PenCom Launches “Pension Revolution 2.0” to Expand Health Insurance and Secure Retirees’ Dignity in Nigeria
The National Pension Commission (PenCom) has unveiled a bold new initiative dubbed “Pension Revolution 2.0,” aimed at transforming Nigeria’s pension industry, expanding health insurance coverage for retirees, and boosting inclusion across all workers. The Commission says the programme builds on two decades of reform to “secure dignity for retirees” and mobilise long-term savings for national development.
Announcing the scheme in a statement, PenCom’s Director-General, Omolola Oloworaran, described Pension Revolution 2.0 as the most significant upgrade to Nigeria’s pension system since the 2004 Pension Reform Act, which introduced the Contributory Pension Scheme (CPS). That law was widely credited with instilling confidence, discipline, and sustainability into retirement savings in Africa’s largest economy.
Oloworaran disclosed that, starting this week, PenCom will begin releasing new regulations daily to drive the reforms. These guidelines will tighten standards in investment and risk management, governance, compliance, service delivery, and financial inclusion. The Commission says the move is aligned with President Bola Tinubu’s directive to create a pension system that enables dignity in retirement and mobilises reliable capital for national development.
A key highlight of the programme is the planned pilot health insurance coverage for retirees and the activation of a Minimum Pension Guarantee within the next three months. According to PenCom, these steps are designed to safeguard retirees’ dignity, ensure a decent standard of living, and provide a safety net for vulnerable pensioners.
Beyond retirees, Pension Revolution 2.0 also seeks to extend pension benefits to workers in the informal economy, optimise investment performance, and harness technology to democratise access and improve service delivery. Oloworaran emphasised that these reforms will help unlock pension assets as a dependable source of financing for national development, signalling a new era of resilience for both Nigeria’s pension system and its economy.
source: daily trust