PenOP: New Personal Pension Plan Gives Nigerians More Control, Flexibility

THE acting Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOP), Ms. Anthonia Ifeanyi-Okoro, says the newly introduced Personal Pension Plan (PPP) is giving Nigerians—especially the self-employed—greater flexibility in how they save and withdraw funds for retirement.

Speaking in Abuja on Saturday, Ifeanyi-Okoro explained that the PPP allows contributors to determine when and how much they save, supports seamless digital registration and payment channels, and offers a wider range of investment options.

She noted that the National Pension Commission (PenCom) developed the PPP to expand pension coverage and provide a more inclusive structure for informal-sector workers and self-employed Nigerians. The plan is an upgraded version of the Micro Pension Plan (MPP) launched in 2019.

While the MPP targeted artisans, traders, transport operators, and other informal earners, the PPP was designed to address previous challenges such as low awareness, fluctuating incomes, and cumbersome registration processes.

According to the PenOP acting CEO, the PPP enables individuals to contribute directly to their Retirement Savings Accounts without relying on an employer, ensuring their funds continue to grow under the Contributory Pension Scheme.

The plan also extends to freelancers, independent professionals, and Nigerians in the diaspora who want to make voluntary pension contributions.

Citing PenCom data, Ifeanyi-Okoro revealed that pension assets under the scheme climbed from ₦185.18 million in August 2021 to ₦1.58 billion in August 2025, marking a growth of over 750 per cent in five years.

She said the expansion from MPP to PPP signals a major step in strengthening Nigeria’s pension system, boosting financial inclusion, and helping millions secure long-term financial stability—regardless of how or where they work.