The Personal Pension Plan (PPP) is a voluntary retirement savings arrangement established by the National Pension Commission (PenCom) pursuant to Section 2(3) of the Pension Reform Act (PRA) 2014, which entitles self-employed persons and employees of organizations with fewer than three employees to participate in the pension system in accordance with guidelines issued by the Commission.
The PPP provides the regulatory framework for extending pension coverage to persons in the informal sector and other eligible contributors.
Under the PPP, contributors shall maintain a Retirement Savings Account (RSA) with a licensed Pension Fund Administrator (PFA) and make voluntary contributions through approved banking and digital channels.
Contributions shall be apportioned into contingent and retirement savings in accordance with guidelines issued by the Commission.
Pension assets shall be managed and held in custody under strict regulatory oversight, with access to retirement benefits available from age 50, subject to applicable rules and procedures.
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