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Chuks Udo Okonta
The National Pension Commission (PenCom) and management of Independent Petroleum Marketers Association of Nigeria (IPMAN) have deliberated on how to implement the Micro Pension Plan (MPP) for its employees and members of the Nigeria Union of Petroleum and Natural Gas Workers (Tanker Drivers).
According to PenCom the deliberations held when the Executive Management of Independent Petroleum Marketers Association of Nigeria paid a courtesy visit to the commission.
Independent Petroleum Marketers Association of Nigeria, which was established in 1978 but incorporated on the 12th day of December, 1983, is made up of all the Independent Petroleum Marketers loading at the NNPC Depots across the nation.
PenCom also noted that 19 Pension Fund Administrators (PFAs) had registered 2,179 contributors during the 3rd quarter of 2021, adding that this brought the total number of Micro Pension contributors to 71,434 as at 30 September 2021.
It submitted that the sum of N24,844,757.61 was credited into the RSAs of 7,720 MPP Contributors in the quarter bringing the total value of the Micro Pension Fund to N196,644,122.96 as at 30 September 2021.
The Pension sector regulator said Six PFAs processed and approved requests for contingent withdrawals amounting to N2,681,571.35 from 20 MPP contributors during the quarter,
During the quarter, it said 39 Micro Pension Participants converted to the Mandatory CPS and the sum of N20,219.22 was transferred to their respective RSAs.
The regulator said a Joint Committee on the implementation of the Micro Pension Plan was constituted with members drawn from PenCom and PenOp, adding that the Committee’s mandate was to develop a pragmatic and sustainable Implementation Plan to drive the growth of the Micro Pension Plan.
