By Tony Obiechina, Abuja
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, says the commission’s ongoing Pension 2.0 reforms will remove barriers to pension and financial inclusion while improving customer service and public confidence in Nigeria’s pension system.
Oloworaran stated this in Abuja at PenCom’s 2026 Customer Service Week seminar, themed, “Extra Mile.”
She said the reforms were anchored on three key principles such as innovation, inclusion and integrity aimed at making pension services more efficient and responsive to contributors, retirees, employers and other stakeholders.
According to her, the theme of the celebration reflected PenCom’s commitment to ensuring that Nigerian workers across the public, private and informal sectors can look forward to secure and dignified retirement.
She said the commission’s approach to pension administration recognised that every regulation and reform ultimately affected people who had entrusted their retirement savings to the system.
“Our duty is to justify that trust through efficiency, transparency and responsiveness to those we serve,” she said.
Under Pension 2.0, PenCom has introduced several regulatory initiatives aimed at expanding participation in the Contributory Pension Scheme (CPS).
One of the initiatives is the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which provides a framework for Nigerians working for foreign companies and those living and working abroad to participate in the pension scheme.
Oloworaran said the initiative would make the pension system more responsive to the realities of an increasingly global workforce and create greater opportunities for Nigerians in the diaspora to participate in the scheme.
The commission has also introduced the Guideline on the Personal Pension Plan (PPP), targeting self-employed Nigerians and workers in the informal sector who have traditionally remained outside the formal pension system.
According to the PenCom DG, the plan is designed to remove barriers that have limited pension coverage and enable more Nigerians to build retirement savings regardless of their occupation or income level.
“The Personal Pension Plan embodies the spirit of ‘Mission Possible’ as it breaks long-standing barriers to financial inclusion and ensures that every Nigerian, regardless of income or occupation, can build a secure retirement,” she said.
To further expand access to the scheme, PenCom has developed a framework for engaging accredited pension agents to market and sell the Personal Pension Plan across the country.
The commission has also introduced revised corporate governance guidelines for licensed pension fund operators to strengthen accountability, transparency and ethical standards in the industry.
Oloworaran said the recapitalisation requirement for licensed pension fund operators was another major measure aimed at strengthening the financial capacity and resilience of the pension industry.
She explained that stronger capitalisation would help protect pension assets while improving the stability, efficiency and competitiveness of pension operators.
The PenCom boss said the reforms went beyond regulatory changes, stressing that they were also focused on improving the experience of contributors and retirees.
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“Pension 2.0 is not merely about reform; it is about transforming the customer experience,” she said.
She added that the commission would continue to ensure that contributors could access their Retirement Savings Accounts seamlessly and promptly, while employers would have simpler and more transparent compliance processes.
Oloworaran further pledged that PenCom would strengthen its customer service culture, improve communication with stakeholders and enhance the digital platforms through which contributors and retirees interact with the pension system.
She described effective service delivery as critical to maintaining public confidence in pension administration and commended pension operators, employers, the media, government agencies and the public for their continued cooperation.
“Together, we are proving that with collaboration, innovation and commitment, the mission of delivering a sustainable and customer-focused pension system in Nigeria is not just possible; it is achievable,” she added.
