PenCom's Oloworaran Announces End to Pension Payment Delays

Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), announced that the era of delays in pension benefits payments under the Contributory Pension Scheme has ended. This change is attributed to current pension reforms that enable retirees to receive their benefits on time.

The pension system has transitioned from a deficit position of 21 months to a funding surplus of 41 months, enhancing its ability to meet retirement obligations. Oloworaran made this announcement through Ibrahim Buwai, the Head of Corporate Communications, during the 2026 Pension Correspondents Association of Nigeria (PenCAN) Conference in Abuja.

He described the funding improvement as a significant milestone, indicating that the pension rights of Federal Government employees who have not yet retired are funded up to December 2029. He stated that their Retirement Savings Accounts are "loaded and ready," awaiting retirement for access to pensions.

This development marks a notable shift from previous situations where pension payments accumulated arrears.