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 commitment during the 2025 Customer Service Week celebration in Abuja, themed “Mission Possible.”
Represented by the Acting Commissioner of Inspectorate, Mr. Samuel Uwandu, the DG stated that the Commission remains 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 further explained that through regulation and reform, PENCOM seeks to enhance the lives of all pensioners who have 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.”
In pursuit of this goal, the Commission recently unveiled a new phase in pension administration known as Pension 2.0. This initiative represents a bold step toward modernising and expanding the pension industry, built on three key principles: innovation, inclusion, and integrity.
Under Pension 2.0, the Commission has introduced several landmark regulatory instruments. Among these is the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which provides a framework for Nigerians working in foreign companies and those living abroad to participate in the Contributory Pension Scheme (CPS).
This innovation ensures that the pension system remains responsive to the realities of a global workforce and supports the inclusion of Nigerians in the diaspora.
The DG also disclosed that PENCOM is working to address 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 is also working to increase the amount paid to pensioners to ensure they receive a living pension rather than just a token stipend.
“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.”
According to PENCOM, this move marks a significant improvement over the existing structure and is designed to provide retirees with a dignified standard of living in retirement.