PenCom unveils pension revolution 2.0 for stronger scheme

The National Pension Commission has launched Pension Revolution 2.0 to strengthen the scheme. The announcement was made by the director-general 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 and revolutionised retirement savings in the country. That reform laid the foundation for confidence, discipline, and sustainability in our pension system,” Ms Oloworaran said. She said that the commission would release the new regulations daily; each guideline sets higher standards across critical pillars, including investment and risk management, governance and compliance, service delivery, and financial inclusion. The director-general 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 the board and senior management and the revised guidelines on corporate governance,” Ms Oloworaran said. She said that the commission would also, within the next three months, pilot health insurance coverage for retirees. Additionally, she said PenCom would activate the minimum pension guarantee, aiming to safeguard the dignity of retirees and support 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 an 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,” Ms Oloworaran said. (NAN)