The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran and the President of Trade Union Congress of Nigeria (TUC), Comrade (Engr.) Festus Osifo, have met in Abuja to advance pension reforms and ensure greater compliance with the Contributory Pension Scheme (CPS).
Speaking during the visit, Ms. Oloworaran, emphasized that every employer of labour is obligated under the Pension Reform Act (PRA) 2014 to remit pension contributions on behalf of employees.
She disclosed that PenCom will unveil a revised Investment Regulation to expand opportunities in alternative investments and deliver enhanced real returns.
She added that the PenCom is working with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance on mechanisms that will allow pension investments in naira but generate returns in dollars, as part of efforts to safeguard retirement funds.
Responding, Comrade Osifo commended PenCom for its professionalism and effectiveness, describing it as one of the highly performing Institutions in Nigeria. He recounted his experience with PenCom staff during his time in the pension industry, praising their exceptional integrity, competence and dedication.
The TUC president pledged the union’s continued support for the Commission, particularly in promoting compliance among employers.
He decried the practice of some employers who deduct workers’ pension contributions but fail to remit them, warning that such delays harm the eventual returns on retirement savings and often lead to industrial disputes.
