The National Pension Commission (PenCom) has reported a significant growth in Nigeria's pension fund assets, reaching N21.92 trillion as of October 2024, with 10.53 million registered contributors, PenCom Director General Omolola Oloworaran announced on Thursday.

Key Highlights:

- Pension fund assets increased by N1.113 trillion from July's N20.79 trillion

- Total registered contributors reached 10.53 million

- Ongoing efforts to protect fund value amid economic challenges

Economic Challenges and Strategic Responses:

Oloworaran acknowledged the complex economic landscape, including high inflation, naira devaluation, and monetary policy impacts that have eroded the real value of pension funds. In response, PenCom has initiated several strategic measures:

Investment Strategy:

- Comprehensive review of Investment Regulations

- Diversification into:

  - Inflation-protected instruments

  - Alternative assets

  - Foreign currency-denominated investments

Technological and Operational Innovations:

1. Micro Pension Plan

- Leveraging technology to encourage informal sector participation

- Aims to make retirement savings more accessible to everyday Nigerians

2. Digital Transformation Initiatives:

- Launched e-Application Portal for Pension Clearance Certificates (PCC)

- Issued 38,528 PCCs in 2024

- Implemented Pension Industry Shared Service Initiative to digitize contributions and remittances

Retirement Benefits and Retiree Support:

- Released N44 billion to settle pension rights for retirees from March to September 2023

- Working with the Federal Government to establish sustainable benefit payment mechanisms

Recent Enhancements:

- Introduced revised programmed withdrawal template

- Simplified access to voluntary contributions

- Adjusted en-bloc payment thresholds in line with new minimum wage

"Our goal is to safeguard contributors' savings and ensure resilience against future economic volatility," Oloworaran emphasized, highlighting PenCom's commitment to inclusive growth and financial security.