IWD: PenCom Clarifies Introduction of Personal Pension Plan, Sensitises Lagos Market Women

Ebere Nwoji

National Pension Commission (PenCom) has explained reasons for the introduction of Personal Pension Plan to informal sector operators. PenCom said the plan was mainly to provide financial protection to people in the informal sector of the economy, especially women who work their entire lives contributing so much to the economy, without financial protection at their old age.

PenCom Director-General, Ms. Omolola Oloworaran, addressing market women on Personal Pension Plan, said that was why the commission decided to celebrate this year’s International Women’s Day in a special way with market women to sensitise them on the need to key into the pension plan and save themselves from old age poverty.

Oloworaran stated, “At the National Pension Commission, we believe that every Nigerian woman deserves dignity, security, and independence in old age.

“That is why we introduced the Personal Pension Plan. This plan allows market women, traders, artisans, farmers, and other self-employed Nigerians to start saving small amounts today for a secure tomorrow.

“You can start with as little as N1,000, you can contribute daily, weekly, or monthly, depending on how business goes. And your savings will be professionally invested to grow over time.”

Oloworaran, who took the Personal Pension Plan campaign to Mile 12 food stuff market in Lagos, also assembled market women from over 32 trade associations in various markets in Lagos, with their leaders, at the Alausa secretariat to educate them on the benefits inherent in keying into the Personal Pension Plan.

She stated, “Today, Nigeria’s pension industry manages over N28 trillion in pension assets for more than 11 million Nigerians. The system is safe, transparent, and trusted. And now we are extending those same benefits to women in the informal sector.

“And because this is International Women’s Day, we are doing something special. From 9 to 13 March, every contribution made by a woman into her Personal Pension Plan account will receive a matching contribution, up to a specified limit.

“That means when you save, we also add to your savings. We call this initiative Give to Gain. Save small today. Gain big tomorrow.”

Encouraging the women further, she said, “So, I encourage every woman here today: open your Personal Pension Plan account, start saving today encourage your sisters, your friends, and your daughters to do the same.

“Let us build a future where Nigerian women grow older with dignity, confidence, and financial independence.”

The PenCom director-general called on all operators in the informal sector, including artisans, traders, and gig workers, to secure their future by tapping into the impressive investment returns currently being recorded in the pension industry.

She stated that the grand average Return on Investment (ROI) of 16.81 per cent served as a compelling reason for non-salary earners to embrace the pension culture.

Oloworaran said the commission had strategically rebranded and restructured the Micro Pension Plan (MPP) into the Personal Pension Plan (PPP) to make it more flexible, tech-driven, and attractive to those outside the formal employment bracket.

According to the PenCom boss, the newly minted Personal Pension Plan is designed to bridge the gap in Nigeria’s social safety net.

She said the plan had been stratified to cater for various levels of the informal economy, from roadside artisans to high-earning entertainers and sportsmen.

She stated, “We are building a pension system that is transparent, inclusive, and unshakable. With the Personal Pension Plan, we have simplified onboarding using FinTech solutions. Saving for retirement should now be as easy as withdrawing money from a POS terminal.”

At both the Mile 12 market and Alausa secretariat, where thousands of market women in their various trade associations were assembled, managers of Pension Fund Administrators were seen registering the market women, most of who were highly elated at the opportunity provided by the commission.