PenCom Pushes for Nationwide Adoption of Pension Scheme

The Pension Commission (PenCom) is actively promoting the adoption of the contributory pension scheme across all Nigerian states and local governments. Ms. Omolola Oloworaran, the Director General of PenCom, stated that the commission is committed to ensuring every Nigerian has access to a dignified retirement through this scheme.

PenCom's strategy includes launching "Pension Revolution 2.0" in mid-2025, which aims to enhance pension coverage and improve benefit payments for retirees. The commission has established a bi-annual Pension Leadership Council (PLC) to engage with trade unions and solicit support for the initiative.

Despite challenges, including limited enforcement power, PenCom has made progress, with six states drafting pension bills for legislative approval. Currently, 24 states have enacted laws to comply with the contributory pension scheme, while others continue to operate outside of it.

The commission is focused on ensuring compliance and promoting voluntary contributions to boost retirement savings.