PenCom Unveils Minimum Pension Guarantee for Retirees

The National Pension Commission (PenCom) announced the introduction of the Minimum Pension Guarantee, which is expected to commence in November. This initiative aims to prioritize the welfare of retirees, ensuring that no Nigerian who has served the nation and saved for retirement will face financial hardship in old age.

Omolola Oloworaran, the director-general of PenCom, stated that this initiative, along with the PenCare pension health program, is part of ongoing pension reforms. She emphasized that the promise of a minimum pension guarantee, which has been delayed for 12 years as per Sections 82 and 84 of the Pension Reform Act 2014, will finally be fulfilled.

Oloworaran assured that from the program's start date, pensions in Nigeria will have a minimum threshold, alleviating the burden on the poorest retirees. The National Pension Week served as a platform for stakeholders to discuss progress and strategies for improving pension administration in Nigeria.