PenCom boosts CPS retirees’ pension with N2.6bn

The National Pension Commission (PenCom) has stated that retirees under Contributory Pension Scheme are now enjoying a pension boost following additional N2.68 billion disbursements. The Director General of PenCom, Ms. Omolola Oloworaran, stated this Tuesday in Abuja at the 2025 PenCom–Civil Society Conference, where she described civil society as a critical partner in expanding pension […]

The National Pension Commission (PenCom) has stated that retirees under Contributory Pension Scheme are now enjoying a pension boost following additional N2.68 billion disbursements.

The Director General of PenCom, Ms. Omolola Oloworaran, stated this Tuesday in Abuja at the 2025 PenCom–Civil Society Conference, where she described civil society as a critical partner in expanding pension coverage and safeguarding the integrity of the Contributory Pension Scheme (CPS).

She said, “As part of efforts to improve benefit adequacy, the Commission introduced Pension Boost 1.0, which has added N2.68bn to monthly pension payments for CPS retirees.”

On informal sector inclusion, Oloworaran who was represented by Usman Musa, Director, contribution and bond redemption department described the restructuring of the Micro Pension Plan into the Personal Pension Plan (PPP) as a move aimed at capturing millions of Nigerians in the informal economy, including artisans, traders, transport workers, gig workers, and self-employed professionals.

She explained that the introduction of Accredited Pension Agents under the PPP would not only expand pension coverage but also create employment opportunities for thousands of young Nigerians who would be trained and deployed nationwide.

 

 

 

Oloworaran stressed that participation in the new scheme had been simplified, with enrolment requiring mainly a National Identification Number, a valid phone number, and a bank account.

 

 

 

Speaking on the theme, “Civil Society as a Catalyst in the Pension Revolution 2.0,” Oloworaran said the reform agenda was deliberately designed to deliver measurable impact, rebuild confidence in the pension system, and ensure retirement security for Nigerians across all sectors of the economy.

 

 

 

According to her, Pension Revolution 2.0 represents the most comprehensive overhaul of the pension industry since 2004, combining regulatory reforms, stronger supervision, digital transformation, and governance improvements to future-proof the system.

 

 

 

Also speaking, one of the Civil Society Representatives and senior technical adviser of the Contributory Pension and Happy Retirement Advocacy (COPEHRA), Sani Mustapha noted that “CPS expansion to the informal sector ha sbecome paramount and the Personal Pension Plan to go a long way in boosting inclusion,”