Lagos: The National Pension Commission (PenCom) has assured that all federal government workers set to retire between October and December will receive their pension benefits before December 15. PenCom Director-General, Ms. Omolola Oloworaran, provided this assurance during the opening of a sensitisation workshop for employees and pension desk officers on the Contributory Pension Scheme (CPS).
According to News Agency of Nigeria, Oloworaran revealed that the commission is in the final stages of settling all outstanding pension liabilities under the CPS before the end of the year. This follows the approval of a N758 billion bond by President Bola Tinubu, aimed at clearing long-standing pension arrears dating back nearly two decades. Oloworaran emphasized that the commission is implementing new measures to enhance the resilience of Pension Fund Administrators (PFAs) and ensure effective management of contributors’ funds.
The director-general highlighted some key reforms, including the review of minimum capital requirements for PFAs, the issuance of whistleblowing guidelines for pension asset management, and the revision of investment regulations to promote diversification and optimal returns on contributors’ balances. Additionally, PenCom has released a framework for accredited pension agents and guidelines for the Personal Pension Plan (PPP) to extend pension coverage to informal sector workers.
Oloworaran announced the introduction of a free health insurance scheme for low-income retirees, expected to commence before the end of 2025. She acknowledged the challenges in expanding coverage, particularly among informal sector workers and some state governments still owing pension arrears and gratuities, and affirmed that the commission is working to resolve these issues.
The ongoing sensitisation workshop aims to deepen understanding of the CPS, build trust among stakeholders, and prepare for the 2026 retiree enrolment exercise. A new, more efficient Enrolment Application is also being developed to provide a seamless experience for retirees and administrators. Oloworaran urged stakeholders to take the upcoming enrolment exercise seriously to compute and fund the Federal Government’s total pension liabilities, ensuring timely funding of accrued rights.
The director-general reaffirmed the Commission’s commitment to diversifying pension investments, enhancing governance, expanding coverage, and improving retirees’ welfare. She encouraged feedback and suggestions to improve the pension system, assuring transparency and responsiveness to contributors’ needs.
Mrs. Ibhade Okoruwa, National Vice Chairman of the Forum of Pension Desk Officers, commended the workshop’s organisers and pledged the forum’s support to achieve its objectives. Mr. Akin Abe from the National Salaries, Incomes and Wages Commission and Malam Issa-Onilu from the National Orientation Agency also expressed support for PenCom’s initiatives and improvements.
The agency has developed an application to keep Nigerians updated on verified news related to federal government operations. It has also enhanced its online presence to ensure better visibility and engagement with the public.