Speaking in line with the this year’s International Women’s Day “Give to Gain,” the Chief Financial Officer of Access ARM Pensions, Oluwaseun Peters, highlights the important of prioritising long-term financial security for women, efforts being made by stakeholders and how her company is supporting to ensure women to build retirement security even when they are not part of a formal payroll system among other issues. Nume Ekeghe presents the excerpts: Why is it important for women to prioritise long-term financial security and retirement planning? Women generally live longer than men and often experience career interruptions due to care giving responsibilities. As a result, women typically need financial resources that can support them for a longer period in retirement. For example, if someone retires at age 60 and lives to age 85, that means their retirement savings must support them for about 25 years after they stop working. If that person needs just N200,000 per month to cover basic living expenses, that amounts to about N2.4 million per year, or roughly N60 million over a 25-year retirement period, excluding inflation. This simple illustration highlights why retirement planning is critical. Without deliberate long-term savings and investment, it becomes very difficult to maintain financial stability later in life. Prioritising retirement planning therefore ensures that women can maintain financial independence, dignity, and peace of mind throughout their later years. Many women often focus on the immediate financial needs of their families. Why is it equally important for women to intentionally plan for their own retirement? Women naturally prioritise the needs of their families – children’s education, household expenses, and supporting relatives. While this is admirable, it is equally important for women to intentionally plan for their own financial future. Retirement planning ensures that women remain financially independent later in life and do not become financially vulnerable or dependent on others. One of the most powerful reasons to start early is the impact of compounding over time. For example, if a woman invests just N10,000 every month in an investment account or retirement savings plan earning an average return of 15 per cent annually, she could accumulate about N147 million by age 60 if she starts at age 25, even though her total contribution over that period would only be about N4.2 million. If she starts at age 30, the amount falls to about N69 million, and if she starts at age 40, it drops significantly to roughly N15 million. This simple example shows that time is one of the most powerful assets in retirement planning. The earlier women begin to save, the more their money works for them. However, the key message is that it is never too late to start. Even small, consistent contributions can grow meaningfully over time and help women build financial security and dignity in retirement. From your experience in the pension industry, are there noticeable gaps between men and women when it comes to retirement planning and pension participation? Yes, there is still a noticeable gender gap in pension participation, although progress is being made. Historically, women have been underrepresented in the pension system. For instance, as of 30 September 2025, women accounted for only 31 per cent of registered pension contributors, compared to about 69 per cent for men. However, we are beginning to see encouraging improvements. According to the Third Quarter 2025 report released by the National Pension Commission (PenCom), female participation in new pension registrations increased to about 40.3 per cent, representing a 6.5 per cent improvement year-on-year. While this progress is encouraging, it also highlights that more work still needs to be done. A significant number of women remain outside the formal pension system, particularly those working in the informal sector. This is why expanding access to flexible pension solutions and increasing financial awareness among women remain critical priorities for the industry. What are some of the common barriers that prevent women, particularly those in the informal sector, from actively saving for retirement? Several factors contribute to the lower participation of women in retirement savings, particularly among those working in the informal sector. First, income patterns are often irregular, as many women earn from trading, small businesses, or other informal economic activities. This makes it more difficult to commit to consistent long-term savings. Second, there is still limited awareness about voluntary pension options. Many women assume that pension schemes are only designed for salaried workers in formal employment. Third, women often carry multiple financial responsibilities, including childcare, household expenses, and support for extended family members, which can make long-term savings seem less urgent. However, the industry is actively working to address these challenges. PenCom has been collaborating with pension operators to improve financial inclusion for women and other underserved groups. One key initiative is the introduction of the Personal Pension Plan, which was specifically designed to allow individuals in the informal sector, including many women, to save flexibly for retirement while still accommodating their income realities. Initiatives like this are helping to expand access to retirement savings and gradually close the gender gap in pension participation. How can financial institutions and policymakers work together to improve financial inclusion and retirement preparedness for women? Improving retirement preparedness for women requires strong collaboration between regulators, policymakers, and financial institutions. Policymakers play an important role in creating enabling regulations and frameworks that encourage broader participation in the pension system, particularly for individuals working outside the formal employment structure. At the same time, financial institutions must design simple, accessible, and flexible products that reflect the realities of how many women earn and manage income. For instance, PenCom has been working with industry operators to expand pension coverage through initiatives such as the Personal Pension Plan, which allows self-employed individuals and informal sector workers to save voluntarily for retirement. In addition, expanding financial literacy programmes targeted at women, leveraging digital platforms, and partnering with women’s associations, cooperatives, and trade groups can significantly improve awareness and participation. Through this type of collaboration, the industry can help ensure that more women have access to structured savings opportunities that support long-term financial security and dignified retirement. Access ARM Pensions offers the Personal Pension Plan designed for individuals outside the formal employment structure. Can you explain what this plan is and why it is particularly relevant for women? The Personal Pension Plan offered by Access ARM Pensions Limited is a voluntary retirement savings solution designed primarily for individuals who work outside the traditional employer-employee structure. This includes traders, artisans, entrepreneurs, freelancers, consultants, and other self-employed professionals. The plan allows contributors to build long-term retirement savings while enjoying flexibility in how and when they contribute. Unlike traditional workplace pensions that require fixed monthly deductions, contributors can save based on their income flow. The plan has also been structured with different variants tailored to the diverse needs of contributors across the informal and self-employed segments of the economy, ensuring that individuals at different income levels can participate. This is particularly relevant for women because a large proportion of women operate in the informal sector or run their own small businesses. The Personal Pension Plan therefore, provides an accessible and structured pathway for women to build retirement security even when they are not part of a formal payroll system. Many women today run small businesses, work as freelancers, traders, or manage household enterprises. How does the Personal Pension Plan support women in these categories? The Personal Pension Plan was designed with exactly these categories of workers in mind. Many women today operate as fashion designers, caterers, salon owners, online vendors, traders, and consultants, earning income in ways that may not follow a fixed monthly salary structure. The plan recognises this reality and allows contributors to save small amounts at their own pace whenever they earn income. For example, a trader can contribute after a profitable market day, or a small business owner can make contributions at the end of a sales cycle. Over time, these small but consistent contributions accumulate and are professionally invested to generate long-term returns. This flexibility helps women build financial discipline and long-term savings habits without disrupting the day-to-day realities of running a business or managing household responsibilities. One of the unique features of the Personal Pension Plan is its flexibility. Can you explain how the plan allows contributors to both save for retirement and access funds when necessary? One of the features that makes the Personal Pension Plan particularly attractive is the contingent withdrawal structure, which balances long-term retirement savings with short-term financial flexibility. For naira-denominated contributions, 50 per cent of the contribution is preserved for retirement, while the remaining 50 per cent can be accessed as contingent savings when needed, subject to regulatory guidelines. For contributors who choose the foreign-currency option, 60 per cent of the contribution is preserved for retirement, while 40 per cent remains accessible. This structure encourages individuals to save consistently because they know they are not completely locking away their money for decades. Instead, they are building retirement savings while still maintaining some level of liquidity for emergencies or business needs. It is a practical approach that makes retirement planning more accessible and less intimidating, especially for individuals with irregular income patterns. In your view, how does access to structured savings and pension plans contribute to women’s financial independence and long-term financial security? Access to structured savings and pension plans plays a critical role in strengthening women’s financial independence and long-term security. When women have access to formal savings and investment platforms, they are able to build financial assets gradually and consistently over time. Pension plans also introduce discipline into the savings process because contributions are invested and managed professionally, allowing individuals to benefit from long-term investment growth. This is particularly important for women who may experience career breaks, business interruptions, or periods of reduced income due to care giving responsibilities. Having structured retirement savings provides a financial cushion that protects their independence later in life. Ultimately, pension participation allows women to transition from simply managing day-to-day financial responsibilities to building long-term wealth and financial resilience, ensuring that they can maintain dignity, stability, and independence in retirement. This year’s International Women’s Day theme is “Give to Gain.” From a financial perspective, how does empowering women today translate into long-term economic gains for families, communities, and the wider economy? Empowering women financially creates a powerful multiplier effect across society. When women have access to financial tools such as savings, pensions, and investment opportunities, they are better positioned to build economic stability for themselves and their families. Evidence consistently shows that women reinvest a significant portion of their income into areas such as education, healthcare, and household wellbeing. This means that empowering women financially does not only improve individual outcomes; it also strengthens families, supports community development, and contributes to broader economic growth. In many ways, the idea behind the theme “Give to Gain” reflects this reality. When societies invest in women’s financial inclusion today, by expanding access to savings, pensions, and financial education, the long-term gains are seen in stronger households, more resilient communities, and more inclusive economic growth. Ultimately, empowering women to plan for their financial future is not just a social priority; it is also a smart economic strategy for sustainable development.