PenCom opens pension plan for students, infants

The National Pension Commission (PenCom) says its Personal Pension Plan is now open to students and infants, encouraging Nigerians to begin retirement planning early.

Director-General, Mrs Omolola Oloworaran, disclosed this after the second Pension Industry Leadership Council meeting in Lagos on Tuesday.

Oloworaran said the move formed part of efforts to expand retirement savings and strengthen financial security across all segments of society.

According to her, students and infants can contribute voluntarily, urging parents to enrol their children early to secure their financial future.

“The Personal Pension Plan is available for everyone. Previous system limitations on age have now been resolved.

“Students can now contribute if they choose to, including newborns. Parents can begin saving for their children from birth,” she said.

She noted that the commission was developing initiatives to make the scheme more attractive and accessible to a wider population.

On the PenCare initiative, Oloworaran said the first tranche of premiums for low-income retirees would be disbursed before week’s end.

She explained that payments would be made in phases, ahead of the programme’s official launch in the coming weeks.

According to her, the initiative will provide low-income retirees with access to free healthcare, with PenCom covering medical expenses.