Fasuyi Warns Against Pension Scheme Exits, Urges Legislative Inclusion

The Lagos Continental Hotel transformed into a hub of strategic discourse from May 8–10, 2025, as key stakeholders in Nigeria’s pension ecosystem gathered for the inaugural Pension Industry Leadership Retreat, organized by the Pension Fund Operators Association of Nigeria (PenOp) in collaboration with the National Pension Commission (PenCom). Held under the theme “Sustainable Retirement: Strategic Blueprint for Economic Development and Inclusion,” the event marked a historic step in aligning policy, regulation, and operations to reform and expand the nation’s pension system.

Senator Oluwole Fasuyi, Chairman of the Senate Committee on Establishment and Public Service, brought legislative gravitas to the retreat, warning that the fragile growth recorded in the pension industry could be jeopardized if agitations to exit the scheme by certain sectors are allowed to fester.

“If less than 4% of the population has contributed to building a pension asset base of N23 trillion, imagine the potential if broader inclusion is achieved,” he stated. “But if contributors continue to agitate for exit—especially from influential sectors—the financial institutions depending on these funds could face systemic risks.”

Fasuyi emphasized the vital role of legislation in sustaining and expanding the pension scheme, and called on fellow lawmakers to protect the industry’s integrity through inclusive reform. He urged operators and PenCom to actively engage all 31 members of the Senate and House committees responsible for pensions, ensuring collective support for proposed amendments to the Pension Reform Act 2014.

The Senator’s remarks echoed the broader sentiment of the retreat, which saw panelists and industry players emphasizing the need for firm legal frameworks that discourage hasty exits and preserve the stability of retirement assets.

Panelists noted that while contributor dissatisfaction is being voiced, the solution is not exit but reform—particularly through simplified access, improved communication, and better service delivery. They urged lawmakers to tighten legislation that makes it difficult to exit the scheme without sound justification, in order to preserve the pool of long-term capital that fuels infrastructure and economic development.

The retreat also served as a platform for renewed commitment among regulators, legislators, and operators to work together in charting a pension system that is resilient, inclusive, and anchored in the public interest. With collaboration as a key takeaway, the retreat concluded on a high note—one that underscored the urgent need for unity across all arms of the industry to deliver sustainable retirement outcomes for millions of Nigerians.

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