PenCom announces January 2019 take off date for micro pensions

17 Sep 2018

Business Day

PenCom announces January 2019 take off date for micro pensions

Pension regulator, the National Pension Commission (PenCom) says the planned micro pension scheme aimed at expanding the Contributory Pension Scheme (CPS) into the informal sector will takeoff in January 2019. The Commission says the necessary infrastructure needed to enable implementation of the micro pension scheme is almost completed, and whatever left will be ready by end of this month (September). Aisha Dahir-Umar, acting director-general, National Pension Commission made the disclosure at the 6th Conference for Directors of Pension Operators organized by the Commission in Lagos. “Dahir-Umar speaking at the event said “the Commission is finalizing arrangements for the introduction of the Micro Pension Plan, which seeks to extend the benefits of the CPS to the informal sector.” “We hope to achieve this latest by the first quarter of 2019 and we believe that the product would be part of the efforts towards ensuring in the long term, the sustainability of the Federal Government’s social empowerment programme.” The DG also brought the attention of the directors to the increasing pressure from contributors, and an underground campaign to redirect retirement savings accounts funds to social needs. “There is increasing clamour by pension contributors to redirect their retirement savings towards the resolution of other social problems, such as health, unemployment and other similar challenges.” While thanking the National Assembly and Labour Unions for standing against two Bills in 2017 that was almost about to destroy the CPS, she called on the directors to compliment the efforts of the commission towards sustainable pension industry in Nigeria. She also said this year’s Conference, the sixth in the series, is one of such conferences introduced by the Commission to constantly update members of the Boards of Directors of pension operator companies on topical issues in the industry and sharpen their capacity to effectively discharge the onerous responsibilities of steering the affairs of such companies.


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