The National Pension Commission (PenCom) has removed age restrictions on its Personal Pension Plan, allowing Nigerians of all ages, including students and newborns, to start contributing toward their retirement. The move aims to encourage early savings and expand financial security across the population.
Previously, only self-employed professionals aged 18 and above were eligible to participate. PenCom says the new policy empowers parents and guardians to begin saving for their children’s futures from birth, marking a major shift in Nigeria’s pension landscape.
Director-General Omolola Oloworaran also highlighted upcoming initiatives, including the PenCare program, which will provide low-income retirees with free healthcare coverage. The scheme is set to launch in the coming weeks and forms part of broader efforts to strengthen the pension system.
Also Read: PenCom Launches Automated System to Streamline Pension Contributions
PenCom is positioning pension funds as active drivers of economic growth, encouraging early enrollment, and improving accessibility. The commission has also modernised its systems with an online platform for contributors to update their records, aiming to reduce delays and improve service delivery nationwide.
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