THE NATIONAL Pension Commission (PenCom) has assured that all Federal Government workers retiring between October and December this year will receive their pension benefits before Dec. 15.
PenCom Director-General, Ms Omolola Oloworaran, gave the assurance during the opening of a two-day sensitisation workshop for employees and pension desk officers on the workings of the Contributory Pension Scheme (CPS) on Wednesday in Lagos.
Oloworaran said the commission was finalising arrangements for the payment of all outstanding pension liabilities under the CPS before the end of the year.
According to her, the payment follows the approval of a N758 billion bond by President Bola Tinubu to clear long-standing pension arrears dating back nearly two decades.
“The waiting time is almost over; we are at the finishing line. Very soon, all retirees under the CPS with outstanding benefits will be paid, thanks to the bold step taken by President Tinubu, who has shown genuine care for ordinary Nigerians.
“This, ordinarily would’ve been paid earlier but I like to take my time to ensure the necessary things are done. Also, Federal Government workers meant to retire between October December this year will get their pension benefits before Dec. 15,” she said.
The director-general said the commission had introduced new measures to strengthen the resilience of Pension Fund Administrators (PFAs) and ensure effective management of contributors’ funds.
She listed some of the key reforms as the review of minimum capital requirements for PFAs and Pension Fund Custodians, the issuance of whistleblowing guidelines for pension asset management, and the revision of the investment regulation to promote diversification and optimal returns on contributors’ balances.
According to her, PenCom also released a framework for accredited pension agents and guidelines for the Personal Pension Plan (PPP).
She said this was a new initiative designed to enhance inclusion and extend pension coverage to informal sector workers.
“The President has mandated that no Nigerian should be left behind. We are deploying accredited pension agents nationwide to reach rural areas and informal workers, ensuring everyone has access to retirement savings,” she said.
Oloworaran disclosed that PenCom was also introducing a free health insurance scheme for low-income retirees, expected to take effect before the end of 2025.
She acknowledged challenges in expanding coverage, particularly among informal sector workers and some state governments still owing pension arrears and gratuities.
She said the commission was working with them to resolve the issues.
The DG said the ongoing sensitisation workshop was aimed to deepen understanding of the CPS, build trust among stakeholders, and prepare for the 2026 retiree enrolment exercise.
She also announced the development of a new, more efficient Enrolment Application, which would provide a seamless and user-friendly experience for retirees and administrators.
Oloworaran urged pension desk officers and stakeholders to take the upcoming one-off enrolment exercise for treasury-funded MDAs seriously.
She said the exercise would help determine the Federal Government’s total pension liabilities and ensure timely funding of accrued rights.
“Once the liabilities are computed and funded, the amounts will be credited to individual Retirement Savings Accounts, enabling contributors to begin earning returns even before retirement,” she explained.
Looking ahead, the PenCom boss reaffirmed the Commission’s commitment to diversifying pension investments, enhancing governance and oversight, expanding coverage, and improving retirees’ welfare.
Oloworaran encouraged participants to provide feedback and suggestions to improve the pension system, assuring them that the Commission remained open, transparent, and responsive to contributors’ needs.
The National Vice Chairman of the Forum of Pension Desk Officers, Mrs Ibhade Okoruwa, commended the organisers for providing a platform to enhance participants’ understanding of pension matters.
She assured PenCom that the forum would work to ensure that the objectives of the workshop are fully achieved.
Earlier, Mr Akin Abe, Director of Compensation at the National Salaries, Incomes and Wages Commission, commended PenCom for creating the avenue for impactful knowledge sharing.
Also, Malam Issa-Onilu, Director-General of the National Orientation Agency (NOA), represented by Mr Temitope Adewunmi, a director at the agency, pledged to project all operations of PenCom henceforth.
Issa-Onilu said the agency had created an application meant to keep Nigerians updated on verified news relating to the operations of the Federal Government.
He urged everyone to engage the application as well as engage meaningfully in the workshop session.
He noted that for better visibility, the agency had updated its website and invigorated its social media handles, advising Nigerians to visit those platforms. (NAN)
