The high-level retreat, jointly organized by the National Pension Commission (PenCom) and the Pension Fund Operators Association of Nigeria (PenOp), ran from May 8 to 10 at the Lagos Continental Hotel, Victoria Island. With the theme “Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion,” the event brought together regulators, pension fund administrators, lawmakers, and public sector leaders to map out the future of Nigeria’s pension architecture.
At the heart of the deliberations was the widening disparity between pension practices across the country. Industry leaders warned that the failure of some states to adopt the Contributory Pension Scheme (CPS) and align with PenCom’s regulatory framework posed a threat to the integrity of the entire system.
“It’s time for national alignment,” one senior PenCom official said. “States must stop operating outside the federal standard if we are serious about ensuring retirement security and economic inclusion.”
Lagos Praised as Model State
Throughout the retreat, Lagos State received high praise for maintaining what many described as the most transparent and effective state-run pension system in Nigeria. With regular remittances, solid regulatory compliance, and a proactive approach to pension reforms, Lagos was upheld as a benchmark for others to follow.
“Lagos has shown it can be done,” noted a PenOp executive during a plenary session. “Their success should not be an exception but the norm across all 36 states and the FCT.”
Senate Urged to Act
In a significant policy recommendation, participants called on the National Assembly, particularly the Senate, to introduce legislation that would penalize states failing to meet pension operational standards. Stakeholders emphasized the need for binding legal provisions to ensure that no state lags behind in safeguarding retirees’ futures.
“We need more than advocacy. We need enforcement,” one speaker stated. “Let the Senate pass laws that compel compliance. The time for excuses is over.”
Towards Sustainable Retirement and Economic Growth
The retreat also examined how a robust and unified pension system could support broader national development. Speakers pointed to the potential of pension funds to drive infrastructure investments and support the financial inclusion agenda, especially for workers in the informal sector.
With the convergence of policy ideas and regulatory resolve, the event concluded with a clear mandate: Nigeria must standardize its pension system, enforce compliance, and build a future where every retiree has access to a secure and sustainable income.
The 2025 Pension Industry Leadership Retreat may be over, but the policy momentum it has generated is just beginning.
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