The platform enables Retirement Savings Account (RSA) holders to remotely update their personal records (recapture), without necessarily visiting theirPFAs.

PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not undergone the data recapture process. This initiative marks another key step by PenCom to enhance data integrity, improve service delivery, and modernise pension administration through responsible digitalisation.

Rationale for the Data Recapture Exercise

Accurate and up-to-date data remains fundamental to the efficient administration of retirement savings under the CPS. Over time, data inconsistencies arising from legacy records and incomplete documentation have posed challenges during verification and benefit processing.

PENCAP provides a proactive solution by offering contributors a secure and convenient channel to recapture their data. By improving the quality and reliability of contributor records across PFAs, the platform will support faster benefit processing, smoother verification exercises, and an overall improvement in service experience for RSA holders.

The Data Recapture Exercise (DRE) commenced in August 2019 for both active contributors and retirees. The DRE complies with the Federal Government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need for a credible database of all RSA holders in Nigeria with the National IdentificationNumber (NIN) as the unique identifier. In that regard, PenCom designed, developed and deployed an Enhanced Contributor Registration System (ECRS), which has been integrated with the NIMC database to authenticate the uniqueness of individuals seeking to register under the CPS and existing RSA holders who have not recaptured.

Before now, RSA holders were required to physically visit their PFAs in order to recapture. This has not achieved the needed outcome with many eligible RSA holders yet to be recaptured for over six years.

Overview of the Self-Service Process

The recapture process is fully online and requires a phone, a computer or other devices with a camera and internet access to enable live image capture. RSA holders will access the portal at https://pensionrecap.pencom.gov.ng/ and create a secure user profile using a personal email address.

Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates.The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity.

Processing, Validation and Notifications

Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.  

Importance of Compliance for RSA Holders

RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records. This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN).

Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services.

Alignment with PenCom’s Strategic Objectives

The deployment of PENCAP aligns with the PenCom’s broader commitment to innovation, transparency, and operational efficiency within Nigeria’s pension industry. By embracing technology-driven solutions, PenCom continues to enhance public confidence in the CPS and ensures seamless access to retirement benefits.

RSA holders who prefer physical recapture may still visit their PFA branches, as the self-service platform is designed to complement existing service channels.

The post PenCom, PFAs To Introduce Self-Service Platform for Pension Data Recapture appeared first on Business Today NG.

The adjustment, which represents an unprecedented 1,173 per cent increase, marks the first pension review for NSITF retirees in 21 years and underscores the Commission’s renewed commitment to improving retirees’ welfare in line with statutory provisions.

The NSITF pension increase is yet another milestone in President Bola Ahmed Tinubu’s policy of enhancing the welfare of retirees in Nigeria.

The payments were recently approved by the Director General of PenCom, Ms. Omolola Oloworaran, who continues to champion landmark reforms that have transformed the landscape of the Contributory Pension Scheme.

This marks the first pension increase for NSITF retirees in 21 years, addressing long-standing disparities and restoring the value of benefits in line with statutory provisions and prevailing economic conditions.

Additionally, as part of the enhancement, the 2,116 NSITF retirees have received ₦8.70 billion in pension arrears. The average arrears payment amounted to about ₦3 million per retiree.

In a particular instance, an NSITF retiree’s monthly pension was enhanced from about ₦18,000 to a whopping ₦206,000. In addition, the retiree was paid over ₦8 million as pension arrears.

The enhancement was supported by the significant growth of the NSITF Fund, which grew from ₦54 billion at the point of transfer in 2005 to ₦195 billion as of December 2025. This growth reflects prudent fund management under the strict supervision of PenComand provided the financial headroom necessary to implement the long-overdue review while safeguarding the Scheme’s sustainability.

The NSITF was established in 1993 as the successor to the National Provident Fund (NPF), managing pension benefits for private sector employees prior to the introduction of the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2004. Following the reform, pension assets under the defunct NSITF Scheme were transferred to TrustfundPensions Limited, which was mandated to manage the Scheme’s assets and administer benefits to existing and deferred pensioners.

Section 39(3) of the PRA 2014, together with Section 173(3) of the Constitution of the Federal Republic of Nigeria, mandates periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews. Furthermore, the NSITF Benefits Payment Policy provides that the minimum retirement pension should not be less than 80% of the prevailing National Minimum Wage.

Despite these provisions, the last review of NSITF pensions occurred in 2005.

In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms. PenCom consequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement.

So far, payments have been made to verified NSITF retirees. To ease the burden associated with pension verification exercises, PenCom approved the deployment of the “VerifyMe” digital solution for automated revalidation of NSITF pensioners. This initiative eliminated the rigours of physical verification requirements and thereby improving service efficiency for the senior citizens.

The post PenCom Increases NSITF Retirees’ Monthly Pensions from ₦12.56m to ₦159.95 appeared first on Business Today NG.

Group Managing Director and Chief Executive  Officer of Cornerstone Insurance Plc, Stephen Alangbo, disclosed this while addressing annuitants at the company’s Annuity Forum held on Monday in Lagos.

Lasaco Assurance Plc had, in September 2025, announced plans to transfer its annuity portfolio to Cornerstone Insurance Plc as part of a broader strategic realignment aimed at streamlining operations and improving efficiency.

Alangbo said the takeover followed regulatory approval and assured annuitants that payments had continued seamlessly under Cornerstone’s management.

On transfer of Niger insurance annuity portfolio to Cornerstone he said  “following the liquidation at Niger insurance Plc, the  regulator, in its wisdom, must always give Nigerians confidence that when they take an insurance policy, they are protected,” he said.

“This transfer was carried out following a regulatory process, and Cornerstone Insurance Plc was selected because of the confidence the regulator has in our capacity, competence, and financial strength.”

He explained that the successful transfer was based on Cornerstone’s proven track record in underwriting life insurance and annuity businesses, as well as the company’s strong governance structure.

“The regulator assessed the market and identified Cornerstone as a reliable insurance company with the competence to manage annuity obligations. Our reputation, financial strength, management, and board were critical factors considered before the portfolio was transferred,” Alangbo said.

On the transfer of Lasaco Assurance’s annuity portfolio, he expressed his pleasure in taking it over and said Cornerstone Insurance remains open to acquiring additional annuity and insurance portfolios as opportunities arise.

“Cornerstone is well positioned and financially strong. We are ready to take on more annuity portfolios, and where necessary, we will communicate further developments to annuitants and the public,” he said.

According to Alangbo, the acquisition further strengthens confidence in the insurance industry and underscores Cornerstone’s commitment to protecting retirees and policyholders.

The event also provided annuitants with the opportunity to ask questions about the transformation and other matters of interest. It featured a dance competition, and various activities offering participants the chance to win recharge cards, among other attractions.

The post Cornerstone Insurance Strengthens Market Position with Lasaco Annuity Takeover appeared first on Business Today NG.

The directive, outlined in Circular REF: PENCOM/lNSP/ClR/SURV/2026/11, signed by the Director of Surveillance, A.M. Saleem, dated January 6, 2026, which was obtained by Dailyeconomy today, comes after PenCom’s supervisory review revealed widespread non-compliance with Sections 50(2) and 66(2) of the Pension Reform Act (PRA) 2014. The Act mandates employers operating Defined Benefits Schemes (DBS) to conduct annual actuarial valuations to determine the adequacy of pension fund assets.

According to the circular, PFAs are required to notify Trustees and Sponsor Companies at least two months before the end of each financial year to appoint external auditors and actuaries. If there is no response within 21 days, PFAs are authorized to appoint these professionals themselves, with terms of engagement forwarded to PenCom for approval. Audit and actuarial fees will be charged to the respective schemes after Commission approval.

PenCom emphasized that the failure to appoint auditors and actuaries poses significant risks to the ability of schemes to meet obligations to members and constitutes a violation of the PRA 2014 and related regulations.

The circular takes immediate effect, and all enquiries are to be directed to the Commission.

The post PenCom Directs PFAs to Appoint Auditors, Actuaries for AES and ABS appeared first on Business Today NG.

The growth in pension fund assets is attributed to increased contributions from employers and employees, as well as investment income from fixed income securities, equities, and mutual funds.

Retirement Savings Account (RSA) membership has also grown to 10.97 million as of October 31, 2025, with the National Pension Commission (PenCom) intensifying efforts to bring more employers on board.

To protect contributors’ funds from economic instability, PenCom is reviewing regulations to diversify investments into: inflation-protected instruments,  Alternative assets and Foreign-currency-denominated investments.

Despite progress, 73.1 million workers in Nigeria’s public and private sectors remain unenrolled in the pension scheme. Stakeholders are calling for increased advocacy and enforcement of the Pension Reforms Act (PRA) 2014 to reduce defaulters.

PenCom has tweaked the pension industry investment guidelines to allow Pension Fund Administrators (PFAs) to invest in infrastructure and private equities.The Micro Pension Plan has been renamed Personal Pension Plan to widen its adoption among entrepreneurs.

“We are committed to ensuring that pension contributors get good returns on investment of their contributions while the pension assets can now give real returns in terms of economic impacts,” said director-general of PenCom, Ms. Omolola Oloworaran.

“There is need for increased advocacy to convince employers on the need to bring their employees on board, calling for intensified enforcement of the PRA 2014, to reduce the rate of defaulters, so that, workers have rest of mind at retirement, knowingful well that there is a fund somewhere to cater for them in their post-work years,” said pension industry stakeholders.

The post Nigeria’s Pension Assets Rise 17% to ₦26.66trn in 10 Months appeared first on Business Today NG.

This assurance was given during a courtesy visit to the headquarters of the National Pension Commission (PenCom), in Abuja, where the state deepened collaboration with the Commission to strengthen pension administration, ensure full compliance with the Contributory Pension Scheme, and build a transparent and sustainable pension system for retirees.

According to him “those  who devoted the most productive years of their lives to public service deserve not only gratitude, but certainty, respect, and the assurance that the state they faithfully served will stand by them in retirement.

“I am grateful for the warm reception extended to me by the Director General of PenCom, Ms. Omolola Bridget Oloworaran, and her management team. I was particularly encouraged by her commendation of our administration’s infrastructure drive, our people-centred reforms, and our deliberate efforts to address inherited pension liabilities.

“Her assurance of PenCom continued support through policy guidance and technical collaboration strengthens our shared resolve to build a pension system founded on integrity, transparency, and long-term sustainability.

”During our engagement, I emphasised the need to deepen collaboration between the Kaduna State Government and PenCom to strengthen pension administration, ensure full compliance with the Contributory Pension Scheme, and resolve structural challenges that have burdened pensioners over the years. This partnership has already yielded progress. To date, our administration has cleared over ₦13.5 billion of the more than ₦24 billion pension liabilities we inherited, and we remain resolute in completing this responsibility.

”I also highlighted measures aimed at easing the impact of the rising cost of living, especially for pensioners. Chief among these is our Compressed Natural Gas (CNG) mass transit scheme, now declared free indefinitely to reduce transportation costs and improve mobility.

“Our vision remains clear: a Kaduna State where service is honoured, retirement is secure, and governance is guided by responsibility and compassion.”

The post Kaduna Clears ₦13.5bn Pension Liabilities, Deepens Collaboration With PenCom During Courtesy Visit appeared first on Business Today NG.

The initiative which is funded by the PenCom and Pension Fund Administrators (PFAs) in the country is expected to commence in March, 2026.

Speaking at the 2025 Pension Revolution Summit and Media Conference in Lagos, PenCom Director-General, Omolara Oloworaran, said “Retirement should be a season of peace, not a period defined by anxiety over medical bills. I am happy to announce that the pilot scheme will be launched in March next year, and we hope to enroll 30,000 retirees across the six geopolitical zones of the country to strengthen collaboration and leadership across the industry.”

She also highlighted key compliance  interventions introduced by the commission on the last one year aimed at strengthening pension administration

According to her central  to these measures is the automation of the issuance of Pension Clearance Certificates (PCC), aimed at ensuring faster, more transparent processing while significantly reducing turnaround time. The PCC application process has also been redesigned with a robust employer dashboard to enable effective monitoring of compliance.

“In addition, a circular has been issued to mandate full compliance with the Pension Reform Act (PRA) 2014 by all service providers and vendors of Licensed Pension Fund Operators (LPFOs), thereby expanding compliance across the pension ecosystem.

“To strengthen enforcement, a Memorandum of Understanding (MoU) has been executed with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to facilitate the recovery of outstanding pension contributions and penalties. This strategic partnership is expected to deepen recovery efforts and deter persistent defaulters through stronger sanctions.

“The interventions also include intensified public awareness campaigns and enhanced stakeholder engagement with the Commission’s social partners to build institutional capacity.

“Furthermore, the adoption of the PCC has been proposed as a mandatory requirement for accessing government intervention funds for micro, small and medium enterprises (MSMEs), as well as a condition for licensing and contract awards by state governments.

These measures she noted “are expected to significantly strengthen compliance, safeguard pension assets, and improve confidence in the pension system.”

To ensure pensioners live a good life in retirement, the National Pension Commission (PenCom), said about 30,000 retirees under the Contributory Pension Scheme have been selected across the six geopolitical zones to benefit from the new free Pension Industry Healthcare Initiative (PenCARE).

The initiative which is funded by the PenCom and Pension Fund Administrators (PFAs) in the country is expected to commence in March, 2026.

Speaking at the 2025 Pension Revolution Summit and Media Conference in Lagos, PenCom Director-General, Omolara Oloworaran, said “Retirement should be a season of peace, not a period defined by anxiety over medical bills. I am happy to announce that the pilot scheme will be launched in March next year, and we hope to enroll 30,000 retirees across the six geopolitical zones of the country to strengthen collaboration and leadership across the industry.”

She also highlighted the  restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan.

This according to her was about meeting Nigerians Artisans, Traders, Gig workers, Creatives, and Informal sector workers where they are.

“Under the Personal Pension Plan, we simplified onboarding, expanded digital enrolment, and crucially introduced Accredited Pension Agents.

She added that “Accredited Pension Agents are not merely distribution channels. They are an employment strategy. Thousands of young Nigerians are expected to be trained, certified, and deployed as pension professionals, earning livelihoods while expanding pension coverage. This is inclusion with impact. Financial inclusion that creates jobs.”

The post PenCARE: 30,000 Retirees To Benefit from PenCom’s Free Healthcare Initiative appeared first on Business Today NG.

Director General of PenCom, Ms. Omolola Oloworaran, disclosed this on Thursday at the 2025 PenCom Media Conference in Lagos. She said that before the third quarter, PCCs were issued at a modest quarterly average of about ₦150 billion.

According to her, the sharp increase followed the issuance of a compliance circular that tied PCCs to participation across the pension industry value chain, demonstrating that “when compliance is linked to real economic consequences, behaviour changes.”

Oloworaran also revealed that total pension recoveries rose by 180 per cent to ₦4.04 billion between January and November 2025, compared to ₦1.44 billion recorded in 2024.

She described 2025 as a landmark year for pension reforms, highlighting the Presidential approval and disbursement of ₦758 billion to settle outstanding pension liabilities. The intervention, she said, reaffirmed the Federal Government’s commitment to honouring its obligations to workers and retirees.

PenCom also cleared long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating back to 2007. In addition, zero waiting time for the payment of accrued pension rights was restored from July 2025, ensuring retirees now receive their benefits as and when due.

READ ALSO: PenCom Announces New Era of Zero Tolerance for Pension Defaults

To enhance benefit adequacy, the Commission introduced Pension Boost 1.0, which has added ₦2.68 billion to monthly pension payments for retirees under the Contributory Pension Scheme (CPS).

On technology and operations, Oloworaran said PenCom achieved full automation of critical pension processes, including the PCC system, benefit processing, and contribution remittance platforms, leading to improved efficiency, reduced leakages, and greater transparency.

She also announced the inauguration of the Board of Trustees of the PenCare Initiative, an industry-wide programme aimed at providing free and accessible healthcare for low-income retirees.

As part of efforts to expand pension coverage, PenCom restructured and rebranded the Micro Pension Plan into the Personal Pension Plan, targeting artisans, traders, gig workers, creatives, and other informal sector participants. The new framework simplifies enrolment, expands digital access, and introduces Accredited Pension Agents, a move expected to create employment opportunities for thousands of young Nigerians.

On governance, the PenCom boss said the Commission raised capital requirements for pension operators and strengthened regulations to eliminate shadow directorships, stressing that transparency and accountability are non-negotiable in the management of pension funds.

She noted that the reforms were partly driven by concerns raised by the media over persistent non-remittance of pension contributions by employers, adding that PenCom responded with decisive compliance measures.

Oloworaran reaffirmed the Commission’s commitment to expanding coverage, deepening trust, improving investment outcomes, and protecting retirees, stressing that retirement security is a right, not a privilege.

The post Pension Reforms Yield Results As PCC Issuance Jumps To ₦233bn In Q3 appeared first on Business Today NG.

Ms. Oloworaran represented by the Commissioner Inspectorate of the Commission, Hon. Samuel Chigozie Uwandu stated this during an intensive Training Workshop for accredited Recovery Agents held in Lagos on 2 December 2025. The training marked a renewed nationwide compliance push to recover outstanding pension contributions and penalties from employers who persistently violate the Pension Reform Act (PRA) 2014, which mandates remittance of pension contributions within seven working days of salary payment.

The workshop, attended by enforcement officers, resource persons and pension industry stakeholders, outlined new strategic initiatives that will strengthen enforcement efforts, deepen inter-agency collaboration, and empower recovery agents to tackle non-remittance of pension contributions with greater precision and authority.

Speaking further at the workshop, the Director General reaffirmed PenCom’s commitment to enforcing strict compliance across the pension industry.

PenCom currently engages Recovery Agents to audit defaulting employers, calculate outstandingpension liabilities, issue demand notices, and facilitate recovery of unremitted pension contributions. Recovery Agents’ work has been instrumental in enforcing compliance since the start of the recovery exercise in 2012.

PenCom data shows that the Commission has cumulatively recovered ₦32.27 billion, comprising ₦15.87 billion in principal contributions and ₦16.40 billion in penalties from defaulting employers between June 2012 and September 2025.
In addition, PenCom recorded significant compliance gains in the third quarter of 2025 alone, recovering ₦2.06 billion (₦775 million principal and ₦1.27 billion penalties) from 49 defaulting employers, reflecting a sustained surge in enforcement activities.

Ms. Oloworaran told the workshop participants that despite the successes of the Contributory Pension Scheme (CPS), persistent defaults by employers threaten the fundamental purpose of the system.

“Every unremitted Naira represents a broken promise to a Nigerian worker,” she said. “This Commission has moved from promoting voluntary compliance to mandating enforced compliance. The era of impunity is over.”

She recalled that the appointment of Recovery Agents followed a competitive, transparent selection process, reflecting PenCom’s confidence in their capacity, professionalism, and integrity. She reminded participants that they are the “operational arm of PenCom’s enforcement will” and are critical to PenCom’s strategy to safeguard workers’ retirement savings.

The Director General outlined several bold initiatives forming PenCom’s expanded enforcement architecture, including forming stronger partnerships with key regulatory bodies such as the Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS) and other relevant agencies. Under these partnerships, employers’ compliance with the PRA 2014 will influence their standing with these bodies. The DG noted that defaulting employers will face consequences beyond PenCom, as non-compliance may affect business operations, access to government services, and regulatory privileges.

PenCom DG also brought to the attention of the participants the newly executed Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which empowers ICPC to hold the management of recalcitrant employers personally accountable, making pension defaults a matter with potential criminal implications.

“This MoU is a decisive step to give teeth to our recovery efforts,” the DG stated. “No employer should imagine that withholding workers’ pensions is without consequences.”

The training modules delivered at the workshop were designed to deepen RAs’ skills in employer audit and compliance assessment; liability computation and negotiation; documentation and evidence management; engagement protocols under PenCom’s new enforcement architecture and use of enhanced digital compliance tools and reporting systems.

Participants were also briefed on PenCom’s internal reforms aimed at ensuring faster processing of reports, better coordination between departments, and stronger monitoring of ongoing recovery activities.

The DG concluded her remarks with a powerful charge to the Recovery Agents:

“You are the ambassadors of this new resolve, anAct with unwavering ethical standards, exercise professional care, and be relentless in securing what is rightfully due to the Nigerian worker.”

She said that PenCom stands fully behind the agents and will provide all necessary institutional support to ensure that every kobo owed to Nigerian workers is recovered.

The workshop ended with a renewed sense of mission as PenCom and its accredited Recovery Agents prepare to intensify nationwide compliance activities throughout 2026 and beyond.

The post PenCom Announces New Era of Zero Tolerance for Pension Defaults appeared first on Business Today NG.

His assurance came just hours after dozens of retired officers staged yet another protest at the Assembly complex, accusing senators of stalling concurrence with the House of Representatives, which had already passed a bill removing police personnel from the scheme.

Receiving leaders of the retirees in his office, Akpabio said the Senate would immediately move to align with the House to “deliver justice long overdue.”

“The policy, from what you have told us, was not well thought out. But you should know that the issue, as far as the law is concerned, is over,” he said, urging protesters to disperse from the Assembly gate.

READ ALSO: Delays, Hitches Hinder Pension Payment Of Ex-service Men, Amid Calls For Police To Exit CPS

“On Tuesday next week, we will concur with what the House has done and produce an Act exiting you from the scheme. I know President Bola Tinubu, being a listening President, will sign it. The scheme is certainly not good for security personnel.”

Akpabio questioned why the police had been left under the CPS when the military and elite security agencies had long exited it. “You all fought insecurity together. What is sauce for the goose is sauce for the gander. We will ensure the scheme is the same from the IG to the last constable,” he said.

He also faulted the  adoption of CPS  without considering their local consequences. “Sometimes our country copies policies without thinking through the implications. If that had been done, many of you wouldn’t have died. We always compare apples with oranges.”

Earlier, the leader of the retirees, Chief Superintendent Mannir Zaria, thanked Akpabio for granting audience and expressed optimism that the Senate would now move quickly to address their concerns. Senate Leader Opeyemi Bamidele also praised Akpabio for his prompt intervention.

The post Akpabio Calms Protests, Promises Swift CPS Exit appeared first on Business Today NG.