PenCom Launches Pension Revolution 2.0 to Boost Retirement System

By Angel Ike

National Pension Commission (PenCom) has launched Pension Revolution 2.0, a transformative initiative aimed at strengthening Nigeria’s retirement system and boosting the national economy.

PenCom’s Director General, Omolola Oloworaran, announced the programme this week.

She highlighted that the reform builds on the pension reforms initiated in 2004 with the Pension Reform Act, which introduced the Contributory Pension Scheme (CPS) and revolutionized retirement savings in Nigeria

Oloworaran explained that Pension Revolution 2.0 aligns with President Bola Tinubu’s vision to ensure dignity in retirement, broaden pension access for all Nigerians, and mobilise long-term savings as capital for national development.

“That initial reform laid the foundation for confidence, discipline, and sustainability in our pension system.

“Two decades later, we stand at another defining moment. Pension Revolution 2.0 is the most significant advancement since 2004 — bold in ambition yet evolutionary in approach. It ushers in a new era of dignity for retirees, inclusion for all Nigerian workers, and resilience for our national economy.” she said.

The DG assured that new regulations would be released daily starting this week. “Each guideline will set higher standards across critical areas, from investment and risk management to governance, compliance, service delivery, and financial inclusion in line with the President’s directive.

Oloworaran added that within the next three months, the commission plans to pilot health insurance coverage for retirees and activate the Minimum Pension Guarantee to safeguard retirees’ dignity and ensure a decent standard of living.

She outlined key objectives of the reforms: enabling dignity for retirees through health insurance and minimum pension floors; optimizing investment performance while protecting contributors’ funds; expanding pension coverage to include informal sector workers; leveraging technology to improve access and service delivery; and unlocking pension assets as dependable financing for national development.

Following the announcement, PenCom has released two revised guidelines, now available on its website: the Revised Guidelines on Appointment to Board and Senior Management and the Revised Guidelines on Corporate Governance.