PenCom eliminates waiting time for pension payments, enhances retirees’ benefits

Nike Popoola

The National Pension Commission (PenCom) has announced the complete elimination of waiting time for retirees to begin receiving their pension benefits, ensuring that workers now start earning pensions immediately after retirement.

Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this at a two-day sensitization workshop on the workings of the Contributory Pension Scheme (CPS) for employees, pension desk officers, and pensioners of Federal Government treasury-funded ministries, departments, and agencies. The event, held at the University of Lagos, Akoka, was organized by PenCom in collaboration with the National Salaries, Incomes and Wages Commission.

“Since July 2025, there’s now zero waiting time for pension payments. You receive your pension in the same month you retire, thanks to the directive of President Bola Tinubu,” Oloworaran said.

She noted that this reform ends the era when retirees waited for months or even years before accessing their pensions.

To further strengthen the industry, the DG explained that PenCom has introduced new measures to ensure that Pension Fund Administrators (PFAs) remain strong and resilient.

“Over the past few weeks, we have released a number of regulations, including a review of the minimum capital requirement for PFAs. This ensures that pension assets are properly managed to deliver optimal results and prompt benefits payment,” she stated.

Oloworaran also highlighted new regulatory initiatives, including whistle-blowing guidelines for pension fund management, a revised investment regulation to promote diversification, and a framework for accredited pension agents and Personal Pension Plans.

She added that, as directed by the President, PenCom will introduce a free healthcare insurance scheme for low-income earners before the end of 2025.

Addressing challenges in state pension systems, Oloworaran said the Commission is engaging with state governments to clear outstanding pension arrears and gratuities.

Participants at the workshop commended PenCom’s proactive reforms. One attendee, Sobanjo Adebusola, praised the Commission’s renewed efficiency, while Adesanwo Taiwo described PenCom as “a beacon of hope for workers and retirees across Nigeria.”