Hardship Leaves 92% of Personal Pension Plan Accounts Dormant

More than 90% of Nigerians registered under the Personal Pension Plan have stopped making contributions, as economic hardship and poor awareness weaken participation in the scheme. PenCom data shows that only 17,320 of 215,412 registered accounts received contributions as of December 2025. That leaves 198,092 accounts, or 92%, dormant. The plan was created to help self-employed people, traders, artisans and other informal-sector workers save for retirement. Stakeholders say many workers do not understand how the scheme works, while others cannot prioritise pension savings amid rising living costs. PenCom plans to expand awareness and enrolment through agents, cooperatives, fintechs, telecoms firms, trade unions and professional bodies. Experts say pension operators must offer products that better suit the irregular incomes and needs of informal-sector workers if the scheme is to reduce old-age poverty and improve financial inclusion.

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