Pension Boost 1.0

In a move that reshapes the retirement landscape, PenCom announced a landmark increase in monthly pensions from ₦8.3 billion to ₦11.9 billion, effective 1 June 2025. The initiative, powered by robust economic reforms and strong RSA fund performance, delivers a significant uplift for over 233,000 retirees under the Contributory Pension Scheme. This bold adjustment reflects the federal government’s unwavering commitment to restoring dignity and financial stability for Nigeria’s retired workforce.

The Inaugural Pension Industry Leadership Retreat

Held in May 2025, the Retreat set a bold agenda for the future of the industry, focusing on infrastructure financing, legislative engagement, investment diversification, and the rebranding of the Micro Pension Plan as ‘The Personal Pension Plan’, making it more accessible to Nigeria’s growing informal sector.

Pension Compliance Redefined

In a landmark enforcement directive, PenCom announced that any entity, including service providers, parent firms, subsidiaries, and institutional shareholders that lacks a valid Pension Clearance Certificate (PCC) by November 2025 will be barred from doing business within Nigeria’s pension ecosystem. This measure underscores that compliance is no longer optional.

Erasing Accrued Pension Rights Arrears

Thanks to the visionary support of President Bola Ahmed Tinubu, accrued pension payments have been made to retirees exiting service up to March 2025, drastically reducing a backlog that once stretched 21 months. PenCom is now poised to completely eliminate pension arrears, historic shift that guarantees timely benefits for future retirees.

In making the announcements, the PenCom DG emphasized that, “We are building a pension system that is transparent, inclusive, and unshakable. One that delivers on its promise to every Nigerian worker. This is a new era of compliance, and trust, and it guarantees a brighter future for all retirees.”