The Nigeria Labour Congress (NLC) has expressed worries over unending delays in retirees’ efforts to secure their benefits under the Contributory Pension Scheme (CPS).

Speaking at the BI-Annual roundtable discussion put together by the National Pension Commission (PenCom) in Abuja, President of the NLC, Comrade Joe Ajaero, said pension savings must be made more responsive to workers’ needs and the realities of the economy, stressing that there was also need to reduce bureaucratic delays that cause frustration among retirees waiting for their benefits.

While commending PenCom for initiating the forum, he reaffirmed labour’s readiness to work closely with the Commission in protecting workers’ pension rights.

He, however, raised concerns over governance gaps within the pension system, including the prolonged non-composition of PenCom’s governing board, despite the appointment of a chairman. “It is ironic that PenCom sanctions Pension Fund Administrators (PFAs) that fail to hold board meetings, yet the Commission itself has no functional board.

A functional board is fundamental to ensuring transparency, accountability, and effective oversight,” he said He further proposed the creation of a committee which will include members of the NLC and PenCom, also a collaboration framework to institutionalise quarterly consultations between PenCom and labour, strengthen regulatory enforcement against non-compliant employers, and ensure quicker benefit processing for retirees.

The NLC also advocated a review of the 25 per cent limit on Retirement Savings Account withdrawals for mortgage purposes and urged that pension fund investment options be expanded to include strategic sectors such as agriculture, healthcare, and infrastructure.