PenCom inaugurates BoT for retirees’ health insurance scheme ahead of 2026 launch

The National Pension Commission (PenCom) has inaugurated the board of trustees (BoT) for the Pension Industry Health Care Initiative (PenCare).

The PenCare initiative is expected to provide free health insurance for low-income retirees under the contributory pension scheme (CPS) nationwide.

PenCom inaugurated the board in Abuja on Friday, naming Muhammad Ahmad, the first PenCom director-general (DG), as the chairman of the nine-member PenCare BoT.

Ahmed Lawan, head of PenCom’s compliance and enforcement committee and chairman of the PenCare initiative committee, joined the board.

Other board members include Abdulqadir Dahiru, head of PenCom’s investment supervision department; Anthonia Ifeanyi-Okoro, chief operating officer of the Pension Fund Operators Association of Nigeria (PenOp); Ifeoma Okoye, professor of radiology at the University of Nigeria, Nsukka; and Bode Olajumoke, senior sustainability risk manager at Swiss Re.

Additionally, Nike Bajomo, executive director, Stanbic IBTC Pension Managers Limited; Dave Uduanu, managing director, Access Pensions Ltd; Christopher Bayowa, managing director, FCMB Pensions Limited; and Helen Da Souza from Citizens Pensions Limited, were also inaugurated.

‘OVER 20,000 RETIREES WILL BENEFIT FROM FIRST PHASE OF PENCARE’

Speaking at the event, Omolola Oloworaran, the PenCom DG, described the inauguration as a watershed moment, saying it marks a new chapter in Nigeria’s social security journey, ushering in hope and a more inclusive future.

“The PenCare Initiative represents a visionary partnership between the National Pension Commission and licensed pension operators, a union of expertise, compassion, and responsibility,” she said.

“This vision draws directly from the leadership and policy direction of His Excellency, President Bola Ahmed Tinubu, whose administration has consistently emphasised the need to strengthen Nigeria’s social protection systems and improve the quality of life for all citizens, especially our senior citizens.

“It was under the president’s clear directive that the National Pension Commission was tasked to put in place a framework that ensures retirees under the contributory pension scheme have access to affordable and quality health care.”

Oloworaran said the BoT will oversee PenCare, formulating policies for quality healthcare access, accrediting providers, ensuring transparency and sustainability, and promoting sector collaboration to benefit retirees.

She said the plan is to cover over 20,000 retirees during the pilot phase of the PenCare initiative to identify and fix issues before a nationwide launch next year.

Beyond retirees under CPS benefiting from the initiative, the PenCom DG clarified that retirees under the defined benefits scheme (DBS) are also benefiting under something similar.

“The executive secretary of PTAD is doing a great job in that regard, and I think earlier this year health insurance benefit was introduced for retirees under the defined benefits scheme working with NHIA. So I believe that’s already in place for them,” she said.

On August 6, President Bola Tinubu ordered the immediate implementation of a free healthcare initiative for low-income retirees under Nigeria’s contributory pension scheme (CPS).

Tinubu said the move is a crucial part of his administration’s commitment to social protection and dignity in retirement.