The National Pension Commission (PenCom) has expanded eligibility for its PenCare initiative pilot phase to retirees receiving monthly pensions of N150,000, up from N70,000.
The move aims to increase participation and improve
healthcare access, Omolola Oloworaran, PenCom’s director-general, told
journalists after the third pension industry leadership council (PILC) meeting
in Abuja on Monday.
The PenCare initiative, launched in March, is expected to
provide free health insurance for low-income retirees under the contributory
pension scheme (CPS) nationwide.
Speaking to reporters, Oloworaran said the commission raised
the income threshold to attract more participants and generate sufficient data
required to evaluate the effectiveness of the pilot programme.
She said the initiative targets 30,000 beneficiaries but has
so far enrolled only about 13,000 retirees, making broader participation
necessary.
“We need a critical mass to properly test the system.
Running a pilot with just 10,000 people will not give us the results we want,”
she said.
She said retirees earning monthly pensions of N150,000 or
below can now enroll and access free health insurance under the PenCare pilot
scheme.
Oloworaran described the new threshold as a temporary
measure to boost participation, adding that the commission would review it
after the pilot programme is assessed.
“That we have extended it to N150,000 does not mean it will
remain there. It is to help us test the system effectively,” the PenCom chief
said.
Oloworaran said PenCom plans to introduce three healthcare
packages after the pilot phase to provide sustainable medical support for
retirees across income categories.
She said the first package would provide free healthcare
services for low-income retirees, while the second would offer a co-payment
arrangement for retirees needing additional support.
“The third package will allow higher-income retirees to pay
for enhanced healthcare coverage at competitive premium rates,” she said.
Oloworaran said improving retirees’ welfare remains one of
the commission’s top priorities as it continues to explore initiatives to
enhance pensioners’ wellbeing and financial security.
‘PENSION INFRASTRUCTURE FUND ENTERS ADVANCED IMPLEMENTATION
STAGE’
The PenCom boss also said the pension industry
infrastructure fund has entered an advanced stage of implementation, with
pension fund administrators (PFAs) expected to take a final position on the
initiative within the next two months.
Oloworaran said the commission and industry operators had
agreed on a framework for the fund, which is expected to channel long-term
pension assets into infrastructure projects.
“The pension industry infrastructure fund is now in advanced
stages for implementation. We have a framework already that we’ve deliberated
upon,” Oloworaran said.
“The PFAs will go back with it to their boards and necessary
stakeholders, and we will be able to take a position on how to proceed within
the next one or two months.”
Commenting on the outcome of the PILC meeting, she said the
engagement focused on improving outcomes for pension contributors and retirees
while strengthening the industry’s role in Nigeria’s economy.
She said the pension industry, which manages one of the
country’s largest pools of long-term capital, would deepen its engagement with
capital market operators to support investment and economic growth.
Oloworaran also announced that PenCom would hold the first
national pension week from September 15 to 19 to improve pension literacy and
raise awareness about the contributory pension scheme.
“We’ve seen a gap in pension literacy and awareness. The
committee is working on a number of initiatives to improve literacy among
Nigerians so that people can understand pensions more. This will help us with
accountability and better transparency to contributors,” she said.
The PenCom boss said the commission is also intensifying
compliance and enforcement against employers that fail to remit pension
contributions, adding that it is working with the Independent Corrupt Practices
and Other Related Offences Commission (ICPC) and plans to partner with the
Economic and Financial Crimes Commission (EFCC).
She said only eight states currently operate the
contributory pension scheme, noting that Katsina and a south-western state are
close to joining.
Oloworaran said the commission will continue to engage state
governments because “workers and retirees in states that are yet to adopt the
scheme may be at risk of not receiving their retirement benefits”.
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