PenCom widens pension net to diaspora, self-employed Nigerians - Punch Newspapers

Director-General of the National Pension Commission, Omolola Oloworaran.

The National Pension Commission has moved to expand participation in the Contributory Pension Scheme to Nigerians in the diaspora, self-employed persons and informal sector workers under its Pension 2.0 reforms. The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday at the commission’s 2026 Customer Service Week seminar themed “Extra Mile.” Oloworaran, represented by the Head of the Surveillance Department, Mr Abdulrahman Saleem, said the reforms were designed around innovation, inclusion and integrity while improving access to retirement savings. “Under Pension 2.0, the Commission has introduced several landmark regulatory instruments. Among these is the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which provides a framework for Nigerians working in foreign companies and Nigerians working abroad to participate in the CPS,” she said. She explained that the framework would make the pension system more responsive to a global workforce and support the inclusion of Nigerians in the diaspora. PenCom is also seeking to bring more self-employed and informal sector workers into the pension system through the Personal Pension Plan. Oloworaran said, “Equally transformative is the Guideline on the Personal Pension Plan designed to bring self-employed persons and informal sector workers into the Contributory Pension Scheme.” According to her, the initiative is intended to break barriers to pension participation and enable Nigerians to build retirement savings regardless of their income or occupation.Make PUNCH part of your everyday experience.Add us to your Preferred Sources To extend the scheme to underserved groups, she said PenCom had developed a framework for accredited pension agents who would market the Personal Pension Plan nationwide. The commission has also issued revised corporate governance guidelines for Licensed Pension Fund Operators and introduced recapitalisation requirements aimed at strengthening their financial resilience and safeguarding pension assets. Oloworaran said the reforms were expected to promote a more stable, efficient and competitive pension industry while improving services to contributors and retirees. “Pension 2.0 is not merely about reform; it is about transforming the customer experience. It is about ensuring that contributors are protected and can access their retirement savings accounts seamlessly and promptly,” she added. Tinubu cautions pension managers against risky investments FG to unveil healthcare scheme for 30,000 pensioners AIICO sustains retirement income for 28,000 retirees Oloworaran said PenCom would continue to improve its service culture, strengthen communication and enhance digital platforms through which contributors and retirees interact with the pension system. “Our duty is to ensure we justify that trust through efficiency, transparency and responsiveness to those we serve,” she said. The Acting National Coordinator and Chief Executive Officer of SERVICOM, Mrs Helen Lawal, also urged pension institutions to improve the quality of services provided to contributors and retirees. Lawal, represented by a SERVICOM Desk Officer, Sesugh Duruba, said frontline workers should demonstrate empathy, professionalism, responsiveness and accountability when addressing customers’ complaints. She urged pension institutions to anticipate customers’ needs, provide timely feedback and improve collaboration among departments to eliminate service bottlenecks. According to her, excellent customer service requires teamwork, innovation and continuous improvement rather than individual efforts. Lawal said improved service delivery would strengthen public confidence in the pension system and other public institutions, urging workers to make exceptional service a daily practice rather than an activity limited to Customer Service Week. Also speaking, the National Chairman of the Nigeria Union of Pensioners, Contributory Pension Scheme Sector, Mr Sylva Nwaiwu, said improvements in pension administration had helped strengthen the CPS and create better channels for resolving complaints. Nwaiwu identified the payment of pension increase backlogs dating to 2007 and the restoration of regular payment of accrued pension rights as some of the progress recorded in the sector. He also cited periodic pension enhancements, the PENCARE healthcare initiative and expansion of pension coverage among notable developments. The pensioners’ chairman, however, called for stronger collaboration between PenCom and retirees to address outstanding challenges facing beneficiaries under the scheme. Sami Tunji Sami Tunji is a Senior Business Correspondent at Punch Newspapers with about five years of experience in data-driven reporting. He covers finance, ICT, and broader macroeconomic issues, combining analytical insight with clear storytelling. Sami’s work reflects strong editorial judgment, professional development, and a commitment to accurate and informative business journalism.

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