The National Pension Commission (PenCom) has inaugurated the Board of Trustees for the Pension Industry Health Care Initiative (PenCare), designed to provide affordable and quality healthcare coverage for retirees under the Contributory Pension Scheme (CPS).
Speaking at the inauguration in Abuja, the Director-General of PenCom, Omolola Oloworaran, described the event as “not merely the inauguration of a Board, but the inauguration of hope,” noting that it marks a new chapter in Nigeria’s journey toward an inclusive and compassionate social security system.
She said, “The PenCare Initiative represents a visionary partnership between PenCom and licensed pension operators, aligning with President Bola Ahmed Tinubu’s directive to strengthen the nation’s social protection framework and improve the well-being of citizens, particularly senior citizens.
“This initiative stands as a testament to President Tinubu’s commitment to building a Nigeria where those who have devoted their productive years to national service can look forward to a retirement that safeguards their health, dignity, and security,” the DG stated.
The PenCare Initiative seeks to integrate healthcare access into the pension system, ensuring that retirees benefit from affordable and quality medical services. It also aims to mirror international best practices in social protection, adapted to Nigeria’s unique realities.
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The newly inaugurated Board of Trustees were charged with providing strategic oversight and direction for the initiative. Its core responsibilities include developing policies to ensure retirees’ have access to affordable healthcare, accrediting and supervising Health Maintenance Organizations (HMOs) and healthcare providers, ensuring transparency and accountability in managing PenCare funds, and promoting collaboration across the pension and healthcare sectors.
The Director-General emphasized that the members of the Board were carefully selected based on their integrity, competence, and experience in the pension, health, and financial sectors.
“We are building a pension industry that manages not only funds, but futures. One that invests not only in assets, but in people,” she added.
Oloworaran commended the Committee of the Pension Industry Health Care Initiative, the Commission’s leadership team, and all industry partners for their commitment to developing the PenCare framework.
She assured retirees and active contributors that PenCare reflects the pension industry’s resolve to safeguard not just savings, but also the health and comfort of retirees.
“To our retirees and RSA contributors, PenCare is our promise to you. You built this nation, and this initiative stands to help protect your health and dignity in retirement,” she said.
The inauguration ceremony was attended by key government officials, pension operators, and stakeholders in the healthcare sector, all of whom expressed confidence that PenCare will strengthen Nigeria’s social protection system and improve the quality of life for retirees.