PenCom Unveils Pension Revolution 2.0 To Strengthen Retirement System, Broaden Access

The National Pension Commission (PenCom) has launched Pension Revolution 2.0, a sweeping reform programme designed to reposition the country’s pension industry for its next phase of growth, resilience, and national development.

Announcing the initiative on Monday night, September 22, 2025, PenCom’s director-general, Ms. Omolola Oloworaran, said the reforms marked “the most significant advancement since 2004,” when the enactment of the Pension Reform Act introduced the Contributory Pension Scheme (CPS) and transformed retirement savings in Nigeria.

“Two decades later, we stand at another defining moment,” Oloworaran declared on her X (formerly Twitter) handle @Omololabo.

“Pension Revolution 2.0 is 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 wrote.

She explained that the programme aligns with the vision of President Bola Tinubu, who has directed that Nigeria’s pension system must broaden access, mobilise long-term savings for development, and guarantee dignity in retirement.

Beginning this week, PenCom will issue new regulations on a daily basis, each targeting higher standards across investment management, governance, compliance, financial inclusion, and service delivery.

In addition, the Commission will, within the next three months, pilot health insurance coverage for retirees and activate the long-awaited Minimum Pension Guarantee.

According to Oloworaran, these initiatives aim to “safeguard retirees’ dignity and support a decent standard of living.”

The reform agenda is anchored on five core objectives: Enabling dignity for retirees through health insurance and a guaranteed minimum pension; optimising investment performance while protecting contributors’ funds to deliver sustainable long-term returns; and expanding pension coverage to every Nigerian, with special focus on informal sector workers.

Apart from that, the reform is also being focused on harnessing technology and innovation to democratise access and enhance service delivery, and nlocking pension assets as reliable capital for infrastructure and national development.

“Pension Revolution 2.0 is more than regulatory reform,” the PenCom DG said. “It is a renewal of trust, an evolution of our system, and a bold national strategy.”