Copyright bizwatchnigeria
The National Pension Commission (PenCom) has announced that a free health insurance scheme for low-income pensioners under the Contributory Pension Scheme (CPS) will begin in 2025. PenCom’s Director-General, Omolola Oloworaran, said the programme aligns with the federal government’s broader social protection goals. She noted that it aims to ensure dignity and better welfare for retirees, especially those in lower income brackets. The scheme will be managed through the “PenCare” initiative and overseen by a board of trustees comprising experts from the pension and insurance sectors. It will cover basic healthcare needs for registered retirees while improving their quality of life. For the pension industry, the move could boost confidence and participation in the CPS. However, analysts note that its success will depend on sustainable funding, transparency, and coordination with the National Health Insurance Authority (NHIA). PenCom said the plan is part of ongoing reforms to modernise Nigeria’s pension system and extend benefits beyond regular pension payments.
