PenCom's Oloworaran Confirms Full Pension Funding for Retirees

Omolola Oloworaran, the Director General and Chief Executive of the National Pension Commission (PenCom), announced on Wednesday that the accrued pension rights of prospective federal government retirees have been fully funded for 21 months. This assurance was made during the 2026 Pension Correspondents Association of Nigeria (PenCAN) conference in Abuja.

Oloworaran emphasized the government's commitment to strengthening the financial sustainability of the Contributory Pension Scheme (CPS) and ensuring timely payment of retirement benefits. She revealed that the federal government has approved the payment of 100% gratuity to employees retiring under the CPS, effective January 1, 2026, with disbursements already in progress.

Oloworaran clarified that the CPS does not abolish gratuity and allows employers to provide additional retirement benefits. Furthermore, she announced the activation of the Minimum Pension Guarantee, which will provide automatic increases in monthly pensions for eligible low-income retirees, marking a significant advancement in the pension sector.