PenCom Unveils Pension Revolution 2.0 to Strengthen Nigeria’s Retirement System
By Patience Ikpeme
The National Pension Commission (PenCom) has launched Pension Revolution 2.0, a new phase of pension reforms aimed at strengthening Nigeria’s retirement system, broadening access, and mobilising long-term savings for national development.
Announcing the initiative on Monday via her official X (Twitter) handle, @Omololabo, the Director General of PenCom, Ms. Omolola Oloworaran, described the programme, tagged “Stronger Pensions, Stronger Nigeria”, as “a transformative programme of reforms that builds on two decades of progress to guide Nigeria’s pension industry into its next phase of growth and resilience.”
According to Oloworaran, Pension Revolution 2.0 represents “the most significant advancement since 2004, bold in ambition, yet evolutionary in practice. It ushers in a new era of dignity for retirees, inclusion for every Nigerian worker, and resilience for our national economy.”
She explained that the reform was designed in line with the vision of President Bola Ahmed Tinubu, who directed that Nigeria’s pension system must enable dignity in retirement, broaden access to all workers, and provide long-term capital for economic growth.
“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 Nigeria,” Oloworaran said. “That reform laid the foundation for confidence, discipline, and sustainability in our pension system.”
As part of the implementation, PenCom announced that beginning this week, it would be releasing new regulations daily. These would set higher standards across key areas including investment and risk management, governance and compliance, service delivery, and financial inclusion.
The Commission also disclosed that within the next three months, it will pilot health insurance coverage for retirees and activate the Minimum Pension Guarantee to protect pensioners’ welfare.
“These reforms represent a bold step forward: enabling dignity for retirees through health insurance and a minimum pension floor; optimising investment performance while safeguarding contributors’ funds; expanding pensions to reach every Nigerian, especially those in the informal economy; harnessing technology and innovation to improve service delivery; and unlocking pension assets as a dependable source of financing for national development,” Oloworaran said.
She added that “Pension Revolution 2.0 is more than regulatory reform, it is a renewal of trust, an evolution of our system, and a bold national strategy.”
Following the announcement, PenCom released the first set of revised guidelines on its website. These include the Revised Guidelines on Appointment to Board and Senior Management and the Revised Guideline on Corporate Governance.
Already, the campaign has gained traction online with hashtags #StrongerPensionsStrongerNigeria and #PensionRevolution2.0 trending across platforms.
