Access ARM Pensions has made a case for Nigerian civil servants to adopt a culture of small, consistent voluntary contributions to their Retirement Savings Accounts (RSAs), describing the practice as a transformative tool for long-term financial security.
This message was delivered by the Executive Director, Technical at Access ARM Pensions, Afolabi Folayan, during his keynote address at the International Civil Service Conference held recently in Abuja. Speaking on the theme “Building Financial Resilience for the Nigerian Civil Service of the Future,” Folayan challenged the traditional perception of retirement planning as being limited to statutory deductions. Instead, he called for a more forward-thinking approach that empowers civil servants to take control of their financial future through micro top-ups.
“We must turn concern into strategy,” he said. “As leaders of the pension ecosystem, our job is to build a system that is not just safe, but smart. Not just secure, but inclusive. Not just mandatory, but meaningful. Civil servants should be able to top up their pensions anytime, even with just N1,000 from their phones. Over time, compound interest takes care of the rest.”
He acknowledged that many civil servants face mounting challenges in their efforts to prepare adequately for retirement—chief among them being inflation, currency depreciation, limited financial literacy, and expanding family obligations after they leave active service. Against this backdrop, he positioned voluntary contributions as a simple yet powerful solution that can provide insulation from future financial shocks.
Folayan noted the successes of the Contributory Pension Scheme (CPS), which has grown to over N23.3 trillion in assets. However, he raised concerns about the overconcentration of these funds in government securities, which may struggle to outperform inflation in the long term. He emphasised that retirement, as it is experienced today, demands a more responsive and adaptable pension system.
“Retirement today is not the quiet twilight it once was. It is dynamic,” he remarked. “Retirees are caregivers, business mentors, community leaders. They face rising medical costs, ongoing family responsibilities, and still want to contribute—in new ways. Our pension system must meet them where they are, not just where they were.”
Beyond encouraging micro top-ups, Folayan advocated for deeper collaboration between pension fund administrators and employers in delivering more inclusive, accessible, and relevant retirement solutions. He envisioned a system where civil servants are supported not only in savings, but also in financial literacy, healthcare access, and housing—while technology serves as a gateway to ease and empowerment.
He proposed that pension technology should evolve to feature intuitive mobile platforms equipped with pension growth simulators, life-stage financial guidance, biometric security, and real-time updates on balances, fees, and performance. Such innovations, he argued, would bridge the trust gap and make pensions more transparent and user-friendly for everyday contributors.
“We stand at a crossroads,” Folayan concluded. “We can continue with a system that delivers the minimum, or we can build one that delivers the dignity every civil servant deserves. A system that rejuvenates trust in public service, innovates for financial inclusion, and accelerates us toward long-term economic resilience.”