PenCom Launches PenCare to Provide Affordable Healthcare for Retirees

By Oluwakemi Kindness

The National Pension Commission (PenCom) has officially inaugurated the Board of Trustees for the Pension Industry Health Care Initiative, known as PenCare.

 The programme is designed to deliver affordable and quality healthcare services to retirees under the Contributory Pension Scheme (CPS).

Speaking at the inauguration ceremony held on Friday in Abuja, PenCom’s Director-General, Omolola Oloworaran, described PenCare as a major stride toward enhancing social protection and ensuring the well-being of Nigerian workers beyond their active years.

 “Today, we are not merely inaugurating a board; we are inaugurating hope,” Oloworaran declared. “PenCare represents a new chapter in building a pension system that guarantees not just financial security but also the health and dignity of retirees.”

She explained that the initiative aligns with President Bola Tinubu’s directive to expand access to reliable healthcare for retirees. The programme is expected to begin by enrolling at least 20,000 retirees, operating in line with international best practices while adapting to Nigeria’s local realities.

Strategic Role of the Board

The newly inaugurated Board of Trustees, comprising nine members from the pension, health, and financial sectors, will provide strategic oversight and direction for PenCare. Their key responsibilities include:

Developing frameworks for retirees’ access to affordable, high-quality healthcare.

Accrediting and supervising Health Maintenance Organisations (HMOs)

Ensuring transparency and sustainability in fund management

Strengthening collaboration between the pension and healthcare sectors

Oloworaran emphasized that each board member was chosen for their integrity, competence, and industry experience, urging them to steer the initiative toward meaningful results.

“As trustees, you hold a sacred public trust to ensure this initiative delivers real impact,” she added.

Commitment to Retiree Welfare

The Board Chairman, Mohammad Ahmad, highlighted that PenCare will especially support low-income retirees struggling with medical costs.

> “This is the time retirees need healthcare the most. With PenCare, they can now preserve their savings while HMOs cater to their medical needs,” he said, pledging the board’s dedication to improving retirees’ welfare.

Oloworaran expressed appreciation to all stakeholders whose collaboration made PenCare possible, reaffirming the pension industry’s commitment to protecting Nigerian workers both financially and medically.

 “PenCare is our promise to retirees,” she said. “It shows that under President Tinubu’s leadership, the pension industry is committed to ensuring every Nigerian worker enjoys a secure and healthy retirement.”