PENCOM EXPANDS PENSION COVERAGE TO MORE NIGERIANS

The National Pension Commission is expanding participation in Nigeria’s Contributory Pension Scheme to Nigerians living abroad, self-employed people and workers in the informal sector under its Pension 2.0 reforms.

PenCom Director-General, Omolola Oloworaran, disclosed this during the commission’s 2026 Customer Service Week seminar.

She said the reforms were designed to make the pension system more inclusive while improving access to retirement savings and strengthening the experience of contributors.

Under the new framework, Nigerians working abroad can participate in the scheme through guidelines governing Retirement Savings Accounts denominated in foreign currency.

PenCom is also using the Personal Pension Plan to bring self-employed and informal sector workers into the contributory scheme. The commission plans to work with accredited pension agents to market the plan nationwide and reach underserved groups.

Oloworaran said the reforms were aimed at removing barriers that have limited pension participation based on occupation or income.

The commission has also introduced revised corporate governance requirements for pension fund operators and recapitalisation rules intended to strengthen the industry and safeguard pension assets.

PenCom said it would continue to improve digital platforms, communication and service delivery for contributors and retirees.