FG Clears Pension Arrears, Funds Workers’ Retirement Benefits Till 2029 – PenCom

The National Pension Commission (PenCom) has disclosed that the Federal Government has funded the accrued pension rights of enrolled federal workers up to December 2029, clearing a previous 21-month backlog and recording a 41-month funding surplus.

PenCom Director-General, Omolola Oloworaran, disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja. Represented by the commission’s Head of Corporate Communications, Ibrahim Buwai, she said retirement benefits were now processed within 48 hours, eliminating prolonged delays in pension payments.

Oloworaran also highlighted the launch of the PenCare health insurance programme and the N52,500 minimum pension guarantee by President Bola Tinubu. She said PenCare would reduce retirees’ medical expenses, while eligible pensioners receiving below N52,500 would have their monthly benefits increased. She further disclosed that the Federal Government had approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective January 1, 2026.

Meanwhile, the Executive Secretary of the Pension Transitional Arrangement Directorate, Tolulope Odunaiya, said the agency had introduced remote verification to enable pensioners under the Defined Benefits Scheme to complete their verification from anywhere in the world. She also announced the commencement of registration for its proposed health insurance programme.

Also speaking, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria, Anthonia Ifeanyi-Okoro, urged increased investment of pension assets in infrastructure, housing and energy to support Nigeria’s $1tn economy target. Awabah CEO, Tunji Andrews, disclosed that Personal Pension Plan registration requirements had been reduced from 25 fields to four, with contributions now accessible through POS terminals, while its Pension Oga initiative would mobilise informal sector workers to embrace pension savings.