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Chuks Udo Okonta
Pension contributions between January and November 2016 stood at N763 billion, Inspen can report.
Information obtained from the National Pension Commission (PenCom) revealed that the total pension assets as at January 2016 was N5.254 trillion but rose to N6.017 trillion in November.
Director-General, National Pension Commission (PenCom) Mrs Chinelo Anohu- Amazu, said the enactment of the PRA 2014 served as the basis for the implementation of the commission’s new Corporate Strategy Plan, which includes expanding the coverage of the CPS to the underserved economic sectors through our Micro Pension initiative which is a key priority 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.
The PenCom boss noted that the revised PRA 2014 sought to deepen the Pension Reform in recognition of the modest gains recorded within the first decade of implementation, adding that the relative success of implementation of PRA 2004 could largely be attributed to the fundamental structures upon which the CPS was built
