The Bureau of Public Service Reforms and the National Pension Commission have unveiled their collaboration to improve pension management for retiring public servants in Nigeria. This initiative was discussed during a recent meeting between the two agencies in Abuja.
The Director-General of BPSR emphasized the significance of the ongoing reforms in Nigeria’s pension system. He highlighted the challenges faced by the pension system before the establishment of PenCom in 2004, including delays and arrears due to an unsustainable defined benefits scheme.
The Director-General of PenCom stressed the importance of continuous reforms to tackle emerging challenges in pension management, such as disbursements and technology integration. One key focus was the proposed integration of PenCom’s pension system with the Integrated Payroll and Personnel Information System to streamline data management.
Efforts are being made to enhance pre-retirement training for civil servants to better prepare them for life after retirement, as statistics show a high mortality rate among retirees. The need for collaboration between BPSR and PenCom to strengthen pre-retirement training and improve pension management was also emphasized.