PenCom Advances Pension Administration With New Reforms
The National Pension Commission (PenCom) says it is taking pension administration in Nigeria the “extra mile” through reforms aimed at improving service delivery and expanding pension coverage.
The Director-General of PenCom, Ms Omolola Oloworaran, said this at the 2026 Customer Service Week in Abuja on Tuesday.
Oloworaran, represented by the Head of the Surveillance Department, Mr Abdulrahman Saleem, said that the theme, “Extra Mile,” reflected the commission’s commitment to service excellence.
She said that the theme also resonated with PenCom’s vision of ensuring that every Nigerian worker enjoys a secure and dignified retirement.
According to her, the commission has continued to pursue reforms aimed at building a transparent, sustainable and customer-focused pension system.
She said the reforms were driven by the need to strengthen trust among contributors, retirees, pension operators, employers and other stakeholders.
“Our duty is to ensure that we justify that trust through efficiency, transparency and responsiveness to those we serve,” she said.
Oloworaran said that PenCom recently unveiled Pension 2.0, a new phase of pension administration driven by innovation, inclusion and integrity.
She described Pension 2.0 as a bold step towards modernising and expanding the pension industry while improving the experience of pension customers.
The director-general said that several landmark regulatory instruments had been introduced under the initiative to address emerging needs within the pension industry.
She said that the guideline on the administration of Retirement Savings Accounts (RSAs) in foreign currency would enable Nigerians abroad to participate in the Contributory Pension Scheme (CPS)
According to her, the guideline will make the pension system responsive to the realities of a global workforce and support the inclusion of Nigerians in the diaspora.
Oloworaran also highlighted the guideline on the Personal Pension Plan (PPP), designed to bring self-employed persons and informal sector workers into the pension scheme.
She said that the PPP would break longstanding barriers to financial inclusion and enable more Nigerians to build secure retirement futures.
“PenCom had also developed the framework for the engagement of accredited pension agents to expand pension services nationwide.
“The agents will play a key role in marketing and selling the PPP to underserved communities and individuals.
“The commission had also issued revised guidelines for corporate governance for licensed pension fund operators,” she said.
She said that the guidelines would reinforce accountability, transparency and ethical conduct across the pension industry.
According to her, the measures were necessary for sustaining public trust and promoting service excellence within the pension sector.
She said the recapitalisation requirement for pension fund operators would strengthen the financial resilience of the industry.
Oloworaran said that adequate capitalisation would help safeguard pension assets while promoting a stable, efficient and competitive pension industry.
She said that the reforms demonstrated that PenCom’s mission was being translated into practical measures capable of improving pension administration.
“Pension 2.0 is not merely about reform; it is about transforming the customer experience,” she said.
Oloworaran said that the commission was committed to ensuring that contributors could access their RSAs seamlessly and promptly.
She said that employers would also benefit from more straightforward and transparent compliance processes.
“Effective service delivery remains the cornerstone of public trust, and PenCom is committed to strengthening its service culture.
“The commission will promote open communication and enhance digital platforms through which contributors and retirees interact with the pension system, ” she said.
She commended pension fund operators, employers, the media, government agencies and the public for their continued cooperation.
Oloworaran said that collaboration, innovation and commitment were critical to delivering a sustainable and customer-focused pension system in Nigeria.
The Acting National Coordinator/CEO, SERVICOM, Mrs Helen Lawal, urged pension agencies to prioritise exceptional service delivery.
Lawal, represented by Sesugh Duruba, a Desk Officer at SERVICOM, urged frontline staff to demonstrate empathy, professionalism, responsiveness, accountability and commitment in resolving customers’ complaints.
She encouraged staff to anticipate customers’ needs, provide timely follow-ups and collaborate across departments to eliminate service-delivery bottlenecks.
According to her, excellent customer service requires teamwork, innovation and continuous improvement, rather than individual efforts.
Lawal said that the celebration should renew staff commitment to making extra effort a daily habit, rather than an annual event.
She commended PenCom management for recognising frontline workers and promoting a culture of citizen-focused service delivery.
She said that improved customer service would strengthen public trust and enhance the quality of service delivery across Nigeria’s public institutions.
The National Chairman, Nigeria Union of Pensioners, Contributory Pension Scheme Sector (NUPCPS), Mr Sylva Nwaiwu, commended PenCom for improving customer service and pension administration.
Nwaiwu said that the initiative had provided an avenue for retirees, contributors, pension fund administrators and other stakeholders to address complaints.
He said that improved customer service was essential to rebuilding confidence and trust in Nigeria’s pension industry.
According to him, the reforms have strengthened the CPS.
He highlighted the payment of pension increase backlogs dating to 2007 and the restoration of regular payment of accrued pension rights.
Nwaiwu also cited the periodic pension enhancements, the PENCARE healthcare initiative, and expansion of micro-pension coverage as notable achievements.
He called for stronger collaboration between PenCom and pensioners to address other challenges confronting the scheme. #PenCom Advances Pension Administration With New Reforms# Pension Fund Assets Rise to N31.8trn in August- PenCom
