The National Pension Commission (PenCom) and the Trade Union Congress of Nigeria (TUC) have resolved to deepen collaboration in enforcing compliance with the Contributory Pension Scheme (CPS) and advancing pension reforms for Nigerian workers.
PenCom’s Director-General, Ms. Omolola Oloworaran, made the commitment during a courtesy visit to the TUC President, Comrade (Engr.) Festus Osifo, in Abuja. She was joined by Acting Commissioner (Technical), Hon. Hafiz Kawu Ibrahim, and other senior officials.
Oloworaran underscored the crucial role of the TUC as a member of the PenCom Governing Board and proposed more structured engagements to strengthen the CPS nationwide. She reminded employers of their legal duty under the Pension Reform Act (PRA) 2014 to remit workers’ pension contributions promptly, urging TUC’s support in ensuring compliance to safeguard employees’ retirement security.
The PenCom boss also highlighted ongoing reforms to protect pension savings against inflation, including a revised Investment Regulation that will expand opportunities in alternative investments and create channels for naira-based investments with dollar-linked returns. She disclosed that a minimum pension for all CPS retirees will soon be introduced, backed by President Tinubu’s approval of a N758 billion bond to fund the Pension Protection Fund.
In his response, Comrade Osifo commended PenCom for its professionalism and effectiveness, describing it as one of Nigeria’s best-performing institutions. He condemned employers who deduct pension contributions without remitting them, warning that such practices reduce long-term returns and trigger industrial disputes. He also called for amendments to the PRA 2014 to create more flexible investment options that shield savings from inflation and currency volatility.
Both institutions ended the meeting with a joint pledge to strengthen cooperation, improve compliance, and secure the future of Nigerian workers under the CPS.
