The National Pension Commission (PenCom) has eliminated the long-standing waiting period for retirees to begin to receive their pension benefits. With this, retirees now start earning their pensions immediately after retirement.

This was disclosed by the commission’s Director-General, Omolola Oloworaran. She announced the reform at a just-concluded two-day sensitisation workshop on the working of the contributory pension scheme (CPS) for ministries, departments and agencies (MDAs) organised in Lagos.

According to Oloworaran, the new policy, which took effect in July 2025 under the directive of President Bola Tinubu, eliminates delays in accessing pension payments in the country.

“Since July 2025, there is now zero waiting time for pension payments. You receive your pension in the same month you retire – thanks to the directive of the presidency,” she said.

The DG noted that the move ends decades of anxiety and hardship often faced by retirees who had to wait months or even years before receiving their entitlements.

To further strengthen the sector, the PenCom boss said the commission has reviewed the minimum capital requirement for pension fund administrators (PFAs) to enhance their capital and ensure the safety of pension assets.

Oloworaran also spoke on several regulatory reforms, including whistle-blowing guidelines for pension fund management, a revised investment regulation to promote diversification, a framework for accredited pension agents, as well as personal pension plans designed to expand coverage and deepen trust in the system.

As part of efforts to support social welfare, she revealed, PenCom, acting on a presidential directive, would roll out a free healthcare insurance scheme for low-income earners before the end of 2025.