PenCom Targets Three Million Funded Pension Accounts by 2027

The National Pension Commission (PenCom) has set a target for Pension Fund Administrators (PFAs) to open three million additional funded Retirement Savings Accounts (RSAs) within one year. This announcement was made by PenCom's Director-General, Omolola Oloworaran, on October 29, 2026, during the National Pension Conference and Awards, part of National Pension Week 2026.

The initiative aims to expand pension coverage, particularly for Nigerians working outside the formal employment sector. Oloworaran emphasized that the target involves genuinely funded accounts, not just registrations.

She outlined five strategic reforms to transform Nigeria's pension system over the next decade, including shifting coverage to include informal workers and strengthening retirement security. Additionally, she mentioned that President Tinubu would launch the Pension Security Initiative in November 2026 and that tougher enforcement against employers defaulting on pension obligations would be implemented.

All pension fund administrators must complete their recapitalization by June 30, 2027, and responsible investments in infrastructure and productive enterprises are advocated.