PenCom Launches Personal Pension Plan for Market Women

The National Pension Commission (PenCom), led by Director General Ms. Omolola Oloworaran, is intensifying efforts to promote a personal pension plan for market women in Nigeria, coinciding with International Women's Day celebrations.

During an event at the Alausa Secretariat in Ikeja, Oloworaran emphasized the importance of financial protection for women in the informal sector, who contribute significantly to the economy without adequate retirement security. The new personal pension plan allows individuals to start saving small amounts, with contributions as low as N1,000 daily, weekly, or monthly.

This initiative aims to combat old-age poverty among women. PenCom has managed N28 trillion in pension assets, but the micro pension plan launched in 2019 has not met its targets, with only N1.06 billion accumulated from 172,936 contributors over seven years.

To encourage participation, PenCom will match contributions made by women from March 9 to 13, 2023, within specified limits, aiming to foster a culture of saving for retirement.