…PFAs to cut investment in FG securities

The National Pension Commission (PenCom) will commence the pilot phase of the Pension Industry Healthcare Initiative (PenCare) in March 2026, targeting no fewer than 30,000 low-income retirees across the country.

The News Agency of Nigeria (NAN) reports that the initiative covers retirees under the Contributory Pension Scheme (CPS), The regulator also revealed the intention to cut Pension Dund Administrators (PFAs) investment in Federal Government securities from 60 per cent.

Director-General of PenCom, Ms Omolola Oloworaran, disclosed this at the 2025 PenCom Media Conference held in Lagos on Thursday. The conference has the theme: “Pension Revolution Summit: A 365 Days Scorecard.”

According to her, the initiative is designed to ease the healthcare burden of low income retirees, and ensure that they live their retirement years with dignity. According to her, PenCom had inaugurated the Board of Trustees of PenCare to drive the industry-wide intervention, which will provide free and accessible healthcare services to eligible retirees.

“Retirement should be a season of peace, not a period defined by anxiety over medical bills. “I am happy to announce that the pilot will be launched in March next year, and we hope to enrol about 30,000 retirees across the six geopolitical zones of the country,” she said.

The PenCom boss described PenCare as a landmark reform that underscores government’s commitment to improving the welfare of pensioners, particularly those with limited income.

She said that the programme aligns with the Federal Government’s Renewed Hope Agenda. She noted that the pension industry is increasingly being positioned to respond to the social needs of retirees beyond monthly benefits.