The acting Chief Executive Officer (CEO) of the Pension Fund Operators Association of Nigeria (PenOP), Ms Anthonia Ifeanyi-Okoro, says the Personal Pension Plan (PPP) offers greater flexibility in contributions and withdrawals.
She said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Saturday.
Ifeanyi-Okoro said that the PPP offers greater flexibility in contributions and withdrawals, supports digital registration and contribution platforms, and provides a wider range of investment options.
She said that the National Pension Commission (PenCom) had expanded its pension coverage with the introduction of the PPP, a restructured and more inclusive model designed to provide retirement security for self-employed Nigerians and workers in the informal sector.
Ifeanyi-Okoro said that the new plan, which evolved from the Micro Pension Plan (MPP) introduced in 2019, reflects PenCom’s commitment to deepening financial inclusion and ensuring that every Nigerian regardless of occupation or income level can build sustainable savings towards retirement.
She said that the MPP was originally designed to cater for artisans, traders, transport operators, and other informal earners who lacked access to formal pension arrangements.
The acting CEO, however, said that the evolution into the PPP was aimed at broadening participation and addressing challenges of limited awareness, irregular income, and complex registration processes.
Ifeanyi-Okoro said that the plan allows individuals to contribute directly to their retirement savings accounts, without depending on an employer, ensuring that their funds continue to grow under the Contributory Pension Scheme (CPS) framework.
She said that PenCom had disclosed that the initiative also extends to freelancers, professionals, and Nigerians in the diaspora who wish to make independent contributions.
The acting CEO said that the statistics from the Commission showed remarkable growth in participation and assets under management since the plan’s inception.
According to her, pension assets under the scheme rose from N185.18 million in August 2021 to N1.58 billion in August 2025, representing a more than 750 per cent increase over five years.
Ifeanyi-Okoro said that the surge in enrolment and fund growth reflects growing public awareness, confidence, and willingness among Nigerians to take charge of their retirement planning through the formal pension system.
She said that the evolution from the MPP to the PPP marked a significant milestone in the country’s pension landscape, driving inclusiveness and helping millions secure their financial future, regardless of where or how they work.
Ifeanyi-Okoro that the PPP aligned with the country’s broader financial inclusion agenda and supports the government’s vision of extending social protection to all segments of society.
