PenCom Opens Pension Plan to Students, Infants to Boost Early Retirement Savings
- PenCom has opened its Personal Pension Plan to students and infants
- The move removes previous age restrictions on pension participation
- Parents are encouraged to enrol their children early to build long-term savings
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology, and macroeconomic trends in Nigeria.
The National Pension Commission (PenCom) has announced that its Personal Pension Plan is now open to students and infants, as part of efforts to encourage early retirement planning among Nigerians.
The Director-General of PenCom, Omolola Oloworaran, disclosed this after the second Pension Industry Leadership Council meeting held in Lagos on Tuesday.
Source: UGC
Plan targets broader financial inclusion
As reported by the News Agency of Nigeria, Oloworaran said the expansion of the scheme is aimed at widening participation in retirement savings and strengthening long-term financial security across different segments of society.
According to her, the revised framework removes previous age restrictions, allowing voluntary contributions from younger individuals, including newborns.
She encouraged parents to enrol their children early, noting that this would help secure their financial future over time.
“The Personal Pension Plan is available for everyone. Previous system limitations on age have now been resolved,” she said.
Parents encouraged to enrol children early
The PenCom boss explained that students can now choose to contribute to the scheme, while parents and guardians can open accounts for infants from birth.
She added that the commission is working on additional initiatives to make the plan more accessible and attractive to a wider population.
“Students can now contribute if they choose to, including newborns. Parents can begin saving for their children from birth,” she noted.
PenCare initiative to support low-income retirees
On the PenCare programme, Oloworaran said the first tranche of premiums for low-income retirees would be disbursed before the end of the week.
She noted that payments would be released in phases ahead of the programme’s official launch in the coming weeks.
According to her, the initiative is designed to provide low-income retirees with access to healthcare services, with PenCom covering medical expenses.
FG raises minimum pension to N32,000
Recently, the federal government announced an increase in pension payments for retirees under the Defined Benefit Scheme (DBS), raising the minimum pension to N32,000.
The Pension Transitional Arrangement Directorate (PTAD) described it as a landmark reform that addresses long-standing demands by pensioners for improved welfare and financial security. N20 billion released for immediate implementation.
According to PTAD, the new pension structure was made possible by the partial release of N20.188 billion from the N45 billion emergency funding earlier approved by the Federal Government.
Source: Getty Images
Ogun unveils new pension scheme
Legit.ng earlier reported that the Ogun state government introduced a scheme known as the ‘Additional Pension Benefit’, offering retirees enhanced payouts up to 280% of annual emoluments.
Governor Dapo Abiodun's pension reform promises timely gratuity payments, benefiting 70-80% of retiring civil servants.
Labour leaders praised APB as a sustainable model, addressing significant pension liabilities and restoring trust.
Source: Legit.ng
