The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to reconstitute the governing body of the National Pension Commission (PenCom) in compliance with the Pension Reform Act.

The Nigeria Labour Congress (NLC) made similar calls two weeks ago.

Noting that the pension industry thrives on trust, transparency and sound governance, NECA said the absence of a functional governing body has implications for effective oversight, policy direction and the preservation of corporate governance in PenCom.

According to NECA Director-General, Adewale-Smatt Oyerinde, ensuring that PenCom’s governing body is reconstituted will safeguard the principles, uphold the law and boost public confidence in the entire pension system.

While the NECA DG commended President Tinubu for his consistent interest in the welfare of retirees and pensioners across the country, he said the association would remain a vocal advocate for a sustainable pension system that works for all.

He noted that a strong pension industry was not just about retirement benefits but about economic stability, social cohesion and intergenerational fairness.

Oyerinde reaffirmed NECA’s commitment to continue working with the government and other key stakeholders to strengthen pension administration in Nigeria.

According to him, this includes advocating for policies that guarantee the safety of pension assets, expand pension coverage, and improve the welfare of both formal and informal sector workers in retirement.