Tinubu cautions pension managers against risky investments

President Bola Tinubu has cautioned pension fund administrators and custodians against investing pensioners' retirement savings in risky ventures. Speaking at the National Pension Conference and Awards in Abuja, Tinubu emphasized that higher returns or national development should not jeopardize contributors' financial security. He stressed the importance of transparency, accountability, and stringent risk management standards in managing pension assets.

Tinubu cautioned that inflation was eroding the purchasing power of retirement savings and urged pension operators to deliver sustainable returns without jeopardizing capital preservation. He also addressed the need for pension fund administrators and custodians to improve their investment expertise, diversify portfolios responsibly, and reduce operating costs.

The administration has allocated N738bn to address outstanding pension obligations and strengthen the Pension Protection Fund, with the launch of the minimum pension guarantee to protect retirees receiving inadequate benefits.