The National Pension Commission (PenCom) has announced a significant expansion of its Contributory Pension Scheme (CPS) to include Nigerians living abroad, self-employed individuals, and workers in the informal sector. This initiative, part of the newly introduced Pension 2.0 reforms, aims to enhance participation and accessibility to retirement savings across various demographics.

During a seminar marking the 2026 Customer Service Week, PenCom's Director-General, Omolola Oloworaran, emphasized the importance of innovation and inclusivity in the pension system. Represented by Abdulrahman Saleem, Head of the Surveillance Department, Oloworaran outlined the new framework designed to accommodate Nigerians working in foreign companies and those employed overseas. This includes the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, which is expected to facilitate easier participation for the diaspora.

In her remarks, Oloworaran stated, "Under Pension 2.0, the Commission has introduced several landmark regulatory instruments." She highlighted the introduction of the Personal Pension Plan, which is specifically aimed at self-employed and informal sector workers, allowing them to build retirement savings irrespective of their income level or job status. This initiative is seen as a crucial step in breaking down barriers that have traditionally hindered pension participation among these groups.

To further support the inclusion of underserved populations, PenCom has developed a framework for accredited pension agents who will market the Personal Pension Plan nationwide. This move is part of a broader strategy to ensure that all Nigerians, regardless of their employment status, have access to retirement savings options.

In addition to these reforms, PenCom has revised corporate governance guidelines for Licensed Pension Fund Operators and introduced recapitalization requirements aimed at enhancing the financial resilience of pension funds. Oloworaran noted that these changes are designed to promote a stable and efficient pension industry while improving the overall service experience for contributors and retirees.

"Pension 2.0 is not merely about reform; it is about transforming the customer experience," she added, emphasizing the need for efficiency, transparency, and responsiveness in the pension system. The commission is committed to enhancing its digital platforms and service culture to ensure that contributors can access their retirement savings accounts seamlessly.

Helen Lawal, Acting National Coordinator and Chief Executive Officer of SERVICOM, also spoke at the seminar, urging pension institutions to elevate the quality of services provided to contributors and retirees. She stressed the importance of empathy and professionalism among frontline workers in addressing customer complaints, advocating for a collaborative approach to service delivery.

Sylva Nwaiwu, National Chairman of the Nigeria Union of Pensioners, Contributory Pension Scheme Sector, acknowledged the progress made in pension administration, including the resolution of pension increase backlogs and the restoration of regular payments. However, he called for enhanced collaboration between PenCom and retirees to tackle ongoing challenges faced by beneficiaries under the scheme.

With these comprehensive reforms, PenCom aims to create a more inclusive and responsive pension system that meets the needs of all Nigerians, regardless of their location or employment status.