Pension

PFAs get N978,492.50 from 25,691 micro pension contributors

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Chuks Udo Okonta

The National Pension Commission (PenCom) said a total of 25,691 contributors had registered under the Micro Pension Plan (MPP), as at the end of third 2019 and contributed N978,492.50 to their Retirement Saving Accounts (RSAs).

PenCom noted that 4,257 contributors were registered in third quarter 2019. According to the pension industry regulator over N32.32 million of micro pension contributions have been invested as at June 2020.

The Commission said it had maintained its effort to enlighten and educate informal sector workers of the enormous advantages of the micro pension plan.

It noted that during the third quarter 2019, it produced the translated Frequently Asked Questions (FAQs) on the MPP into three major Nigerian languages and Pidgin English for easy understanding for the MPP participants.

PenCom said the Pension Reform Act (PRA) 2014 expanded coverage of the Contributory Pension Scheme (CPS) to the self-employed and persons working in organizations with less than three employees, adding that this category of workers constitute the larger segment of working population in the country.

“In order to achieve the Pension Industry’s strategic objective of covering 30 percent of the working population in Nigeria under the CPS by the end of 2024, the Micro Pension Plan is being given impetus as an initiative that would ensure the coverage of this important segment of the Nigerian economy. Sequel to the formal launch of the Micro Pension plan by His Excellency, President Muhammadu Buhari in March, 2019, the registration of contributors has commenced the under the Plan,” it said.

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