PenCom reiterates commitment to revolutionary approach to pension administration

Phenomenal
Phenomenal

The Director General (D-G) of National Pension Commission (PenCom), Omolola Oloworaran, has reiterated the commission’s commitment to revolutionary approach to pension administration and efficient service delivery.

Oloworaran expressed the commitment during the 2025 Customer Service Week celebration organised by the commission in Abuja on Tuesday.

Represented by the Acting Commissioner Inspectorate, Mr Samuel Uwandu, the D-G said that the theme of the event was “Mission Possible”.

She described the theme as a powerful expression of optimism and determination, two qualities that defined the revolutionary approach to pension administration and ensuring top-notch service delivery.

She said that the theme resonated deeply with PenCom’s vision of ensuring that every Nigerian worker in the public, private, or informal sector enjoyed a secured and dignified retirement life.

Oloworaran said that the commission had made what was impossible to become possible, having built a transparent and sustainable pension system in Nigeria.

“This is by the tireless efforts of the pension industry to look for improvement in service and commitment.

“The approach has reaffirmed our commitment to the people we serve, the contributors, retirees, operators, employers, and other stakeholders who we consider our partners.

“Behind every regulation and every reform is a story of individuals who have entrusted their future to the pension system.

“Our duty is to justify that trust through efficiency, transparency, and responsiveness to those we serve,” she said.

Oloworaran said that the commission recently unveiled a new phase of pension administration known as pension 2.0.

She said that the initiative was a bold step towards modernising and expanding the pension industry, driven by three key principles -innovation, inclusion and integrity.

“Under Pension 2.0, the commission introduced several landmark regulatory instruments.

“Among these is the guideline on the administration of retirement savings accounts in foreign currency.

“It provides a framework for Nigerians working in foreign companies and Nigerians working abroad to participate in the Contributory Pension Scheme (CPS),” she said.

According to her, the innovation ensures that the pension system remains responsive to the realities of a global workforce and supports the inclusion of Nigerians in the diaspora.

“Equally transformative is the guideline on the Personal Pension Plan (PPP) designed to bring self-employed persons and informal sector workers into the CPS,” the D-G said.

Oloworaran said that the PPP embodied the spirit of “Mission Possible”.

She said that it broke long-standing barriers to financial inclusion and ensured that every Nigerian, regardless of income or occupation, could build a secure retirement.

She said that to enhance access and participation, the commission also developed the framework for the engagement of accredited pension agents.

“The agents will play a pivotal role in marketing and selling the PPP nationwide, thereby extending the reach of pension services to communities and individuals who were previously underserved,” she said.

Oloworaran said that the commission issued the Revised Guidelines for Corporate Governance for Licensed Pension Fund Operators (LPFOs).

She said that the guidelines reinforced accountability, transparency, and ethical conduct across the pension industry, all of which are essential to sustaining public trust and service excellence.

The Desk Officer SERVICOM, Mr Duruba Sesugh, said that customer service week was celebrated annually during the first full week in October

“The celebration calls attention to the importance of people to boost morale and team work.

“Employee experience is the new customer experience because customers care about how staff are treated

“The official theme for year 2025 is Mission Possible. This is in line with best practice of celebrating frontline workers and service takers like retirees and employees,” he said.

Sesugh said that the objectives of customer service week was to celebrate the hard work and dedication of employees who strive to create positive customer experiences e.g. exceptional dedication.

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