The National Pension Commission (PENCOM) has reaffirmed its commitment to implementing bold reforms aimed at improving pension payments and securing the financial future of Nigerian pensioners.
The Director-General of PENCOM, Omolola Oloworaran, made this known during the 2025 Customer Service Week celebration in Abuja, themed “Mission Possible.”
Represented by the Acting Commissioner of Inspectorate, Mr Samuel Uwandu, Oloworaran said the Commission remained dedicated to building a transparent and sustainable pension system in Nigeria.
“The theme also resonates deeply with PENCOM’s vision of ensuring that every Nigerian worker, whether in the public, private, or informal sector, enjoys a secure and dignified retirement.
“What was once thought impossible has become possible through the tireless efforts of the pension industry to improve service delivery and demonstrate unwavering commitment,” she said.
She explained that through regulation and reform, PENCOM sought to enhance the lives of all pensioners who had entrusted their future to the pension system.
“Our duty is to ensure we justify that trust through efficiency, transparency, and responsiveness to those we serve,” she added.
As part of its reform agenda, the Commission recently launched a new phase in pension administration known as Pension 2.0. The initiative represents a major step towards modernising and expanding the pension industry and is anchored on three principles: innovation, inclusion, and integrity.
Under Pension 2.0, PENCOM has introduced several landmark regulatory instruments, including the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency. The guideline provides a framework for Nigerians working in foreign companies and those living abroad to participate in the Contributory Pension Scheme (CPS).
The innovation is designed to make the pension system more responsive to the realities of a global workforce while promoting the inclusion of Nigerians in the diaspora.
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Oloworaran also disclosed that PENCOM was addressing lingering arrears in pension and gratuity payments.
“As of now, our October payment has already been made. There is no retiree who has been properly accredited that has not received their payment. We are working closely with the President and the current administration to ensure that every retiree, including police retirees, receives their money on time,” she said.
She added that the Commission was also working to increase the amount paid to pensioners to ensure they received a living pension rather than a mere token.
“We are proposing a 75% to 100% increase in monthly pension benefits. In addition, we will pay gratuities to those who are qualified to receive them,” she said.
According to PENCOM, the move marks a significant improvement over the existing structure and aims to guarantee Nigerian retirees a dignified standard of living in retirement.
