By David Akinmola
The National Pension Commission (PenCom) has eliminated the long-standing waiting period for retirees to begin receiving their pension benefits, ensuring that workers now start earning their pension immediately after retirement.
This was disclosed by the commission’s Director-General, Ms. Omolola Oloworaran, who announced the reform at a just-concluded two-day sensitization workshop on the working of the Contributory Pension Scheme (CPS) for employees and Agencies (MDAs), organized in collaboration with the National Salaries, Incomes and Wages Commission, in Lagos.
According to Oloworaran, the new policy, which took effect in July 2025 under the directive of President Bola Tinubu, eliminates delays in accessing pension payments in the country.
“Since July 2025, there’s now zero waiting time for pension payments. You receive your pension in the same month you retire, thanks to the directive of the presidency,” she said.
The DG noted that the move ends decades of anxiety and hardship often faced by retirees who had to wait months or even years before receiving their entitlements.
To further strengthen the sector, the PenCom boss revealed that the commission has reviewed the minimum capital requirement for Pension Fund Administrators(PFAs) to enhance their capital and ensure the safety of pension assets.
Oloworaran also unveiled several regulatory reforms, including whistle-blowing guidelines for pension fund management, a revised investment regulation to promote diversification, and a framework for accredited pension agents and Personal Pension Plans designed to expand coverage and deepen trust in the system.
As part of efforts to support social welfare, she revealed that PenCom, acting on a presidential directive, would roll out a free healthcare insurance scheme for low-income earners before the end of 2025.
Addressing lingering issues in state pension systems, the DG said the commission is engaging with state governments to clear outstanding arrears and gratuities, stressing that the goal is to ensure fairness and uniformity across all tiers of government.
Speaking on the development at the workshop, participants commended the commission’s proactive measures. One participant, Sobanjo Adebusola, described the reforms as “a new dawn for Nigerian retirees,” while another, Adesanwo Taiwo, hailed the commission as “a beacon of hope for workers and pensioners nationwide.”
With the elimination of pension delays and the strengthening of regulatory safeguards, PenCom is not only restoring confidence in the nation’s pension administration but also bolstering economic stability for retirees, ensuring that years of service translate into prompt and dignified retirement benefits.
