PenCom Launches Revolution 2.0  Heralding Transformative Reforms In Pension Industry

PenCom Director General, Ms. Omolola Oloworaran

The National Pension Commission (PenCom)  has launched Pension Revolution 2.0 with the slogan “Stronger Pensions, Stronger Nigeria” which heralds commencement of a comprehensive transformative programme of reforms in the pensions sector of the economy.

This is targeted at consolidating   on two decades of progress so far made in  sector since the enactment of Pension Reform Act, PRA 2004, to further guide Nigeria’s pension industry into its next phase of growth and resilience.

The announcement of the launch was made by the PenCom Director General, Ms. Omolola Oloworaran on her X (Twitter) handle @Omololabo on Monday 22 September 2025.

The PenCom Director General  noted that the first great turning point came in 2004 with the enactment of the Pension Reform Act, which introduced the Contributory Pension Scheme (CPS) and revolutionised retirement savings in Nigeria.

She maintained that  the reform laid the foundation for confidence, discipline, and sustainability in the nation’s pension system.

“Two decades later, we stand at another defining moment. Pension Revolution 2.0 is the most significant advancement since 2004, bold in ambition, yet evolutionary in practice. It ushers in a new era of dignity for retirees, inclusion for every Nigerian worker, and resilience for our national economy.

“This programme is guided by the vision of His Excellency, President Bola Ahmed Tinubu, who has directed that our pension system must enable dignity in retirement, broaden access for all Nigerians, and mobilise long-term savings as reliable capital for national development.

“Beginning this week, the Commission will release the new regulations daily. Each guideline sets higher standards across critical pillars – from investment and risk management to governance and compliance, to service delivery and financial inclusion.

“In line with the President’s directive, the Commission will also, within the next three months, pilot health insurance coverage for retirees and activate the Minimum Pension Guarantee, with the aim of safeguarding retirees’ dignity and supporting a decent standard of living”, she explained.

Further, Ms Oloworaran expressed optimism that collectively, these reforms represent a bold step forward towards enabling dignity for retirees through health insurance and a minimum pension floor; Optimising investment performance while safeguarding contributors’ funds to deliver sustainable long-term returns; Expanding pensions to reach every Nigerian, especially those in the informal economy; Harnessing technology and innovation to democratise access and improve service delivery; and Unlocking pension assets as a dependable source of financing for national development

The PenCom Director General maintained that Pension Revolution 2.0 is more than regulatory reform and that it is a renewal of trust, an evolution of our system, and a bold national strategy.

Already, PenCom has released on its website two revised guidelines, namely The Revised Guidelines on Appointment to Board and Senior Management and The Revised Guideline on Corporate Governance.