Nigeria’s pension reform is gradually shifting from a system characterised by delayed benefits and outstanding obligations to one focused on delivering retirement benefits to those who have earned them, the Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has said.

Oloworaran, while highlighting the progress recorded in the pension sector, said the reform was increasingly translating government commitments into tangible benefits for retirees and pension contributors.

She recalled that for many years, retirees waited for months to receive benefits they had already earned, while pension obligations were carried from one administration to another.

According to her, the situation underscored the need for a pension system that would not only collect and manage retirement savings but also fulfil its obligations to workers at the end of their careers.
“Every nation makes a promise to the people who built the nation, who served faithfully and saved diligently. And when your working years are done, your country should not forget you,” Oloworaran said.

She noted that the ongoing reforms were aimed at ensuring that retirement was not accompanied by prolonged uncertainty over earned benefits.
The PenCom DG said the transformation of the pension system should ultimately be measured by its impact on retirees, stressing that workers who contributed throughout their active years deserved a system capable of providing their benefits when due.

The development comes against the backdrop of the Federal Government’s efforts to clear outstanding pension liabilities, with hundreds of billions of naira released to settle obligations and payments made to a large number of beneficiaries.

Oloworaran said the progress recorded in the sector represented an important step towards restoring confidence in Nigeria’s pension system.
She stressed that sustaining the gains would require continued commitment by government, regulators, pension operators and contributors.

The PenCom boss maintained that the objective of the reform was to build a more reliable and sustainable retirement system in which workers could have greater confidence that their years of service and contributions would translate into meaningful benefits when they retire.