PENCOM PUSHES PENSION 2.0 TO EXPAND COVERAGE

Barbara Bako, Abuja.

The National Pension Commission (PenCom) is rolling out a new phase of pension reforms aimed at expanding coverage, improving service delivery and making Nigeria’s pension system more responsive to contributors and retirees.

The commission’s Director-General, Ms Omolola Oloworaran, disclosed this on Tuesday in Abuja at the 2026 Customer Service Week, saying the reforms were designed to strengthen trust and improve the experience of pension customers.

Oloworaran, who was represented by the Head of Surveillance Department, Mr Abdulrahman Saleem, said the commission’s Pension 2.0 initiative was at the centre of efforts to modernise pension administration through innovation, inclusion and integrity.

According to her, the initiative has produced several regulatory measures aimed at addressing emerging needs in the pension industry and extending access to more Nigerians.

“Our duty is to ensure we justify that trust through efficiency, transparency and responsiveness to those we serve,” the D-G said.

She said the new guideline for the administration of Retirement Savings Accounts (RSAs) in foreign currency would allow Nigerians living abroad to participate in the Contributory Pension Scheme (CPS), aligning the pension system with the realities of an increasingly global workforce.

PenCom has also introduced the Personal Pension Plan (PPP) to bring more self-employed people and informal sector workers into the pension system.

Oloworaran said the commission was also developing a framework for accredited pension agents who would help expand pension services and market the PPP to underserved communities.

Beyond expanding coverage, she said PenCom had revised its corporate governance guidelines for licensed pension fund operators to strengthen accountability, transparency and ethical conduct in the industry.

She added that the recapitalisation requirement for pension fund operators would improve their financial resilience, safeguard pension assets and support a more stable and competitive pension industry.

“Pension 2.0 is not merely about reform, it is about transforming the customer experience,” the D-G said.

Oloworaran said PenCom was also working to make access to Retirement Savings Accounts more seamless while simplifying compliance processes for employers.

She added that the commission would strengthen digital platforms and open communication channels through which contributors and retirees could interact with the pension system.

Meanwhile, the Acting National Coordinator/CEO of SERVICOM, Mrs Helen Lawal, called on pension institutions to make exceptional customer service a daily practice.

Lawal, represented by Sesugh Duruba, urged frontline workers to demonstrate empathy, professionalism, responsiveness and accountability while resolving customers’ complaints.

She said staff should anticipate customers’ needs, provide timely follow-ups and work across departments to eliminate service-delivery bottlenecks.

Lawal said excellent customer service required teamwork, innovation and continuous improvement, rather than individual efforts.

The National Chairman, Nigerian Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr Sylva Nwaiwu, also commended PenCom for its efforts to improve pension administration and customer service.

Nwaiwu said the reforms had provided greater opportunities for retirees, contributors, pension fund administrators and other stakeholders to raise and address complaints.

He identified the payment of pension increase backlogs dating to 2007, restoration of regular payment of accrued pension rights, periodic pension enhancements, the PENCARE healthcare initiative and expansion of micro-pension coverage as some of the notable developments in the sector.

He, however, called for stronger collaboration between PenCom and pensioners to address outstanding challenges and further improve confidence in the pension system.