07/17/2025

PenCom increases Pensioners’ morale by N11.9bn as over 233,000 Retirees benefit in the  scheme

 

 

 

By allcitynews.ng

The National Pension Commission (PenCom) has increased the morale of pensioners through its announcement of a significant increase in monthly pension payments under the Contributory Pension Scheme (CPS) through a new initiative called Pension Boost 1.0.

The Director-General of PenCom, Ms. Omolola Oloworaran, made this known during the commission’s second-quarter media briefing held in Lagos last week.

According to Oloworaran, the launch of Pension Boost 1.0 will raise total monthly pension disbursements from N8.3 billion to N11.9 billion, effective from June 2025. The increase will directly benefit over 233,000 retirees, depending on the balances in their individual Retirement Savings Accounts (RSAs).

“We are introducing Pension Boost 1.0. This is the news every retiree has been waiting for,” Oloworaran said. “Effective this month, total monthly pension payments under the CPS will rise from N8.3 billion to N11.9 billion.”

She described the development as a strategic outcome of robust investment returns and economic reforms championed by the administration of President Bola Ahmed Tinubu.

“This is not a token gesture,” Oloworaran added. “It is the result of sound investment strategies and a visionary pension enhancement framework. The new structure is built on our modified Standard Pension Enhancement Template, which enables upward adjustments in pensions as returns on investment improve.”

The PenCom boss reiterated the Commission’s commitment to building a transparent, resilient, and inclusive pension system that restores confidence in retirement planning.

“We are restoring faith in retirement. We are rewarding work with dignity,” she stated.

Oloworaran also issued a stern warning to defaulting employers and underperforming pension operators, signaling a tougher regulatory stance going forward.

“To employers with late pension remittances, your grace period is over. To operators who remain complacent, there will be consequences. And to every Nigerian worker, we see you, we hear you, and we will protect your future.”

The launch of Pension Boost 1.0 is seen as a major leap forward in Nigeria’s pension administration landscape. Analysts say the move could bolster public trust in the CPS and reassure current contributors about the long-term viability of the system.

With over 233,000 retirees set to benefit, the initiative marks a key milestone in efforts to improve the welfare of pensioners and deliver more value for contributions made during active service.

PenCom said it will continue to monitor investment performance and economic conditions to explore further enhancements in the near future.

“This is just the beginning,” Oloworaran concluded. “We will continue to move forward. There’s no turning back.”

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