The National Pension Commission, PenCom, said its visit on Wednesday, to the Trade Union Congress is to advance pension reforms and ensure compliance with the Contributory Pension Scheme.
The Commission said it is working with the Central Bank of Nigeria, CBN, and the Federal Ministry of Finance on mechanisms that will allow pension investments in naira but generate returns in dollars, as part of efforts to safeguard retirement funds.
The Commission disclosed this in a statement on Wednesday, after its Director General Omolola Oloworaran met with the TUC President, Festus Osifo, in Abuja.
Oloworaran acknowledged the invaluable role of the TUC as a member of the PenCom Governing Board and stressed that the relationship between the two organisations remained crucial to the sustainability of the CPS in Nigeria.
She emphasised that every employer of labour is obligated under the Pension Reform Act (PRA) 2014 to remit pension contributions on behalf of employees.
Oloworaran noted that the commission will unveil a revised Investment Regulation to expand opportunities in alternative investments and deliver better real returns.
On his part, Osifo commended PenCom for its professionalism and effectiveness, describing it as one of the highest-performing institutions in Nigeria. He recounted his experience with PenCom staff during his time in the pension industry, praising their exceptional integrity, competence and dedication.
Recall that the Nigeria Labour Congress in August threatened a strike over the failure of President Bola Ahmed Tinubu’s government to constitute a pension board.
Thereafter, President Tinubu appointed Opeyemi Agbaje, a former executive director at Guaranty Trust Bank, as chairman of PenCom.