Pension

PenCom eyes micro pension to attain 20m subscribers by 2019

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From left: President, National Association of Insurance and Pension Correspondents, Mrs Omobola Tolu-Kusimo; Commissioner Inspectorate PenCom, Prof. Mohammed Abubakar; Chairman, Finance Correspondents Association of Nigeria, Babajide Komolafe; Chairman of Abuja breach of FICAN, Simeon Ogoegbunam; and President, Pension Fund Operators Association of Nigeria (PenOp), Longe Eguarekhide at the event.

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Chuks Udo Okonta

The National Pension Commission (PenCom) hopes to leverage the proposed micro pension scheme to achieve 20 million subscriber base by year 2019, Inspen can report.

According to the Director-General PenCom, Mrs. Chinelo Anohu-Amazu, who said this today, in Calabar, Cross River State, expanding the coverage of the Contributory Pension Scheme (CPS) to the underserved economic sectors through Micro Pension initiative is a key priority strategic vision for the commission.

Anohu-amazu, who was represented at the event by the Commissioner Inspectorate, Professor Mohammed Abubakar, noted that as the commission seeks to increase registered pension contributors to at least 20 million by the year 2019, informal sector participation through the Micro Pension Plan is expected to provide impetus.

Some of the Major success indicators already achieved in the industry, according to her, include the consistent growth in a large pool of pension assets of over N5.9 trillion, which are invested in structured and safe financial instruments; registration of 7.2 million pension contributors; 170,000 retirees under the CPS; amongst others.

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She maintained that in line with the drive to capture the informal sector, the commission has also enhanced its support to the States in facilitating their adoption and implementation of the CPS by providing a bespoke technical assistance, through its State Operations Department and Zonal Offices in each of the 6 geo-political Zones.

“The enactment of the PRA 2014 served as the basis for the implementation of our new Corporate Strategy Plan. Expanding the coverage of the CPS to the underserved economic sectors through our Micro Pension initiative is a key priority of our strategic vision.

“As we seek to increase registered pension contributors to at least 20 million by the year 2019, informal sector participation through the Micro Pension Plan is expected to provide impetus.

“The Commission has also enhanced its support to the States in facilitating their adoption and implementation of the CPS by providing a bespoke technical assistance, through our State Operations Department and Zonal Offices in each of the 6 geo-political Zones,” she said.

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