Pencom Floats Minimum Pension Guarantee, Health Insurance Coverage

The National Pension Commission (PENCOM) has announced readiness to float an innovative pension guarantee scheme as well as enhanced health insurance coverage.

The commission stated in a statement by its Director-General of PenCom, Omolola Oloworaran., that it would soon introduce a  minimum pension guarantee as part of its Pension Revolution 2.0.

Pension Revolution 2.0, the commission added, would build on two decades of the new pension scheme in Nigeria, and is expected to usher in a new era of dignity for retirees, inclusion for every Nigerian worker, and resilience for the national economy.

“This programme is guided by the vision of His Excellency, President Bola Tinubu, who has directed that our pension system must enable dignity in retirement, broaden access for all Nigerians, and mobilise long-term savings as reliable capital for national development.

“Beginning this week, the Commission will release the new regulations daily.

“Each guideline sets higher standards across critical pillars, from investment and risk management to governance and compliance to service delivery and financial inclusion.

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“In line with the President’s directive, the Commission will also, within the next three months, pilot health insurance coverage for retirees and activate the Minimum Pension Guarantee, with the aim of safeguarding retirees’ dignity and supporting a decent standard of living,” she said.

Oloworaran said the new policy drive achieve the following:

1. help the optimisation of investment performance
2. safeguard contributors’ funds.
3. deliver sustainable long-term returns
4. Expand pensions to reach every Nigerian, especially those in the informal economy
5. Harness technology and innovation to democratise access and improve service delivery, and
6. unlock pension assets as a dependable source of financing for national development.