Abuja: The National Pension Commission (PenCom) has launched the pension revolution 2.0, aiming for a stronger pension system and a more robust Nigeria. The announcement was made by the Director General (D-G) of PenCom, Omolola Oloworaran, on her X (Twitter) handle in Abuja.
According to News Agency of Nigeria, Oloworaran described the initiative as a transformative programme of reforms that builds on two decades of progress, guiding the country’s pension industry into its next phase of growth and resilience. She highlighted the pivotal role of the Pension Reform Act of 2004, which introduced the Contributory Pension Scheme (CPS) and revolutionized retirement savings in the country, laying the foundation for confidence, discipline, and sustainability in the pension system.
The commission plans to release new regulations daily, with each guideline setting higher standards across critical pillars such as investment, risk management, governance, compliance, service delivery, and financial inclusion. Oloworaran emphasized that the pension revolution 2.0 represents more than regulatory reform; it is a renewal of trust, an evolution of the system, and a bold national strategy.
Two revised guidelines have already been released, including those on appointments to board and senior management, and corporate governance. Quoting President Bola Tinubu, Oloworaran mentioned that within the next three months, the commission will pilot health insurance coverage for retirees and activate the minimum pension guarantee to safeguard retirees’ dignity and support a decent standard of living.
Collectively, these reforms aim to enable dignity for retirees through health insurance and a minimum pension floor, optimize investment performance, safeguard contributors’ funds to deliver sustainable long-term returns, and expand pensions to reach every Nigerian, especially those in the informal economy. Additionally, the reforms seek to harness technology and innovation to democratize access, improve service delivery, and unlock pension assets as a dependable source of financing for national development.