BY IVO TAKOR
THE MEASURE of a nation’s commitment to social justice and human dignity is reflected, among other things, in how it treats its citizens during their retirement years. After decades of contributing to national development, workers deserve to retire with dignity, financial security and reasonable assurance that their basic needs will be met. Equally important is the need to ensure that Nigerians outside formal employment are not excluded from arrangements designed to provide financial protection in old age.
It is against this background that I commend the National Pension Commission (PenCom) for initiating the inaugural National Pension Week 2026, scheduled for October 26 to 30, 2026, under the theme “Pensions for All: Building a Secure Future Together.”
Senior citizens deserve more than ceremonial recognition. They deserve prompt payment of retirement benefits, accessible pension administration, effective complaints-resolution mechanisms and financial protection against the challenges of ageing.
The initiative represents a welcome and progressive step towards deepening public understanding of pensions, promoting retirement planning, expanding pension coverage and strengthening the financial security of Nigerians before and after retirement.
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For too long, discussions about pensions in Nigeria have been largely confined to workers in formal employment, pension administrators, the regulator and retirees. Yet retirement insecurity is a national concern that affects virtually every segment of society. The market woman, artisan, farmer, commercial driver, entrepreneur, self-employed professional and young worker all face the reality that their ability to earn an income may diminish with advancing age.
By deliberately bringing these groups into the national pension conversation, PenCom is demonstrating an appreciation of the need to make pension protection more inclusive, accessible and responsive to the realities of the Nigerian economy.
The programme’s structure is particularly commendable. The opening ceremony and youth engagement activities in Lagos on Monday, October 26, provided an opportunity to introduce young Nigerians to the importance of early retirement planning. This is significant because retirement security is best built throughout one’s productive years rather than treated as a concern only when retirement approaches.
Young Nigerians must understand that pension contributions are not simply deductions from earnings but an investment in their future financial independence. Developing this consciousness early will help establish a culture of long-term savings and financial responsibility.
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The Small and Medium Enterprises (SME) and Informal Sector Professionals Fair, which held on Tuesday, October 27, also in Lagos, is equally important. A substantial proportion of Nigeria’s economically active population operates outside the conventional formal employment structure. Many of these hardworking Nigerians do not enjoy regular employer-sponsored pension arrangements and consequently face heightened financial vulnerability in old age.
The engagement presented an important opportunity to deepen awareness of the Personal Pension Plan and other arrangements through which self-employed persons and informal sector workers can participate in the pension system. Beyond awareness, however, sustained efforts must be made to simplify participation, accommodate irregular incomes and build public confidence in pension institutions.
The activities dedicated to senior citizens on Wednesday, October 28, in Abuja, are especially deserving of commendation. Pension reform must never lose sight of its ultimate beneficiaries: those who have already retired after years of service and contribution to society.
Senior citizens deserve more than ceremonial recognition. They deserve prompt payment of retirement benefits, accessible pension administration, effective complaints-resolution mechanisms and financial protection against the challenges of ageing.
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In this regard, the PenCom’s efforts towards advancing the Minimum Pension Guarantee and healthcare support for vulnerable retirees are encouraging developments. Their successful implementation would represent meaningful progress towards strengthening the social protection available to pensioners, particularly those receiving inadequate retirement benefits.
The National Pension Summit, scheduled for Thursday, October 29, in Abuja, with its three breakout sessions and awards and recognition ceremonies, provides another valuable platform for policymakers, the regulator, employers, pension operators, trade unions and other stakeholders to evaluate progress, exchange ideas and develop practical solutions to existing challenges. The concluding Press Day on Friday, October 30, should further strengthen transparency, public engagement and accountability.
National Pension Week 2026 must therefore mark not simply the beginning of an annual event, but the strengthening of a sustained national commitment to pension inclusion, social protection and retirement security for all Nigerians.
I consider the significance of this initiative to extend beyond financial planning. Pension protection is fundamentally an issue of social justice, human dignity and the right of citizens to live their later years without avoidable deprivation.
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Section 16(2)(d) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), recognises old-age care and pensions among the social welfare objectives of the Nigerian state. This constitutional principle underscores the importance of public policies that promote economic security and social protection.
The Contributory Pension Scheme established under Nigeria’s pension reform framework has provided an important foundation for improving retirement savings administration. Nevertheless, significant challenges remain, including limited pension coverage among informal sector workers, non-remittance of contributions by some employers, delays in accessing benefits and the erosion of retirees’ purchasing power by inflation.
National Pension Week should therefore serve not merely as an occasion for public enlightenment and celebration, but as a catalyst for addressing these longstanding concerns.
Employers must be encouraged, and where necessary compelled, to comply with their statutory pension obligations. Pension Fund Administrators must continue to improve service delivery, transparency and responsiveness. Government at all levels must demonstrate greater commitment to fulfilling pension obligations, while PenCom must sustain effective regulation, monitoring and enforcement.
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Trade unions, civil society organisations, professional associations, employers’ organisations and community groups also have important roles to play in ensuring that pension literacy and coverage extend beyond major urban centres to workers and citizens in rural communities.
Of particular importance is the need for sustained engagement after the conclusion of National Pension Week. The success of this laudable initiative should ultimately be measured not only by attendance, publicity or the number of activities organised, but by tangible improvements in pension awareness, new enrolments, regulatory compliance, service delivery and the welfare of retirees.
PenCom, under the leadership of its Director-General, Ms Omolola Oloworaran, deserves commendation for recognising the importance of taking pension discussions beyond regulatory and industry circles into the wider Nigerian society.
The decision to create a national platform bringing together young people, entrepreneurs, informal sector workers, senior citizens and policymakers reflects a forward-looking approach to pension administration and public engagement.
It also sends an important message: retirement planning should not be the privilege of a few, and financial security in old age should not depend solely on an individual’s employment status.
I therefore call on all stakeholders, particularly organised labour, employers, professional bodies, civil society organisations and the media, to support this initiative and contribute meaningfully to its objectives.
National Pension Week 2026 offers Nigeria an opportunity to reposition pension planning as a national priority and strengthen the collective responsibility to safeguard the welfare of present and future retirees.
As we commend the PenCom for this important initiative, we must also recognise that the true value of pension reform lies in its capacity to improve lives, protect dignity and provide lasting financial security.
A nation that protects its citizens in retirement is a nation that values their contributions during their working lives.
National Pension Week 2026 must therefore mark not simply the beginning of an annual event, but the strengthening of a sustained national commitment to pension inclusion, social protection and retirement security for all Nigerians.
Comrade Takor is a lawyer, trade unionist and human rights advocate. He is a former National President of the Non-Academic Staff Union of Educational and Associated Institutions (NASU), former National Treasurer of the Nigeria Labour Congress (NLC), and immediate past Vice Chairman of the Nigerian Bar Association (NBA), Epe Branch.
