PenCom urges states to fully implement contributory pension scheme

The National Pension Commission (PenCom) has called on state governments to fully implement the Contributory Pension Scheme (CPS), stressing that the success of pension reforms depends on adoption at the sub-national level.

Ms Omolola Oloworaran, Director-General of PenCom, made the call on Wednesday in Benin at the Second Run of the 2025 Consultative Forum for States and the FCT.

Represented by Mr Samuel Uwandu, Commissioner for Inspectorate, Oloworaran noted that the CPS had transformed retirement security in Nigeria, but gaps in state-level implementation continued to undermine financial dignity for millions of workers.

She said that only 17 of 36 states had fully implemented the scheme, 12 had yet to start, and seven were at various stages of establishing pension bureaus.

Oloworaran highlighted key reforms undertaken in her first year, including the timely payment of Accrued Pension Rights and the launch of Pension Boost 1.0.

She also noted the re-introduction of gratuity payments for federal civil servants.

Additionally, she introduced a new Pension Contribution Remittance System, designed to reduce errors and delays in pension remittances.

She also noted the approval of a N758 billion bond to settle legacy pension liabilities and the launch of Pension Revolution 2.0 to expand coverage to the informal sector.

While commending compliant states, she urged others to engage actively, emphasising that pension reform was a national imperative.

Opening the forum, Gov. Monday Okpebholo, represented by Edo State Secretary Musa Ikhilor, lauded PenCom for hosting the event in Edo, calling it an opportunity for states to harmonise pension implementation.

He underscored the importance of guaranteeing dignity for workers and retirees, stating that consistent reforms and administrative discipline were essential for a secure and comfortable retirement for all Nigerians.