The National Pension Commission has announced that the first group of low-income retirees under the Contributory Pension Scheme (CPS) will begin to benefit from its dedicated health insurance initiative soon
The Director-General of PenCom, Ms. Omolola Oloworaran, made the disclosure during a press conference following the conclusion of the 2nd Pension Industry Leadership Council Session in Lagos.
She confirmed that arrangements have been finalised to prioritize the health needs of vulnerable retirees, with payments of premiums for the insurance coverage scheduled to be completed within the week.
“This initiative represents a significant milestone in our efforts to enhance the welfare of senior citizens. Providing a safety net for retirees who may struggle with medical expenses is a core part of our current strategic direction,” Ms. Oloworaran said.
While the disbursement of premiums begins immediately to activate coverage, she revealed that a formal launch of the scheme is being planned soon. The official event will aim to sensitize the public and stakeholders on the full scope and benefits of the health insurance initiative.
The 2nd Pension Industry Leadership Council Session brought together top executives and stakeholders in the pension ecosystem to deliberate on policies aimed at deepening the industry’s impact on the Nigerian economy and improving the well-being of contributors.
Industry observers have applauded PenCom’s move, highlighting that integrating health insurance into the pension framework addresses one of the most pressing challenges faced by retirees in Nigeria.
Ms. Oloworaran also noted that the commission and pension operators are actively working to channel part of the over ₦28 trillion pension assets into infrastructure financing. “The pension industry is not just safeguarding funds; it is also supporting the economy,” she said, emphasizing the dual role of pension funds in ensuring retirement security and driving national development.
