Hardship threatens personal pension plan, 92% of accounts dormant
*Only 8% of 215,412 accounts receive contributions *PenCom to drive awareness through agents, fintechs, cooperatives *Experts commend scheme, point way forward By Rosemary Iwunze More than 90 per cent of informal sector workers who enrolled in the Personal Pension Plan, PPP, have abandoned the scheme, as subscribers blame worsening economic hardship for their inability to make regular pension contributions.
The PPP, formerly known as the Micro Pension Plan, was created by PenCom to extend Nigeria’s financial inclusion frontier, while encouraging low-income groups, mainly self-employed and informal sector workers, to build pension savings for their old age.
According to them, strengthening public awareness, expanding agent networks and tailoring products to the realities of informal sector workers will be essential to achieving national pension inclusion targets and ensuring the long-term sustainability of the PPP.
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