Key Takeaways
- • President Bola Tinubu unveiled PenCare, a new healthcare programme for low-income retirees, and pledged to implement the Minimum Pension Guarantee under the Pension Reform Act 2014, a provision he said had gone unimplemented for more than 11 years.
- • The administration reaffirmed that the N758 billion Federal Government Pension Bond will settle outstanding accrued pension obligations and strengthen the Pension Protection Fund.
- • Tinubu directed the National Pension Commission (PenCom), pension fund administrators and custodians to improve compliance, investment performance and transparency, and warned employers against deducting contributions without remitting them.
- • The Personal Pension Plan will be expanded to traders, artisans, farmers, transport workers and self-employed Nigerians through new distribution channels.
Summary
President Bola Tinubu announced a new healthcare programme for low-income retirees and pledged to implement the Minimum Pension Guarantee, a provision of the Pension Reform Act 2014 that he said had remained unimplemented for more than 11 years. The remarks were made on Thursday at the inaugural National Pension Week Leadership Summit in Abuja, where Tinubu was represented by Secretary to the Government of the Federation, Senator George Akume, according to The Sun Nigeria.
The PenCare programme is designed to give low-income retirees access to essential healthcare, while the Minimum Pension Guarantee is expected to strengthen protection for pensioners under the Contributory Pension Scheme. Tinubu reaffirmed the administration's commitment to clearing outstanding pension obligations through the N758 billion Federal Government Pension Bond, which he said was approved to settle accrued obligations and strengthen the Pension Protection Fund. He described the intervention as restitution to Nigerians who had served the country, and said pensions should be viewed as earned wages rather than government favours.
Tinubu directed the National Pension Commission (PenCom), pension fund administrators and custodians to improve compliance, investment performance and transparency. He specifically cautioned public and private employers against deducting workers' contributions without prompt remittance, calling such conduct "a breach of trust." He also challenged fund administrators to deepen expertise, diversify investments responsibly and reduce costs, arguing that success should be measured by benefits delivered to contributors rather than assets under management. While acknowledging the role pension assets can play in infrastructure and productive investment, he stressed that every investment must undergo rigorous risk-and-return assessment.
To extend coverage, Tinubu directed expansion of the Personal Pension Plan to traders, artisans, farmers, transport workers and self-employed Nigerians through new distribution channels, and urged state governments and organised labour to support wider enrolment. Akume received an award for Excellence in Pension Sector Leadership and Support at the summit.
The PenCare programme is designed to give low-income retirees access to essential healthcare, while the Minimum Pension Guarantee is expected to strengthen protection for pensioners under the Contributory Pension Scheme. Tinubu reaffirmed the administration's commitment to clearing outstanding pension obligations through the N758 billion Federal Government Pension Bond, which he said was approved to settle accrued obligations and strengthen the Pension Protection Fund. He described the intervention as restitution to Nigerians who had served the country, and said pensions should be viewed as earned wages rather than government favours.
Tinubu directed the National Pension Commission (PenCom), pension fund administrators and custodians to improve compliance, investment performance and transparency. He specifically cautioned public and private employers against deducting workers' contributions without prompt remittance, calling such conduct "a breach of trust." He also challenged fund administrators to deepen expertise, diversify investments responsibly and reduce costs, arguing that success should be measured by benefits delivered to contributors rather than assets under management. While acknowledging the role pension assets can play in infrastructure and productive investment, he stressed that every investment must undergo rigorous risk-and-return assessment.
To extend coverage, Tinubu directed expansion of the Personal Pension Plan to traders, artisans, farmers, transport workers and self-employed Nigerians through new distribution channels, and urged state governments and organised labour to support wider enrolment. Akume received an award for Excellence in Pension Sector Leadership and Support at the summit.
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