PENSION FUNDS ADMINISTRATORS, FINANCIAL INSTITUTIONS, EMBARK ON SENSITISATION VISIT TO NIEPA ONDO
A consortium of Pension Fund Administrators (PFAs) and financial institutions, in collaboration with regulatory stakeholders, on Tuesday, May 20, 2025, conducted a sensitisation outreach to staff of the National Institute for Educational Planning and Administration (NIEPA) in Ondo State. The visit was part of an ongoing nationwide campaign aimed at enhancing financial literacy and promoting a deeper understanding of Nigeria’s Contributory Pension Scheme (CPS) among public servants.
Held at NIEPA’s main auditorium, the event attracted a large turnout of staff members, who expressed keen interest in the topics discussed. The visiting team comprised representatives from multiple licensed PFAs, including Trust Funds PFA, Stanbic IBTC PFA, ARM Pension Leadway PFA and PenCom Pensions Limited, among others, commercial banks, and financial advisory firms.
The sensitisation session covered the overview of the Contributory Pension Scheme, voluntary pension contributions and benefits, RSA transfer windows and PFA switching procedures, the role of PFAs vs. PFCs, financial planning for retirement, and navigating the PenCom verification process.
The staff were urged to regularly update their records, designate next-of-kin information, and monitor account statements to ensure accuracy. Financial institutions present also took the opportunity to introduce staff to additional savings and investment opportunities tailored for post-retirement life, such as annuity plans, fixed income portfolios, and cooperative savings schemes. A highlight of the event was a practical demonstration on how to access and navigate the Retirement Savings Account (RSA) portal, update personal details, and check balances. The demonstration was followed by a hands-on session where staff members received one-on-one assistance with resolving long-standing issues related to their pension contributions and statements.
Responding to questions during the interactive segment coordinated by staff of the Public Relations Unit, representatives clarified common misconceptions, such as delays in fund remittance, the difference between programmed withdrawal and annuity options, and eligibility for lump-sum withdrawals at retirement.
The Acting Director-General of NIEPA, represented by the institute registrar, Dr. Festus Olaolu, expressed deep appreciation for the visit, describing it as “timely and highly impactful.” He emphasized the need for continuous education and collaboration between institutions to secure the financial futures of workers. “As an institute that champions educational planning and capacity development, we also value initiatives that empower our staff beyond the workplace,” He said. He also pledged NIEPA’s support for future financial literacy campaigns, noting that improved pension awareness contributes positively to national development by reducing dependency and increasing security in old age.
In closing, the lead coordinator of the sensitisation visit, Mr. Sylvester Inakoju (Industrial Labour Relation & Pensions Unit) noted that the exercise is one of several being rolled out across educational and government institutions. He emphasized that the PFAs and financial partners remain committed to providing transparent, efficient, and client-focused services.
