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President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, has called on the National Pension Commission (PenCom) to reorient Nigeria’s pension administration towards the welfare and dignity of workers rather than the profitability of pension operators.

Ajaero made the call while delivering a goodwill message at PenCom’s 2025 Customer Service Week, themed “Mission Possible”, held at Rockview Hotels (Royale), Abuja. He commended PenCom for the invitation but used the platform to raise pointed questions about the true beneficiaries of Nigeria’s pension system.

“PenCom must first ask itself: Who are our customers? Is it the PFAs, the stockbrokers, or the fund managers, or is it the Nigerian worker whose life savings are in your custody?” Ajaero queried.

He insisted that the “mission” of pension administration would only be possible when PenCom recognises that it is dealing with workers’ lives, not merely managing assets. According to him, Nigerian workers remain the foundation of the multi-trillion-naira pension industry, and any system that fails to protect their post-retirement welfare amounts to a betrayal of trust.

The NLC president lamented the worsening economic hardship and inflation, which he said have rendered pension benefits inadequate and unsustainable for retirees.

“Workers contribute diligently for 35 years, only to retire and find that their lump sum and monthly pension cannot sustain them. They put in value but get back less. This is a fundamental injustice and must be redressed,” he stated.

Ajaero described the current Contributory Pension Scheme (CPS) as “hostile to the worker,” arguing that its benefit formulas are opaque, returns are weak, and access to funds is needlessly restrictive.

He declared, “A pension that cannot withstand inflation is not a pension; it is a delayed punishment for a lifetime of work.”

To make the pension “mission” truly possible, Ajaero urged PenCom to review its investment framework and direct Pension Fund Administrators (PFAs) to pursue higher-yield, socially responsible investments that outpace inflation.

“The conservative approach is conserving poverty for retirees,” he warned.

He also demanded worker representation on the boards of PFAs and within PenCom itself, saying workers, as the primary stakeholders, deserve a greater say in how their funds are managed.

“The customers must have a larger seat at the table where decisions about their money are made,” Ajaero emphasised.

The labour leader further called for an urgent national conversation on adjusting pension benefits to reflect current economic realities, noting that the Naira’s value today is nowhere near what it was when many workers began contributing.

He criticised the delays retirees face before accessing their lump sums and called for a more compassionate system that allows easier access to funds during periods of illness or distress.

“A worker deserves to receive his lump sum immediately upon retirement. The system cannot be a rigid prison that locks workers out of their own savings in their moment of greatest need,” Ajaero declared.

While reaffirming the NLC’s readiness to work with PenCom, Ajaero stressed that such collaboration must be aimed at reorienting the pension system to serve workers first.

“We cannot support a pension system that negates the interest of workers. But we are prepared to co-create a system that ensures retirees enjoy the benefits of their labour in a sustainable manner,” he said.

He concluded with a rallying message, urging PenCom to turn this year’s Customer Service Week into a springboard for concrete reforms rather than ceremonial platitudes.

“Let this Customer Service Week not be about speeches. Let it be the beginning of a concrete action plan to make the pension system a source of hope, not anxiety; a vessel of dignity, not destitution. The mission is possible, but only if we put the worker first,” Ajaero affirmed.