Pension Reform Act

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WELCOME REMARKS AT THE COMMEMORATIVE DINNER OF THE 10TH ANNIVERSARY OF THE PENSION REFORM IN NIGERIA AT VICTORIA ISLAND, LAGOS ON 30 OCTOBER, 2014

Distinguished Ladies and Gentlemen I am delighted to welcome you to the Commemorative Dinner of the 10th Anniversary of the Pension Reform in Nigeria holding in Lagos. We are highly honored by the presence of all our distinguished guests at tonight’s occasion, amidst your engaging commitments. This Dinner is being held as part of the […]

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WELCOME ADDRESS AT THE CONFERENCE ON PENSION REFORM ACT 2014 ORGANISED BY PENCOM IN LAGOS ON 30 OCTOBER, 2014

Distinguished ladies and gentlemen, on behalf of the Board, Management and Staff of the National Pension Commission (PenCom), I am delighted to welcome all of you to this important conference on the developments ushered in by the Pension Reform Act, 2014, which is the first of series of such conferences scheduled to be held in […]

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WELCOME ADDRESS AT THE STAKEHOLDERS’ SENSITIZATION CONFERENCE ON PENSION REFORM ACT 2014 ORGANISED BY PENCOM IN ENUGU ON 9 JULY, 2015

Distinguished ladies and gentlemen, on behalf of the Board, Management and Staff of the National Pension Commission (PenCom), I welcome all of you to this important Stakeholders’ Sensitization Conference on the Pension Reform Act 2014 (PRA 2014). We are honoured by the presence of very important personalities who, despite their busy schedules, found it worthwhile […]

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WELCOME ADDRESS ON THE OCCASION OF THE INTERACTIVE WORKSHOP FOR HONOURABLE JUSTICES, JUDGES AND SENIOR LEGAL OFFICERS IN ABUJA ON 3-4 OCTOBER, 2013

It is my honour to welcome you, on behalf of the Management of the National Pension Commission, to this very important Interactive Workshop on the Contributory Pension Scheme. You are no doubt aware that the Federal Government, as part of its on-going Economic and Governance Reform Programme, enacted the Pension Reform Act, 2004 which established […]

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WELCOME ADDRESS AT THE OFFICIAL OPENING OF THE SOUTH-WEST ZONAL OFFICE OF THE COMMISSION AT GRA IKEJA, LAGOS ON FRIDAY, 20 SEPTEMBER, 2013

I am greatly honoured to welcome you all to the official opening of the South-West Zonal Office of the Commission which is situated here in Lagos. I am particularly pleased that you accepted our invitation amidst your highly engaging schedules. We consider the presence of a large number of stakeholders at this event as a […]

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WELCOME ADDRESS AT THE OFFICIAL OPENING OF THE NORTH-WEST ZONAL OFFICE OF THE COMMISSION IN KANO STATE ON 5 DECEMBER, 2013

I am highly delighted to welcome you all to the official opening of the North-West Zonal Office of the Commission which is situated here in Kano. The Commission is particularly honored by the presence of all of you distinguished personalities at this occasion amidst your crowded schedules, which is an indication of the confidence reposed […]

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WELCOME ADDRESS AT THE 2014 WORLD PENSION SUMMIT ‘AFRICA SPECIAL’ ABUJA, NIGERIA

It gives me great pleasure to welcome you to this inaugural World Pension Summit ‘Africa Special’ being hosted here in Abuja. In recognition of the increasing significance of Pension Funds in shaping Africa’s future, this Summit – the first in its series – is designed to evoke pragmatic, sustainable and most effective initiatives for pension […]

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OPENING REMARKS AT RETIREES’ FORUM FOR EXISTING RETIREES IN THE CONTRIBUTORY PENSION SCHEME

I am indeed delighted to welcome you to this auspicious Forum organized for retirees under the Contributory Pension Scheme (CPS) by the National Pension Commission (PenCom). We consider retirees as a very important stakeholder group which symbolizes the success of the CPS on the payout sphere. On behalf of the management and staff of the […]

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Historical Background

Prior to the enactment of the Pension Reform Act 2004, pension schemes in Nigeria had been bedevilled by many problems. The Public Service operated an unfunded Defined Benefits Scheme and the payment of retirement benefits were budgeted annually. The annual budgetary allocation for pension was often one of the most vulnerable items in budget implementation […]

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Signing Into Law Of The pension Reform Act 2014

After 10 years of implementing the pension reforms in Nigeria, the Pension Reform Act 2014 was signed into law to address the challenges faced in the implementation processes. In addition, new provisions were made to particularly strengthen the powers of the Commission to resolve conflicts in addition to providing stiffer penalties for infractions. The PRA […]

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Power Of The Commission

The Commission shall have the power to: Formulate, direct and oversee the overall policy on pension matters in Nigeria. Fix the terms and conditions of service including remuneration of the employees of the Commission. Request or call for information from any employer or pension fund administrator or custodian or any other person or institution on […]

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Functions Of The Commission

The Pension Reform Act 2004 established the National Pension Commission (PenCom) as the body to regulate, supervise and ensure the effective administration of pension matters in Nigeria.   The functions of the Commission include: Regulation and supervision of the Scheme established under the Act. Issuance of guidelines for the investment of pension funds. Approving, licensing, […]

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Objectives

The main objectives and features of the Pension Reform Act 2004 are: To ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due; To assist individuals by ensuring that they save to cater for their livelihood during […]

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Mission

PenCom exists for the effective regulation and supervision of the Nigerian Pension Industry to ensure that retirement benefits are paid as and when due.

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Vision

By 2019, to be a pension industry with 20 million contributors delivering measurable impact on the Economy.

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