PenCom Advances Pension Reform with Innovation and Inclusion
By Patience Ikpeme
The National Pension Commission (PenCom) has restated its commitment to transforming Nigeria’s pension sector through innovation, inclusivity, and customer-focused service delivery.
Director General of PenCom, Mrs. Omolola Oloworaran, made this known during the 2025 Customer Service Week celebration held on Tuesday in Abuja. She said the Commission’s ongoing reforms are driven by a vision to make pension administration more transparent, efficient, and inclusive for all Nigerian workers.
Oloworaran, who was represented by the Acting Commissioner, Inspectorate, Mr. Samuel Uwandu, said this year’s Customer Service Week theme, “Mission Possible,” reflects PenCom’s belief that securing dignified retirements for Nigerian workers—across the public, private, and informal sectors—is an achievable goal through innovation and dedication.
She said, “What was once impossible has become possible through the tireless efforts of the pension industry in improving service and commitment.”
According to her, the Commission’s work goes beyond policy and regulation, as it is ultimately about protecting the future of millions of Nigerians who have placed their trust in the pension system.
“Behind every regulation is a human story of individuals who have entrusted their future to the pension system. Our duty is to ensure we justify that trust through efficiency, transparency, and responsiveness,” she said.
Central to PenCom’s strategy for 2025 and beyond is the rollout of “Pension 2.0”—a modernised framework aimed at driving innovation, deepening inclusion, and strengthening integrity in pension administration.
Oloworaran explained that the initiative would introduce new products and guidelines to make pension participation easier and more accessible. One of the major innovations, she said, is the guideline for Retirement Savings Accounts (RSAs) in foreign currency, which allows Nigerians working abroad or employed by foreign companies to participate fully in the Contributory Pension Scheme (CPS).
Equally significant is the Personal Pension Plan (PPP), which extends coverage to self-employed and informal sector workers—groups that have historically been excluded from structured pension schemes.
“The PPP embodies the spirit of ‘Mission Possible,’ breaking longstanding financial barriers and allowing every Nigerian to build a secure retirement,” the DG stated.
To support this expansion, she said PenCom has launched a framework for accredited pension agents who will market and sell the Personal Pension Plan nationwide. The move is expected to take pension access to underserved and hard-to-reach communities.
In a related development, PenCom has also issued revised Corporate Governance Guidelines for Licensed Pension Fund Operators. The DG said the new guidelines are designed to strengthen accountability, transparency, and ethical conduct across the industry—values that are critical to sustaining public trust and service excellence.
Mr. Duruba Sesugh, the Commission’s SERVICOM Desk Officer, also spoke during the event, noting that the week was a time to celebrate the dedication of frontline employees and reaffirm the organisation’s commitment to excellence in service delivery.
He said, “This week provides an opportunity to celebrate the dedication of our frontline employees and to show our commitment to turning the impossible into reality with excellent service.”
Sesugh added that PenCom recognises that good employee experience directly impacts customer satisfaction. “Employee experience is the new customer experience,” he said, commending the leadership and SERVICOM team for championing a culture of citizen-focused service delivery.
According to him, improving internal service quality is key to building stronger external trust and customer loyalty, which are vital to the long-term sustainability of the pension system.
With ongoing reforms, modernised processes, and a strong focus on innovation and inclusion, PenCom has reiterated its resolve to ensure that every Nigerian—whether in formal employment or self-employed—can look forward to a retirement anchored on security, transparency, and dignity.
Oloworaran concluded that the Commission’s renewed approach reflects its vision of a pension system that is accessible, sustainable, and responsive to the evolving needs of Nigeria’s workforce.
