Access ARM Pensions advocates Personal Pension Plan, Dollar Fund VII adoption
Access ARM Pensions has reiterated its commitment to expanding access to long-term retirement savings through Personal Pension Plan (PPP) and its dollar-denominated pension fund, RSA Fund VII, as both products
Access ARM Pensions has reiterated its commitment to expanding access to long-term retirement savings through Personal Pension Plan (PPP) and its dollar-denominated pension fund, RSA Fund VII, as both products gain relevance in Nigeria’s evolving Pension industry.
The Pension Fund Administrator spoke at a webinar: “Understanding the Personal Pension Plan (PPP) and Dollar Fund VII,” organised to deepen understanding of flexible pension planning and promote broader financial inclusion across different segments of the economy, not excluding Nigerians in the diaspora.
Maryam Musa-Amzat, Unit head of Private Client Desk, said the two products represent the industry’s response to changing domestic and global economic realities.
“Personal Pension Plan and Dollar Fund VII offer contributors more resilient and adaptable options for retirement planning. They are designed to strengthen confidence in pension savings while remaining aligned with regulatory frameworks,” she said.
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Musa-Amzat noted Access ARM manages over N4 trillion in pension assets on behalf of over two million Retirement Savings Account holders, underscoring the firm’s role in shaping conversations around sustainable and inclusive retirement planning.
Ireti Ishola, head of Strategy, said Personal Pension Plan, formerly Micro Pensions, is an enhanced voluntary pension arrangement established under the Pension Reform Act 2024.
He said the scheme targets self-employed individuals, informal sector workers, employees in organisations with fewer than three staff, as well as contributors under the Contributory Pension Scheme seeking additional flexible savings options.
“PPP expands pension coverage by providing a structured, yet voluntary savings option for individuals outside traditional employment, while also allowing contributors to make additional provisions beyond the mandatory scheme,” Ishola said.
He added that contributions under the plan are split between a contingent portion and a retirement portion, noting that withdrawals made before five years attract tax on income earned, while withdrawals after five years are tax-exempt.
Providing further insight into the dollar-denominated investment option, Wale Okunrinboye, Chief Investment Officer at Access ARM Pensions, described RSA Fund VII as suitable for contributors seeking portfolio diversification and long-term foreign currency earnings.
“The Dollar Fund is designed for contributors looking to hedge currency risk over the long term. Investments are spread across U.S. dollar-denominated bonds, money market instruments, corporate and supranational bonds, as well as SEC-registered specialist funds such as real estate, private equity and infrastructure,” he said.
On regulatory considerations, Zainab Bello, Head of Benefits Administration at Access ARM Pensions, said the Personal Pension Plan aligns with the objectives of National Pension Commission (PenCom) to expand pension coverage, particularly within the informal sector, while strengthening consumer protection.
“The PPP guidelines provide clear rules on onboarding, withdrawals, tax treatment and disclosures. This improves transparency, protects contributors, and ultimately strengthens confidence in the pension system,” Bello said.
