No Retiree Will Be Left Behind – PenCom

By Oluwakemi Kindness

The National Pension Commission (PenCom) has rolled out sweeping reforms under its Contributory Pension Scheme (CPS), pledging to expand coverage, deepen trust, and improve the welfare of Nigerian retirees.

Speaking at the Stakeholders’ Conference on the Workings of the CPS in Abuja, PenCom’s Director General, Omolola Oloworaran, described the gathering as “a continuation of a national conversation that directly impacts the lives, dignity, and future of millions of Nigerian workers and retirees.”

Represented by the Acting Commissioner for Technical, Hafiz Kawu-Ibrahim, she noted that the CPS, jointly anchored by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), has “rewritten Nigeria’s pension story” over the past two decades.

“Today is not just about reviewing policies, it is about reaffirming a shared vision: a Nigeria where every worker can retire with dignity, where every pensioner enjoys peace of mind, and where pensions play a central role in national prosperity,” Oloworaran said.

More than 10 million Nigerians are now covered under the CPS — from public sector workers and private employees to artisans and the self-employed. Pension assets have grown to ₦25 trillion, fueling national development through investments, while over 844,000 retirees currently enjoy steady benefits.

Of this number, 552,000 receive monthly pensions, while 291,735 have accessed lump sum payments.

Under the Pension Revolution 2.0 initiative, PenCom introduced reforms including:

Pension Boost 1.0 — Pensions for over 241,000 retirees increased from ₦12.1bn to ₦14.8bn monthly.

Zero Waiting Time — Since July 2025, retirees access pensions immediately after retirement.

Reintroduction of Gratuity — A new framework to restore gratuity for federal workers under CPS.

FGN Bond Issuance — Approval of ₦758bn bonds to clear long-standing pension liabilities dating back to 2007.

Stronger Prudential Standards — Revised governance and capital requirements for Pension Fund Administrators (PFAs).
Free Health Insurance — To begin later this year, starting with lower-income retirees.

Ololoraran praised President Bola Tinubu, for approving the bond issuance, calling it “a bold step that will bring much-needed relief to vulnerable pensioners and restore confidence in our system.”

Despite progress, PenCom admitted that compliance remains low among some states and employers, while skepticism lingers due to past pension failures. To rebuild trust, PenCom will host sensitization workshops across all six geopolitical zones.

Looking ahead, Oloworaran said the Commission will diversify pension investments, strengthen governance, expand coverage in the informal sector, and enhance welfare buffers such as health insurance and gratuity.

“The CPS belongs to all of us. Its success depends on your cooperation, advocacy, and trust. I urge you all to participate actively. Ask questions, share your insights, and let us co-create the pension system our nation deserves,” she urged stakeholders.

The conference drew wide participation from government, labor, and pension operators.

Chiadi Anselm-Adighiogu, Acting Secretary of NSIWC, said pension administration is key to boosting worker morale and productivity.

The Budget Office and Pension Transitional Arrangement Directorate (PTAD) lauded the CPS for correcting injustices under the old Defined Benefit Scheme.

The National Judicial Council pledged its support for ongoing reforms. Sylva Nwaiwu, National Chairman of the Nigerian Union of Pensioners (CPS sector), described the scheme as “one of the best things to happen to Nigeria in recent times” but urged government to review pensions upward every five years in line with the law.

From the Abuja meeting, one message stood clear: the CPS is here to stay. With ₦25 trillion in assets and new reforms underway, PenCom insists “no retiree will be left behind.”