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The pension administrator supports PenCom’s initiatives to improve retirement benefits and healthcare access for retirees.
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Minimum Pension Guarantee provides eligible retirees under the Contributory Pension Scheme with at least N52,500 monthly.
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PenCare is designed to provide essential healthcare services at no cost to low-income retirees.
November 13, (THEWILL) – Access Pensions has endorsed the Federal Government’s latest pension reforms, including a N52,500 minimum monthly pension for eligible retirees and a healthcare programme aimed at improving access to medical services for low-income pensioners.
The initiatives, introduced by the National Pension Commission (PenCom), were unveiled at the Presidential Pension Security Initiatives Launch held recently at the State House in Abuja.
They comprise the Minimum Pension Guarantee, which sets a minimum monthly pension of N52,500 for eligible retirees under the Contributory Pension Scheme, and PenCare, a healthcare programme designed to provide essential medical services to low-income retirees at no cost.
Speaking at the event, the Managing Director and Chief Executive Officer of Access Pensions, Sa’adu A. Jijji, commended President Bola Tinubu for supporting reforms aimed at strengthening the pension industry.
According to a statement issued by Access Pensions on Thursday, Jijji particularly acknowledged the appointment of PenCom’s Director-General, Omolola Oloworaran, saying her leadership had brought renewed direction to the industry.
He said the appointment demonstrated the contributions young professionals and women could make when allowed to lead critical institutions.
“We have seen what appointing a young person can do for an industry, and what appointing a woman can bring to an industry. When you have a young woman leading the industry, you can see the difference and the positive changes taking place,” he said.
Jijji also thanked the President for the initiatives introduced under the current PenCom leadership and the administration’s support for the pension sector.
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Tinubu receives pension legacy award
The ceremony also featured the presentation of the Presidential Pension Legacy Award to Tinubu in recognition of his administration’s interventions in the pension industry.
The President, who was represented by Senate President Godswill Akpabio, was recognised for efforts to address outstanding pension obligations, expand pension coverage to the informal sector and strengthen the framework for sustainable retirement benefits.
The award was presented by Oloworaran and Jijji on behalf of the pension industry. The Group Managing Director and Chief Executive Officer of Access Holdings, Innocent Ike, also attended the event.
Oloworaran said the recognition reflected the collective appreciation of Pension Fund Administrators, Pension Fund Custodians, Closed Pension Fund Administrators and PenCom for the administration’s interventions.
She said the clearance of outstanding pension obligations had helped restore confidence in the system, while efforts to extend pension coverage to the informal sector would bring more Nigerians within the retirement savings framework.
According to her, the administration’s interventions had helped address longstanding concerns about the sustainability and credibility of the pension system.
The launch of the Minimum Pension Guarantee and PenCare forms part of the government’s broader effort to improve retirement security, protect vulnerable pensioners and strengthen confidence in Nigeria’s Contributory Pension Scheme.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.