BY NGOZI ONYEAKUSI

PenCom DG

The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has said pension administration in Nigeria has undergone significant transformation, with retirement benefits that previously took weeks or months to process now approved within 48 hours.

Oloworaran disclosed this while highlighting the Federal Government’s achievements in pension reform, noting that the reforms had shifted the system from prolonged waiting periods to faster and more predictable payment of retirement benefits.

According to her, federal retirees under the contributory pension scheme now begin receiving their pensions as they retire, in line with the monthly salary cycle, under PenCom’s zero-waiting-time policy.
“The era of retiring into a queue has ended,” she said, urging eligible employees and Ministries, Departments and Agencies (MDAs) to complete their enrolment before the exercise closes in December 2026.

She explained that accrued pension rights, which previously took up to 21 months to process, are now accrued within 48 hours for eligible Federal Government workers.
Oloworaran added that the reform has also transformed the processing of retirement benefits in the private sector, where approval that previously took at least two weeks can now be completed within 48 hours.

She said the development was part of the broader effort to make Nigeria’s pension system more responsive, efficient and capable of delivering benefits to workers when they become due.

The PenCom boss also disclosed that, through a one-time verification and enrolment exercise, accrued pension rights had already been credited to the Retirement Savings Accounts of enrolled Federal Government employees due to retire up to December 2029.

She, however, stressed that work would continue until all outstanding accrued rights for government workers are fully settled.
Oloworaran said the reforms demonstrate a shift from pension administration characterised by delays to one focused on timely payment, efficiency and improved retirement security for Nigerians.