PenCom plans November launch of health cover and minimum pension

The National Pension Commission (PenCom) says it plans to launch health insurance for low-income retirees and begin implementing a minimum pension guarantee in November.

Director-general Omolola Oloworaran outlined the plans during National Pension Week in Abuja. The commission has also issued a 26 October circular on voluntary PenCare enrolment for eligible retirees choosing programmed withdrawal.

Oloworaran said a health insurance pilot involving 30,000 retirees was already under way. She said retirement support should extend beyond pension payments to help people meet medical expenses.

The circular requires pension fund administrators to seek informed consent when eligible retirees sign their programmed withdrawal agreements. Consent must be recorded separately, and administrators must explain the initiative without coercion.

Retirees who decline PenCare must still have their retirement benefits processed and paid. Their withdrawal agreements cannot be made conditional on joining the health initiative.

Oloworaran also said President Bola Tinubu had approved nearly N1 trillion to address pension liabilities accumulated over almost 20 years, according to Daily Trust and Leadership. The reports did not identify a fresh approval date.

The November launch remains a stated plan; the accounts do not give an exact launch date or a minimum pension payment amount.

Sources: PenCom enrolment circular; Daily Trust; Leadership