FG reiterates commitment to dignified retirement

The Federal Government has reiterated its commitment to improving the welfare of the senior citizens with renewed efforts to ensure that retirees live in dignity and peace of mind.

The Director-General (D-G) of the National Pension Commission (PenCom) Ms Omolola Oloworaran, made the commitment in Abuja on Tuesday.

Oloworaran spoke during the national thanksgiving conference of the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS)

The theme of the event was, “Strengthening Contributory Pension Scheme (CPS) administration for dignity, timelines and trust”.

She said the administration was prioritising pension reforms to address challenges faced by retirees, particularly those living in hardship after years of service.

Oloworaran said that the ongoing reforms were working as senior citizens across the country had begun to acknowledge improvements in pension administration and service delivery.

According to her, the government remains committed to delivering more impactful policies for citizens, especially the elderly, who deserve comfort and stability after retirement.

“I do not take the plight of senior citizens lightly.

“When you see people who have served this nation diligently retire into penury, it is simply not acceptable,” she said.

Oloworaran said that since her assumption of office, the agency had focused on ensuring that retirees receive their benefits promptly and without unnecessary delays.

She said that the Federal Government had cleared outstanding pension liabilities, adding that retirees are now paid within weeks and in some cases, within days of retirement.

“Since last year, we have been paying retirees almost immediately after retirement.

“Pension Fund Administrators (PFAs) are even working towards processing payments within 24 hours,” she said.

Oloworaran said that the introduction of Pension Reform 2.0, had significantly overhauled the pension system since the enactment of the Pension Reform Act of 2004 (PRA2004)

She said that the initiative was designed to guarantee dignity and financial security for retirees, with a strong focus on healthcare and income stability.

The D-G said that under the reform efforts were underway to integrate healthcare support into pension benefits, recognising the critical needs of elderly citizens.

She said that there were plans to introduce a minimum pension guarantee aimed at addressing low monthly pensions received by some retirees.

“For those earning between N10,000 and N30,000 monthly, those days are coming to an end.

“We are working to establish a pension floor that ensures a more livable income for senior citizens,” she said.

Oloworaran said that actuarial assessments were ongoing to determine sustainable benchmarks for the proposed minimum pension.

The D-G also emphasised the importance of improved investment strategies with higher returns on pension funds to help enhance retirees’ earnings.

She said that the commission would continue to explore innovative approaches to strengthen the pension system and improve the quality of life for retirees.

“With sustained commitment and reforms, we will continue to make life better for our senior citizens,” she said.

The National Chairman of NUPCPS, Mr Sylva Nwaiwu, said that after two decades of neglect and suffering of retirees under the CPS, the Federal Government had cleared all their outstanding.

He said that the Federal Executive Council (FEC) had regularised monthly remittance of accrued right by the Federal Government.

Nwaiwu said retirees no longer wait to receive their benefits, adding that they receive it within the month they retire.

He also said that gratuity was an exit benefit to retirees and it has been approved.

Nwaiwu also appealed to President Bola Tinubu to add the retirees who had retired before the gratuity approval.

He said that the omission of eligible retirees on the ongoing payments of pension increment arrears from the N758 billion should be added.

“The eligible retirees from organisations classified as under the first line charge and the self funded organisation were all employed under the CPS from 2004 and below.

“Retirees from the defunct Power Holding Company of Nigeria (PHCN), which legacy liabilities were taken over by the Federal Government at the privatisation were excluded.

“We appeal for their immediate and equitable inclusion,” Nwaiwu said

He also called on the Federal Government to intervene in the unnecessary delay in the implementation of pension increments arrears and unjust treatments of retirees the their PFAs.

He commended the president for his intervention and for making retiree retire with dignity and peace.