PenCom breaks barriers with new personal pension plan for informal workers

•Opens pension model for self-employed, unemployed Nigerians

By Victor Ahiuma-Young

The National Pension Commission, PenCom, has announced a large betterment that allows self-employed and unemployed Nigerians to enactment successful the nation’s pension strategy done a recently introduced inaugural known arsenic the Personal Pension Plan PPP.

The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this connected the sidelines of a two-day sensitisation store for pension table officers held successful Lagos.

Oloworaran explained that the PPP was formerly known arsenic the Voluntary Contribution nether the Contributory Pension Scheme, CPS, which had respective limitations that restricted participation.

According to her, nether the aged arrangement, contributors could lone marque voluntary pension payments done their employers, a process that excluded self-employed persons and those without ceremonial jobs.

“With the caller Personal Pension Plan, we are democratising the process. Now, anyone tin determine to lend independently, whether they are self-employed, freelancers, oregon presently unemployed,” the PenCom brag stated.

She emphasised that the Retirement Savings Account, RSA, operation remains unchanged, but the Commission’s determination to rebrand and grow the program was aimed astatine providing broader entree and inclusivity.

“What we person done is to rename the Voluntary Contribution arsenic the Personal Pension Plan. This betterment is deliberate and designed to unfastened up the pension strategy to each Nigerians, careless of their employment status,” she added.

Oloworaran noted that the inaugural forms portion of PenCom’s strategical efforts to grow pension sum crossed the country, peculiarly targeting the informal sector, which makes up a ample information of the Nigerian workforce.

She assured that the caller program would guarantee amended fiscal information for each contributors successful status and deepen the civilization of semipermanent savings among Nigerians.

“This is astir fiscal inclusion and ensuring that nary Nigerian is near retired of the pension information net,” she added.

The station PenCom breaks barriers with caller idiosyncratic pension program for informal workers appeared archetypal connected Vanguard News.