to ensure fairness, efficiency, and broader inclusion of workers, especially those in the informal sector.
The President of the Pension Fund Operators Association of Nigeria (PenOp), Mr. Godson Ukpevo, stated that the retreat focused on the interpretation and administration of the Pension Reform Act (PRA). Ukpevo emphasized the success of the legal and institutional framework in restoring confidence in retirement planning and growing pension assets to over N25 trillion, a significant pool of long-term domestic capital.