The National Pension Commission (PenCom) has launched the pension revolution 2.0, for stronger pension and stronger Nigeria.
The announcement was made by the Director General (D-G) of PenCom, Omolola Oloworaran on her X (Twitter) handle in Abuja.
“A transformative programme of reforms that builds on two decades of progress to guide the country’s pension industry into its next phase of growth and resilience is here.
“The first great turning point came in 2004 with the enactment of the Pension Reform Act, which introduced the Contributory Pension Scheme (CPS) and revolutionised retirement savings in the country.
“That reform laid the foundation for confidence, discipline and sustainability in our pension system,” Oloworaran said.
She said that the commission would release the new regulations daily, each guideline sets higher standards across critical pillars from investment and risk management to governance and compliance to service delivery and financial inclusion.
The D-G said that the pension revolution 2.0 was more than regulatory reform, adding that it was a renewal of trust, an evolution of our system and a bold national strategy.
“Two revised guidelines have already been released and uploaded on the PenCom website today.
“The revised guidelines on appointment to board and senior management and the revised guideline on corporate governance,” Oloworaran said.
Quoting President Bola Tinubu directive, she said that the commission would also within the next three months, pilot health insurance coverage for retirees.
Also, we will activate the minimum pension guarantee with the aim of safeguarding retirees’ dignity and supporting a decent standard of living.
“Collectively, these reforms represent a bold step forward: Enabling dignity for retirees through health insurance and a minimum pension floor. Optimising investment’s performance and safeguarding contributors’ funds to deliver sustainable long-term returns.
“Expanding pensions to reach every Nigerian, especially those in the informal economy as well as harnessing technology and innovation to democratise access and improve service delivery.
“Also, unlocking pension assets as a dependable source of financing for national development,” Oloworaran said.
