National Pension Commission Urges Traders to Enrol in Personal Pension Plan in Benin Edo State

The National Pension Commission (PenCom) is urging Nigerians—traders, retirees, youths, and self-employed professionals—to secure their future by enrolling in the Personal Pension Plan.

The call came from the commission’s Director-General, Omolola Oloworaran, during a launch event held in Benin, Edo State, on Wednesday.

Represented at the event by Dr. Charles Emukowhate, the National Commissioner for Finance, Oloworaran emphasized that the initiative is specifically designed for individuals in the informal sector, including market traders and small-scale professionals.

Women Traders at the Heart of the Initiative

The launch coincided with International Women’s Day, highlighting the importance of empowering women financially.

Oloworaran pointed out that women, particularly those who run markets and small businesses, stand to benefit immensely from the scheme.

She said, “Women work tirelessly, often forgetting to plan for their future.

This scheme is a reminder that saving even small amounts today can lead to financial independence tomorrow.

The message is simple: save small today and gain big tomorrow.”

Government Support and Incentives

The Personal Pension Plan is voluntary, flexible, and tailored for self-employed and informal sector workers.

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Contributors can make small, regular payments, with the added advantage of partial withdrawals after three months if needed.

To encourage participation, PenCom will match contributions of up to N20,000.

The DG also lauded President Bola Tinubu for approving the release of N758 billion to settle outstanding pension liabilities, a move that signals strong government backing for pension security in Nigeria.

Edo State Government Endorses the Scheme

Governor Monday Okpebholo, through the Commissioner for Labour and Productivity, Godwin Eshieshe, described the programme as a “game-changer” for low-income earners, artisans, and market traders, ensuring they can plan for a dignified retirement.

Josephine Ibhaguezejele, leader of market women in Edo State, also pledged her support, promising to mobilize traders across all three senatorial districts to participate.

How the Personal Pension Plan Works

The initiative allows contributors to:

• Make flexible contributions toward retirement savings
• Enjoy partial access to their savings after three months
• Benefit from matched contributions from PenCom up to N20,000
• Secure a personal retirement fund independent of family support

Experts note that in a country where many workers rely on informal jobs, such a plan provides a critical safety net and encourages a culture of long-term savings.

Impact and Consequences

The launch of the Personal Pension Plan could reshape retirement planning in Nigeria.

Informal sector workers, often excluded from traditional pension schemes, now have a structured way to build financial security.

Over time, widespread adoption could reduce dependency on government payouts, improve financial literacy, and empower women economically.

What’s Next?

PenCom plans to scale the programme nationwide, engaging local communities and market associations to educate citizens on its benefits.

Outreach campaigns, workshops, and incentives are expected to increase enrollment and foster a culture of personal savings.

Summary

PenCom’s Personal Pension Plan is a flexible, voluntary retirement savings initiative aimed at self-employed and informal sector workers.

With government incentives and partial withdrawal options, the scheme seeks to provide long-term financial security, particularly for women traders and small-scale professionals.

Bulleted Takeaways

• PenCom launches Personal Pension Plan targeting traders and informal sector workers
• Women and self-employed professionals are a primary focus, especially market traders
• Contributions are flexible, with partial withdrawals allowed after three months
• PenCom matches contributions up to N20,000 to encourage enrollment
• The scheme supports financial independence, long-term retirement planning, and reduced reliance on family support