PenCom Plans Retiree Health Pilot and Minimum Pension Guarantee

The National Pension Commission says it plans a health-insurance pilot for low-income retirees and a proposed minimum pension guarantee under Nigeria’s contributory pension system.

PenCom Director-General Omolola Oloworaran said the health pilot would begin within three months and initially cover 30,000 retirees aged 60 and above who earn ₦150,000 or less each month, Vanguard reported.

She said the commission also plans a minimum pension guarantee intended to set a basic income floor for retirees under the contributory scheme. A third initiative would expand the Personal Pension Plan through accredited agents for workers in the informal sector.

Oloworaran said pension assets stood at ₦31.48 trillion as of 10 July after ₦10.7 trillion in new retirement savings entered the economy over two years.

Source: Vanguard