Pension Sector: SGF Sen. Akume Set To Inaugurate Pension Industry Leadership Council To Drive Reforms -PenCom

The Secretary to the Government of the Federation (SGF), Senator Dr. George Akume, CON.

The National Pension Commission (PenCom) has disclosed the constitution of a think-tank team, Pension Industry Leadership Council (PILC), set to be inaugurated Thursday to drive strengthening Nigeria’s pension sector.

PenCom in a brief prior to Thursday, noted that establishing a high-level platform to steer reforms in Nigeria’s contributory pension system, marks a pivotal moment in the evolution of the Contributory Pension Scheme (CPS) in Nigeria.

The PILC, which inauguration is set to be performed by the Secretary to the Government of the Federation (SGF), Senator Dr. George Akume, CON, has mapped out purposes and objectives.

These include serving as a permanent multi-stakeholder advisory council designed to unify voices across the pension ecosystem and accelerate growth.

Its mission will be to “facilitate strategic dialogue, foster innovation, and mobilise collective action to strengthen and sustain a sound, inclusive, and sustainable pension system”, PenCom disclosed.

The Commission further explained that in practice, the PILC would provide a strategic forum where PenCom and licensed pension operators can consult every quarter on policy and operational issues, aligning pension growth with national development goals, indicating that members would adopt a governance charter and operational roadmap to institutionalise the council as a standing platform for collaboration.

Among the Key objectives of the PILC are: strengthening governance standards across the industry, expanding coverage (especially through micro-pension schemes for informal workers), diversifying pension asset portfolios, and deepening legislative support for reforms.

On the expected impacts on the pension industry and national development, PenCom enumerated that PILC is expected to deliver broad benefits for contributors, retirees, and the economy.

According to the Commission, “By bringing industry leaders together, the council will drive unified direction and faster coordination on sector challenges, resulting in stronger consumer outcomes and greater efficiency. Shared initiatives on service standards and data quality will boost public trust and improve retirement-account management.

“The PILC framework will also aim to lower operating costs through shared back-office services, develop common business continuity standards, and introduce joint risk management practices to strengthen resilience in pension administration. Collectively, the council will provide coordinated industry leadership, set common standards, and align responses to systemic issues to build confidence, mitigate risks, and secure retirement savings”, it stated.