The National Pension Commission has removed the age restriction on its Personal Pension Plan, enabling students and even newborns to start saving for retirement.
Director-General Omolola Oloworaran announced the change following the second Pension Industry Leadership Council meeting in Lagos on Tuesday.
With this update, Nigerians of all ages can now participate in the personal pension plan, enhancing their retirement security and overall financial stability.
Speaking after the second Pension Industry Leadership Council meeting in Lagos, Oloworaran emphasized that this move marks a major step in strengthening Nigeria’s pension system, making retirement savings accessible to a wider range of Nigerians.
Oloworaran stated that both students and infants can now voluntarily participate in personal pension plans, a departure from previous age restrictions. She encouraged parents to seize this opportunity to begin saving for their children’s futures from birth.
“The Personal Pension Plan is now open to everyone. The age limitations that existed before have been lifted. Students and newborns can begin contributing,” she said.
PenCom added that it is developing initiatives to make the scheme more attractive and accessible to a wider segment of the population.
Oloworaran also shared updates on the PenCare program, which will soon roll out the first tranche of healthcare premiums for low-income retirees, giving them access to free medical care.
The official launch of the program is slated for the coming weeks.
PenCom’s move to allow younger Nigerians into the Personal Pension Plan supports its broader aim of boosting pension enrollment and leveraging pension funds as engines of economic growth.
Earlier this year, the commission approved a major pension increase for retirees under the Nigeria Social Insurance Trust Fund ending a 21-year freeze.
The adjustment improved the financial well-being of over 2,100 retirees, with some seeing their monthly pensions rise by up to 1,000 per cent, from as low as N18,000 to N206,000.
Additionally, PenCom approved the payment of N8.70 billion in arrears, providing lump-sum payouts averaging N3 million per beneficiary, with some retirees receiving up to N8 million.
Oloworaran highlighted PenCom’s dedication to repositioning pension funds as active drivers of Nigeria’s economic development.
She noted that the pension industry is transitioning toward a model where pension funds take on a more dynamic role in stimulating growth and strengthening financial markets.
“We are transitioning into a new phase, one focused on leadership, coordination, and teamwork. Pension funds will no longer be passive investors; they will actively drive economic development,” Oloworaran affirmed.
