The National Pension Commission (PenCom) has issued a directive to all licensed Pension Fund Administrators (PFAs) requiring them to obtain the consent of retirees before enrolling them into the PenCare initiative. This was stated in a circular published on PenCom's official website, titled "Obtaining Retirees Consent for Enrolment into the PenCare Initiative During Programmed Withdrawal Retirement Benefit Processing." The directive took effect from October 27, 2026.
According to the circular signed by Mr. A. M. Saleem, Director of PenCom's Surveillance Department, the objective is to ensure PFAs obtain informed consent from retirees who choose Programmed Withdrawal for possible enrolment into PenCare at retirement. The PenCare initiative, launched by the Federal Government, provides free basic primary healthcare services to eligible retirees, starting with those receiving low monthly pension benefits.
To be eligible for PenCare, retirees must be 60 years old and above, have chosen Programmed Withdrawal as their benefit collection option, and have a monthly pension benefit amount between N70,000 and N150,000. The commission aims to facilitate timely identification and enrolment of eligible retirees, eliminate delays associated with obtaining consent after retirement benefits have been processed, and establish a uniform industry-wide consent process.
The directive highlights the benefits of obtaining informed consent, including improved quality and completeness of enrolment records. By obtaining consent at the point of retirement, PFAs can ensure that retirees are aware of the PenCare initiative and its benefits, and can make informed decisions about their enrolment.
The PenCare initiative is a social welfare program designed to provide free basic primary healthcare services to eligible retirees. The program is a collaboration between PenCom and pension fund operators, and aims to improve the well-being of retirees in Nigeria. By mandating PFAs to obtain retirees' consent, PenCom is ensuring that retirees are fully informed about the program and its benefits.
The circular emphasizes the importance of a uniform industry-wide consent process, which will help to eliminate delays and improve the efficiency of the enrolment process. By working together, PenCom and PFAs can ensure that eligible retirees receive the benefits they are entitled to, and that the PenCare initiative is successful in improving the lives of retirees in Nigeria.
The implementation of this directive is expected to have a positive impact on the lives of retirees in Nigeria, by providing them with access to free basic primary healthcare services. The PenCare initiative is a significant step towards improving the well-being of retirees, and PenCom's directive will help to ensure that the program is successful in achieving its objectives.
Key points
- PenCom has mandated PFAs to obtain informed consent from retirees before enrolling them into the PenCare initiative.
