Director General of the Pension Commission Ms. Omolola Oloworaran
By Victoria Onehi
The Director General of the Pension Commission ( PenCom) Ms. Omolola Oloworaran, has said N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023.
The Director General disclosed this 2024 PenCom Media Conference which held in Abuja on Thursday.
She disclosed that moving forward, the commission will work with the Federal Government to institutionalise a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.
Furthermore,she stated that as of October 2024, the Contributory Pension Scheme (CPS) recorded 10.53 million registered contributors.
“As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92 trillion. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth.”
Speaking on the theme of the conference, “Tech-Driven Transformation: Shaping the Pension Landscape,” she reflected on PenCom’s strategic commitment to harnessing technology for enhanced pension administration. “By leveraging innovation, we aim to transform service delivery, improve transparency, and drive efficiency across the pension industry.
“This year, we achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. This initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online. This year we have so far issued 38,528 PCCs, significantly enhancing ease of doing business and ensuring compliance.
“Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.
“To further enhance contributors’ experiences, we have introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric.” Oloworaran stated.
She said the conference was an opportunity to update media on significant milestones within the pension industry and share the commissions strategies to address emerging challenges.
