The National Pension Commission (PenCom) has announced a significant policy shift, removing the age limitation on its Personal Pension Plan. This move, disclosed by Director-General Omolola Oloworaran after the second Pension Industry Leadership Council meeting in Lagos, now permits individuals of all ages, including students and newborns, to contribute towards their retirement savings.

Previously, only self-employed individuals and professionals aged 18 and above were eligible for the Personal Pension Plan. Oloworaran urged parents to leverage this opportunity to secure their children's financial futures from birth.

In parallel, PenCom is set to channel pension capital into infrastructure and national development projects. This strategy aims to create market investment opportunities, boost national development, and safeguard returns on pension funds.

Ms. Oloworaran stated that PenCom intends to expand investment outlets beyond traditional instruments, developing alternative assets and new structures to optimize returns. The commission believes this will provide an edge against inflation, create more employment, and preserve returns.

The Pension Industry Leadership Council (PILC), at its first quarter 2026 meeting, affirmed that pension funds will transition from passive to active investors. They will become active drivers of economic development, leveraging one of the largest pools of savings capital in the country.

To facilitate this, several committees have been established, including the Investment and Financial Market Committee, which will address market sustainability constraints and drive digital transformation through the Innovation, Risk and Sustainability Committee. Other committees will focus on policy, stakeholder engagement, and governance.

PenCom is also intensifying efforts to improve compliance among employers. Pension recoveries in the previous year more than doubled compared to the year before. The commission plans to work closely with labour unions and leverage its Memorandum of Understanding with the ICPC to strengthen enforcement against non-compliant employers, including a strategy of naming and shaming.

Additionally, PenCom is progressing with the PenCare initiative, which will soon distribute the first tranche of healthcare premiums to low-income retirees, offering them access to free medical care.