FG rolls out 2 major benefits to shield retirees from poverty, ill health

•As PenCom kicks off maiden Pension week October 26

By Victor Ahiuma-Young

The Federal Government, through the National Pension Commission, PenCom, is set to introduce two landmark initiatives aimed at protecting retirees from poverty and ill health as Nigeria prepares to mark its maiden National Pension Week from October 26 to 30, 2026.

The initiatives, PenCare, a retiree healthcare programme, and the Minimum Pension Guarantee, are expected to strengthen social protection for eligible retirees under the Contributory Pension Scheme, CPS, addressing concerns over access to essential healthcare and inadequate retirement income.

Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this in Lagos, where she announced plans for the nationwide pension week and outlined the commission’s priorities for improving retirement security.

According to Oloworaran, the two initiatives will mark a significant step in translating pension reforms into tangible benefits for Nigerian retirees.

“Later this month, during National Pension Week, two historic commitments will move from reform to reality,” she said.

She explained that the first initiative, PenCare, would provide eligible low-income retirees with access to essential healthcare services at no cost, beginning with 30,000 beneficiaries.

“It will give eligible low-income retirees access to essential healthcare at no cost to them, beginning with 30,000 retirees,” the PenCom Director General stated.

Emphasising the importance of healthcare in retirement, Oloworaran declared: “No Nigerian should retire into poverty. And no Nigerian should retire into ill health.”

The second initiative, the Minimum Pension Guarantee, is designed to establish a minimum level of pension protection for eligible retirees under the Contributory Pension Scheme.

Oloworaran said the programme would activate a safeguard provided for in pension law for more than a decade, ensuring that eligible retirees would not fall below a prescribed minimum pension level.

“For the first time, a protection that has stood in our pension law for more than a decade will take effect. It will set a floor beneath which no eligible retiree under the Contributory Pension Scheme will fall,” she said.

She added that the guarantee would be particularly important for retirees whose accumulated savings might otherwise leave them struggling to meet basic needs.

“For the retiree with the smallest savings, that floor is the difference between hardship and dignity,” she said.

The Director General described the planned rollout as part of a broader effort to make pension reforms deliver measurable improvements in the lives of retirees, noting that the commission had already implemented several measures to improve pension payments and access to retirement benefits.

“Seven historic firsts delivered. Two more within weeks. In a single administration,” she said, referring to the reforms highlighted in her address.

National Pension Week, scheduled for October 26 to 30, is expected to provide a platform for greater public awareness of pension rights, retirement planning and the need to expand pension coverage across the country.

Oloworaran said the commission would use the occasion to encourage Nigerians, particularly young workers, to take a greater interest in their retirement savings and understand the benefits available under the pension system.

“To young Nigerians: start the conversation early. Know your Pension Fund Administrator. Read your statement. Ask where your contributions are,” she urged.

She stressed that retirement security depended not only on regulatory reforms but also on workers’ awareness, employers’ compliance and the timely remittance of pension contributions.

The commission also called on state governments and private-sector employers to strengthen pension compliance and expand coverage, particularly among workers who remain outside formal retirement savings arrangements.

The planned introduction of PenCare and the Minimum Pension Guarantee comes amid continuing efforts to improve the adequacy of retirement benefits and provide greater protection for vulnerable pensioners.

For PenCom, the central objective of the initiatives is to ensure that retirement offers Nigerians greater financial security and access to essential services, rather than exposing them to hardship after years of service.

As the maiden National Pension Week approaches, attention is expected to focus on the implementation of the two programmes, the eligibility criteria for beneficiaries and the arrangements for delivering the promised protections to retirees.

Vanguard news

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