The National Pension Commission (PenCom) has reported significant growth in both public and private sector pension contributions, with public contributions reaching N5.72 trillion and private sector contributions at N5.23 trillion by Q2 2024.
This marks a substantial increase from previous years, reflecting the positive impact of pension reforms.
Public sector contributions were N4.27 trillion in 2022 Q3, while private sector contributions were N3.96 trillion during the same period.
PenCom also highlighted a rise in disbursements of death benefits, totaling N451.2 billion to 104,259 beneficiaries by Q2 2024, up from N310.43 billion in 2022.
Additionally, retirement benefits payments increased to N1.1 trillion in Q2 2024, underscoring the growing engagement with the Retirement Savings Account (RSA) and the pension scheme’s increasing reach.
Oguche Agudah, CEO of Pension Fund Operators Association of Nigeria (PenOp), outlined the commission’s future priorities, including increasing public awareness, expanding pension coverage in the informal sector, and investing in infrastructure and technology to improve service delivery and enhance returns for retirees.
PenCom aims to strengthen Nigeria’s pension industry and provide greater financial security for retirees.
(Business Day)