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Pension Scheme Contributors Hit 10 Million

The National Pension Commission (PenCom) announced on Thursday that the number of contributors to the Contributory Pension Scheme (CPS) has reached 10 million members as of June, compared to the 9.86 million members recorded in 2022.

Mrs. Aisha Dahir-Umar, the Director-General of PenCom, made this disclosure during a conference organized for journalists covering the pension and labor industries in Lagos.

Dahir-Umar stated that the CPS membership saw an increase of 146,920 contributors during the period under review. Furthermore, pension assets witnessed substantial growth, rising by N1.77 trillion in the first half of 2023, reaching N16.76 trillion at the end of June, compared to N14.99 trillion in December 2022.

The conference’s theme, “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” was described as timely and crucial by the Director-General.

She emphasized PenCom’s dedication to continuous service improvement within the pension industry, aiming to provide contributors and retirees with the best possible experience.

Dahir-Umar highlighted how the CPS has enabled both public and private sector workers to build retirement savings throughout their working lives, ensuring financial security during their golden years.

The proactive regulatory approach of PenCom has played a pivotal role in strengthening the oversight and governance of pension funds, promoting transparency, accountability, and safeguarding the interests of pension contributors.

“The journalists’ conference serves as a testament to PenCom’s commitment to enhancing knowledge and understanding of the CPS and its significant impact on the lives of contributors and retirees.”

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