PenCom rolls out pilot health scheme for 20,000 retirees

Monday, November 3, 2025 - The National Pension Commission (PenCom) has launched the pilot phase of the Pension Industry Health Care Initiative(PenCare), a programme designed to provide affordable and quality healthcare for retirees under the Contributory Pension Scheme (CPS).

Speaking at the inauguration of the Board of Trustees (BoT) of the initiative in Abuja on Friday, the Director-General of PenCom, Ms. Omolola Oloworaran, said the pilot phase will cover about 20,000 retirees across the country before the full rollout next year. She said the initiative represents a major milestone in President Bola Tinubu’s administration’s efforts to strengthen social protection systems and ensure a dignified life for senior citizens after retirement.

Oloworaran explained that PenCare is a collaborative project between PenCom and licensed Pension Fund Operators (PenOp) to give retirees access to affordable healthcare, in line with the President’s directive for a pension system that safeguards both financial and physical well-being.

She added that the Board of Trustees will provide strategic oversight and policy direction for the scheme, which will formulate operational frameworks, accredit and supervise Health Maintenance Organisations (HMOs), and ensure transparency and accountability in the management of PenCare’s funds and partnerships.

According to her, the initiative also demonstrates the pension industry’s readiness to set new standards in social protection by addressing not only the financial security of retirees but also their health and dignity in old age. The DG noted that while PenCare currently focuses on CPS retirees, those under the Defined Benefit Scheme (DBS) are already benefiting from a similar arrangement managed by the Pension Transitional Arrangement Directorate (PTAD) in partnership with the National Health Insurance Authority (NHIA).

 “Today, we are not merely inaugurating a board; we are inaugurating hope. PenCare represents a visionary partnership between PenCom and licensed pension operators to ensure retirees have access to affordable and quality healthcare.

“PenCare is our promise to retirees. It shows that the pension industry, under the leadership and policy direction of President Bola Ahmed Tinubu, cares not just about your savings but also about your well-being,” she said.

The nine-member Board of Trustees is chaired by Muhammad Ahmad, the pioneer Director-General of PenCom. Other members include Ahmed Lawan, head of PenCom’s Compliance and Enforcement Committee; Abdulqadir Dahiru, head of the Investment Supervision Department; Anthonia Ifeanyi-Okoro, Chief Operating Officer of the Pension Fund Operators Association of Nigeria (PenOp); and Prof. Ifeoma Okoye of the University of Nigeria, Nsukka.

Also on the board are Bode Olajumoke, Senior Sustainability Risk Manager at Swiss Re; Nike Bajomo, Executive Director, Stanbic IBTC Pension Managers; Dave Uduanu, Managing Director, Access Pensions; Christopher Bayowa, Managing Director, FCMB Pensions; and Helen Da Souza of Citizens Pensions Limited.

In his remarks, the Board Chairman, Muhammad Ahmad, said the pilot phase will focus on the most vulnerable retirees before expanding to cover more beneficiaries nationwide.

Ahmad explained that the initiative is being jointly funded by contributions from PenCom and licensed pension operators to test and refine the model before the full rollout.