The Access ARM Pensions has urged Nigerian civil servants to embrace small but consistent voluntary contributions to their Retirement Savings Accounts to build long-term financial security in their old age.

The Executive Director, Technical, Access ARM Pensions, Mr Afolabi Folayan, gave this advice during his keynote address at the International Civil Service Conference in Abuja recently.

Folayan, who spoke on the theme ‘Building Financial Resilience for the Nigerian Civil Service of the Future,’ emphasised that it was important to rethink retirement planning beyond statutory deductions.

He said, “We must turn concern into strategy. 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 highlighted several core challenges civil servants face when preparing for retirement, including inflation, currency depreciation, inadequate financial literacy, and rising post-retirement obligations. According to him, voluntary top-ups offer a simple yet effective strategy to cushion future economic shocks.

Folayan further acknowledged the achievements of the Contributory Pension Scheme, which currently boasts over N23tn in assets, but noted that much of the investment remains concentrated in government securities, which may yield below inflation in the long term.

Recognising that retirement is no longer a passive stage of life, Folayan underscored the need for pension systems to evolve alongside the realities of Nigerian retirees.

“Retirement today is not the quiet twilight it once was. It is dynamic. Retirees are caregivers, business mentors, community leaders, etc. They face rising medical costs, and ongoing family responsibilities, and often still want to contribute…in new ways. Our pension system must meet them where they are, not just where they were,” he asserted.

Folayan also called for pension funds and employers to collaborate on more integrated retirement solutions, proposing the creation of financial wellness hubs offering budgeting tools and retirement planning support; health partnerships that provide access to affordable medical care, including critical illness coverage; and accessible mortgage schemes designed specifically for civil servants’ income profiles.

He also urged that technology should be leveraged to empower contributors, suggesting mobile-friendly platforms that include pension growth simulators, life-stage guidance tools, biometric login for added security, and real-time transparency on balances, fees, and investment performance.

“We stand at a crossroads. 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,” Folayan concluded.