The National Pension Commission (PenCom) has reaffirmed its commitment to strengthening collaboration with the judiciary in advancing Nigeria’s pension reform agenda and ensuring effective retirement benefits administration.
The Director-General of PenCom, Mrs Omolola Oloworaran, stated this during a sensitisation workshop on the Contributory Pension Scheme for Judges of the National Industrial Court of Nigeria held on Wednesday in Abuja.
Oloworaran, who was represented by the Acting Commissioner, Administration, Mr Bello Malabu, said the engagement was organised to deepen understanding and clarify concerns between the judiciary and the pension industry.
She noted that significant progress had been recorded in the past 20 years, although challenges remained in areas such as accrued pension rights, delayed remittances, and transition issues affecting some judicial officers.
She added that through the intervention of President Bola Tinubu, the Federal Government now pays the retirement benefits of Treasury-funded Ministries, Departments, and Agencies as and when due.
The Director-General disclosed that the Commission had commenced discussions with the National Judicial Council to address pending issues relating to the accrued benefits of some judges who transitioned into the Contributory Pension Scheme before their elevation to the Bench, assuring that such matters would be handled fairly and transparently.
Oloworaran commended the judiciary for the objectivity with which judges had handled pension-related cases and emphasised that continuous judicial education on pension law and policy was vital to improving pension adjudication and deepening jurisprudence.
She also unveiled the Personal Pension Plan, a rebranded voluntary pension product designed to offer greater flexibility and inclusiveness for professionals, the self-employed, and individuals in non-traditional employment arrangements.
Oloworaran encouraged judges and senior public officers to consider participating in the plan as a means of enhancing their financial security in retirement.
She explained that the Personal Pension Plan complements the mandatory Contributory Pension Scheme by catering for those not covered under the compulsory system, including professionals and self-employed individuals seeking to make voluntary contributions.
She urged justices and judges of all superior courts in Nigeria, who are exempted from the mandatory scheme, to explore the plan for improved retirement security for themselves and their dependents.
While reaffirming that the welfare of judicial officers remained a priority, Oloworaran reiterated PenCom’s commitment to ensuring fairness and transparency in administering the pension system.
She also launched the first volume of the Pension Law Report, a compendium of landmark judgments on pension matters delivered by the National Industrial Court and other courts, commending the President of the National Industrial Court, Justice Benedict Kanyip, for his support and commitment to promoting sound pension jurisprudence.
Justice Kanyip, in his remarks, called for a comprehensive reassessment of political pensions and severance packages, describing them as inconsistent with social justice and the spirit of public service.
He stated that it was morally wrong to pay lifetime pensions and gratuities to former governors and political appointees who served for only a few years, noting that such provisions contradict democratic principles and fairness.
The NICN President further highlighted that only about 10 per cent of Nigeria’s working population is covered by formal pension schemes, attributing the low coverage to non-remittance of contributions, poor enforcement, inadequate compliance, and delays in benefit payments.
He urged PenCom to strengthen compliance mechanisms, impose stricter penalties on defaulting employers, and adopt digital systems to enhance transparency and efficiency in remittances.
Kanyip reiterated that labour rights extend beyond active employment to post-employment entitlements such as pensions and emphasised that the contributory pension scheme remains a critical framework for protecting workers’ rights after retirement.
Also speaking, the President of the Pension Fund Operators Association of Nigeria, Mr Godson Ukpevo, described the contributory pension system as one of Nigeria’s most successful public policy innovations.
He noted that the system had restored confidence in retirement planning, created millions of contributors, and grown pension assets to over ₦25 trillion, forming a significant pool of long-term domestic capital.
Ukpevo explained that the engagement represented an opportunity for reflection and review of the system’s successes and challenges, as well as to deepen the judiciary’s understanding of laws governing pensions and their economic impact.
The sensitisation workshop concluded with a renewed commitment from all stakeholders to strengthen Nigeria’s pension administration framework, expand coverage, and ensure fairness and transparency across the retirement benefits system.