Access ARM Pensions has advised Nigerian civil servants to start making small but steady voluntary contributions to their Retirement Savings Accounts (RSAs) to help secure their financial future after retirement. The call was made by the Executive Director, Technical, Access ARM Pensions, Mr Afolabi Folayan, while speaking at the International Civil Service Conference held recently in Abuja.
During his keynote speech themed ‘Building Financial Resilience for the Nigerian Civil Service of the Future’, Mr Folayan said that civil servants must start thinking beyond the regular monthly pension deductions made by their employers. He said voluntary top-ups, even as little as ₦1,000, can go a long way if done regularly, thanks to the power of compound interest.
He explained, “We must turn concern into strategy. As leaders in the pension ecosystem, our responsibility is not just to provide a safe system, but one that is smart, inclusive, and meaningful. Civil servants should have the ability to top up their pensions anytime and from anywhere—even from their phones. Over time, compound interest takes care of the rest.”
Mr Folayan noted that Nigerian civil servants face several challenges when it comes to preparing for retirement. These include inflation, the weakening value of the naira, low levels of financial literacy, and increasing financial responsibilities after retirement. He said that voluntary contributions can help provide a safety net against these risks and ensure that retirees do not fall into poverty.
He commended the progress made under the Contributory Pension Scheme (CPS), which now holds over ₦23 trillion in pension assets. However, he expressed concern that a significant portion of these funds is still invested mainly in government securities. He warned that these investments may not yield enough to match inflation in the long run.
“Retirement today is not what it used to be,” Folayan added. “It’s not just about resting. Many retirees are still supporting their families, offering mentorship, or running small businesses. Our pension system must adjust to meet these changing realities.”
The Access ARM Pensions director called on pension fund administrators (PFAs), government agencies, and employers to work together to design a more practical and human-centered pension structure. He recommended the introduction of financial wellness centres for civil servants that would provide tools like budgeting support and retirement planning advice. He also proposed the inclusion of health insurance packages and affordable home loan options tailored to suit the income levels of civil servants.
He further urged that modern technology should be used to make pension access easier and more transparent. According to him, platforms should be mobile-friendly, allow users to simulate future pension growth, offer personal guidance based on a person’s career stage, and provide secure logins through biometrics. Contributors should also be able to track their pension balance, see investment performance, and understand the fees they are paying in real time.
Mr Folayan concluded by calling for a transformation in Nigeria’s pension system, saying, “We stand at a crossroads. We can keep running a system that only delivers the bare minimum, or we can build one that gives every civil servant the dignity they deserve in old age. Let’s use this opportunity to restore trust in public service, support financial inclusion, and prepare for long-term economic stability.”
The International Civil Service Conference brought together public sector leaders, financial experts, and civil servants from across the country. The discussion on pensions was one of the highlights, as the government and private sector look for ways to make retirement more secure and dignified for the Nigerian workforce.
