Retirement Planning in Nigeria Boosted by Voluntary Contributions in the CPS
Lagos, Nigeria – Saving for retirement is a critical aspect of financial planning, especially as retirees face various needs during their later years. In Nigeria, the Contributory Pension Scheme (CPS) has significantly contributed to helping individuals effectively prepare for retirement. The pension reform of 2004 aimed to establish a sustainable system that provides a stable, predictable, and sufficient source of income for every Nigerian worker post-retirement. To achieve this vision, PenCom introduced Voluntary Contributions (VC), …