The National Pension Commission (PenCom) has abolished the age restriction on its Personal Pension Plan (PPP), enabling Nigerians of all ages, including students and newborns, to begin contributing towards retirement savings under the voluntary scheme.
The announcement was made by the Director-General of PenCom, Omolola Oloworaran, following the second Pension Industry Leadership Council meeting held in Lagos, where she outlined new measures aimed at expanding pension coverage and improving financial inclusion across the country.
Under the revised framework, individuals are no longer limited by age when enrolling in the Personal Pension Plan, as the scheme now accommodates contributions from infancy, allowing parents and guardians to initiate retirement savings on behalf of their children from birth.
Brandspur Banking News Desk reports that prior to this policy change, eligibility for the Personal Pension Plan was restricted to self-employed individuals and professionals aged 18 and above, excluding younger demographics from participating in voluntary pension savings.
The commission explained that the updated policy is part of broader reforms designed to strengthen Nigeria’s pension system by increasing participation rates and encouraging early financial planning for retirement security.
PenCom noted that both students and infants can now make voluntary contributions, a development it described as a strategic step towards building a culture of long-term savings and enhancing financial resilience among Nigerians.
Oloworaran urged parents and guardians to take advantage of the opportunity by enrolling their children early, emphasising that starting pension contributions from a young age can significantly improve retirement outcomes in the future.
She also stated that the commission is working on additional initiatives to make the Personal Pension Plan more accessible and attractive to a wider segment of the population, with a focus on simplifying enrolment processes and improving user experience.
In addition to the pension expansion, PenCom provided updates on its PenCare initiative, a healthcare support programme targeted at low-income retirees, which is expected to begin disbursing its first tranche of healthcare premiums in the coming weeks.
The initiative is aimed at providing retirees with access to medical coverage, thereby reducing the financial burden of healthcare costs for vulnerable pensioners and improving their overall quality of life.
The policy shift aligns with PenCom’s broader objective of increasing pension enrolment nationwide while positioning pension funds as active contributors to economic development through increased participation and investment mobilisation.
PenCom has also introduced digital solutions such as the Data Recapture Self-Service Platform (PENCAP), which allows contributors to update their personal records remotely, reducing administrative bottlenecks and improving efficiency within the pension administration system.
The commission reaffirmed its commitment to repositioning the pension industry as a key driver of economic growth, noting that enhanced participation and improved fund management will strengthen both individual financial security and national economic stability.
