Targets of PenCom in year 2026 is to capture 30,000 retirees under Pension Industry Healthcare Initiative (PenCARE)- DG Omolola Oloworaran

By allcitynews.ng 

As part of her aim to make pensions more attractive to all workers, healthcare is being added to the list of benefits for pensioners as the Director General of Pension Commission of Nigeria (PenCom), Omolola Oloworaran has announced the readiness of the apex pension regulatory body to come out with Pension Industry Healthcare Initiative (PenCARE).

Just as she said that contributions through pension compliance enforcement increased from N150 billion in the second quarter of 2025 to N232 billion in the third quarter of the year, she promised that the Commission would continue to strengthen enforcement of the scheme  in year 2026.

With this in the bags of the regulatory body, the kick-starting point will  flow  with selection from the six geopolitical zones of the country who are expected to benefit from this new free Pension Industry Healthcare Initiative (PenCARE).

The pilot stage of the initiative is scheduled to take off in the first quarter of 2026, even as it is expected to be co-funded by the National Pension Commission  (PenCom) and Pension Fund Administrators (PFAs) in the  country.

The beneficiaries are existing pensioners under the Contributory Pension Scheme (CPS) who are currently drawing monthly pension benefits.

The PenCom helsmwoman who made this known at the 2025 Annual PenCom Media Retreat in Ikeja, Lagos, on Thursday, December 18, 2025, said the scheme is aimed at ensuring pensioners live good lifestyle in retirement, remain fit and healthy, and enjoy longevity.

The main focus is to  make retirement bed of roses for  pensioners by helping them to prune every negativism that might rise at that stage.

The Oloworaran pointed out that every  initiative embarked upon by her  administration is geared towards adding value to Retirement Savings Account (RSA) holders and retirees, one of which is the free health insurance scheme.

Similarly, while presenting a paper on the subject, the Head of the Compliance and  Enhancement Department, Ahmed Lawan, explained that the plan project will be jointly funded by PenCom and PFAs through deductions from their  Profit After Tax (PAT).

He said the funds contributed  by both parties would be used to procure health insurance packages from Health  Maintenance Organisations  (HMOs) in the names of the benefiting retirees.

Moreover, the Head of Compliance stressed that since the wellbeing of pensioners is uppermost, he further said, “We want our retirees to live long, and with this package, they can take care of their ailments early enough before they weigh them down or become terminal.”

Earlier, the Oloworaran  disclosed that the recently launched Pension Revolution Summit 2.0 represents a major reform that would rewrite the 

history of the pension industry, following the earlier evolution of the new pension scheme in 2004.

In addition, she said one of the historic milestones is the approval of N758 billion by President Bola Tinubu’s administration to clear all outstanding pension liabilities. 

According to the DG, this development enabled PenCom and pension operators to clear all backlogs owed to Treasury funded Ministries, Departments and Agencies (MDAs).

As a result of this payment, according to her, there is now zero waiting time for the payment of pension benefits once a worker retires, thereby making life easier for pensioners.

Moreover, Oloworaran, disclosing that the recently approved pension  enhancement, which is specifically for  retirees under the Programme  Withdrawal (PW) window, has added over N2 billion to monthly pension payments, also said that the scheme is fulfilling its promise of putting smiles on the faces of pensioners.

Moreover, she noted that with the rebranding of the micro pension plan into the Personal Pension Plan (PPP),  the process has been simplified to enable easier operations and avoid the hiccups which trailed it in the past.

"This time around, what is mainly required is a National Identification Number (NIN) and some basic documentation, because the enrolment under the package has been digitised.

To this end, she stated that the regulator, in partnership with operators, will train thousands of pension agents who will be 

saddled with the responsibility of deepening the PPP and promoting financial inclusion through pensions.

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