The Nationwide Pension Fee has inaugurated the ‘Pension Revolution 2.0’, an initiative designed to strengthen Nigeria’s pension trade, improve inclusion, and “safe dignity for retirees”.
Omolola Oloworaran, the director-general of PenCom, introduced the programme in an announcement on Monday.
Oloworaran stated PenCom will unveil the brand new laws each day to drive the revolution ahead.
The DG defined that Pension Revolution 2.0 is a transformative programme constructing on 20 years of progress to drive Nigeria’s pension trade’s subsequent development part.
“The primary nice turning level got here in 2004 with the enactment of the Pension Reform Act, which launched the Contributory Pension Scheme (CPS) and revolutionised retirement financial savings in Nigeria,” she stated.
“That reform laid the muse for confidence, self-discipline, and sustainability in our pension system.
“Twenty years later, we stand at one other defining second. Pension Revolution 2.0 is essentially the most vital development since 2004, daring in ambition, but evolutionary in observe.”
The PenCom DG stated the brand new scheme ushers in a brand new period of dignity for retirees, inclusion for each Nigerian employee, and resilience for our nationwide economic system.
She stated the programme is guided by the imaginative and prescient of President Bola Tinubu, “who has directed that our pension system should allow dignity in retirement, broaden entry for all Nigerians, and mobilise long-term financial savings as dependable capital for nationwide growth”.
“Starting this week, the Fee will launch the brand new laws each day. Every guideline units larger requirements throughout crucial pillars – from funding and threat administration to governance and compliance, to service supply and {financial} inclusion,” she stated.
“In keeping with the President’s directive, the Fee will even, throughout the subsequent three months, pilot medical insurance protection for retirees and activate the Minimal Pension Assure, with the intention of safeguarding retirees’ dignity and supporting a good lifestyle.”
Oloworaran stated the reforms intention to allow dignity for retirees by means of medical insurance and a minimal pension ground.
Additionally, she stated the initiative will optimise funding efficiency whereas safeguarding contributors’ funds to ship sustainable long-term returns, and develop pensions to succeed in each Nigerian — particularly these within the casual economic system.
The PenCom chief added that the reforms will even harness expertise and innovation to democratise entry and enhance service supply, and unlock pension property as a reliable supply of financing for nationwide growth.
On September 19, the federal authorities, by means of the Nigerian Shopper Credit score Company, inaugurated the ‘first-ever’ pension-backed mortgage scheme.