About 91.4% of Retirement Savings Accounts (RSAs) registered under Nigeria’s Personal Pension Plan (PPP) had no contributions at the end of the first quarter of 2026.

Data from the National Pension Commission (PenCom) showed that 219,316 PPP RSAs had been registered by the end of March. Only 18,811 accounts, or 8.58%, had received contributions.

This left 200,505 registered accounts without funding.

PPP Contributions Reach N147.16 Million

Despite the large number of unfunded accounts, contributions under the scheme continued during the quarter.

PPP contributors paid N147.16 million into their accounts between January and March 2026. This brought total contributions since the scheme began to N1.66 billion.

The figures point to a wide gap between registration and actual participation. Many Nigerians have opened personal pension accounts but have yet to make contributions.

The data came from PenCom’s first-quarter 2026 pension industry report.

Personal Pension Withdrawals

The report also recorded withdrawals from personal pension accounts during the quarter.

Fifteen Personal Pension Contributors (PPCs) withdrew a combined N11.12 million on a contingent basis. Four Pension Fund Administrators (PFAs) processed the withdrawals.

Since the scheme began, 346 PPCs have made contingent withdrawals. Their total withdrawals stood at N124.30 million.

The report also showed differences in market share among PFAs. AccessARM accounted for 33.64% of new PPP RSA registrations during the first quarter.

Its cumulative share stood at 52.4% of all PPP RSAs.

PenCom Reviews Pension Contribution Rates

The PPP figures come as PenCom continues work on reforms to Nigeria’s pension system.

In July, the commission disclosed plans to review statutory pension contribution rates as part of its review of the Pension Reform Act (PRA) 2014.

Under the existing framework, employers contribute at least 10% of an employee’s monthly emoluments. Employees contribute 8%.

Together, the mandatory contributions amount to 18%.

PenCom has indicated that the rate could increase under the proposed reforms. The commission is also working on a new investment vehicle that could direct some pension assets into critical infrastructure projects.

Pension Assets Continue to Grow

The low funding rate among PPP accounts contrasts with the continued growth of Nigeria’s wider pension industry.

PenCom’s unaudited industry report showed that total pension assets reached N31.32 trillion in May 2026.

That figure represented a 1.23% increase from N30.94 trillion in April. Pension assets rose by about N384.98 billion during the month.

The industry also recorded strong annual growth. Total pension assets increased by 29.5% from N24.18 trillion in May 2025.

The growth has increased the importance of pension savings within Nigeria’s financial system. It also gives pension fund managers a larger pool of capital to invest in approved assets.

Personal Pension Coverage Remains a Challenge

The latest PPP figures show that account registration alone does not guarantee retirement savings.

While more Nigerians continue to register pension accounts, the number of accounts receiving contributions remains relatively small. This creates a challenge for efforts to expand retirement protection among people outside the formal employment system.

The issue also matters for Nigeria’s long-term financial security. Regular pension contributions can help individuals build retirement savings while increasing the pool of domestic capital available for investment.

PenCom’s ongoing reforms will therefore face the dual challenge of increasing participation and ensuring that registered accounts become active savings vehicles.

The first-quarter data shows that Nigeria’s pension industry is growing in size, but the large number of unfunded personal pension accounts highlights the need to turn registration into consistent contributions. Closing that gap will be important for expanding retirement coverage and strengthening long-term savings in the country.

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A major reform has been introduced into Nigeria’s pension system as the federal government rolls out a dollar-based pension scheme targeted at Nigerians in the diaspora and foreign nationals. The scheme also covers local workers both Nigerians and expatriates whose salaries are paid fully or partly in foreign currency.

The initiative is a central feature of PensionRevolution 2.0, recently unveiled by the National Pension Commission (PenCom). It is designed to increase foreign currency inflows, expand access to pension services, and modernize the country’s retirement savings framework.

Under the new guidelines, contributors are required to open a Retirement Savings Account (RSA) with a Pension Fund Administrator (PFA). Diaspora Nigerians are to make contributions through Non-Resident Nigerian Ordinary Accounts (NRNOAs), while those living in Nigeria must use domiciliary accounts designated by their Pension Fund Custodian (PFC).

Every contribution will be split into two components: 60 percent set aside for contingent withdrawal and 40 percent preserved for retirement. Contributors may also choose whether to access benefits in foreign currency or in naira. A minimum holding period of six months applies before withdrawals can be made.

The scheme applies to salaries earned in any foreign currency, although remittances must be made in U.S. dollars. Importantly, the receiving bank is barred from charging fees on these contributions, ensuring full value is retained in the contributor’s RSA.

PenCom described the development as a turning point for the Contributory Pension Scheme, highlighting its potential to broaden participation, deepen financial inclusion, and attract long-term capital into the Nigerian economy.

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The National Pension Commission (PenCom) is set to roll out a revised investment regulation aimed at expanding pension fund opportunities in alternative assets and boosting real returns for contributors under the Contributory Pension Scheme (CPS).

Director-General Ms. Omolola Oloworaran disclosed this during a visit to Trade Union Congress (TUC) President, Comrade Festus Osifo, in Abuja.

“This initiative is part of ongoing reforms to address the erosion of value in pension savings and mitigate the impact of inflation on pension assets,” Oloworaran said.

She added that PenCom is collaborating with the Central Bank of Nigeria (CBN) and the Ministry of Finance to create frameworks that allow pension investments in naira but generate returns in dollars, protecting retirement funds from currency risks.

Ololoworaran also revealed that a minimum pension will soon be introduced for all retirees under the CPS, following President Bola Tinubu’s approval of a ₦758 billion bond to finance the Pension Protection Fund (PPF).

The PenCom boss urged the TUC to support stricter enforcement of the Pension Reform Act (PRA) 2014, which mandates employers to remit workers’ contributions promptly.

TUC President Osifo praised PenCom’s professionalism and pledged the union’s support. He also called for “a review of the PRA to introduce more flexibility in pension fund investments, ensuring workers’ savings are better shielded from inflation and exchange rate pressures.”

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