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PenCom to boost economy with micro-pension

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The National Pension Commission (Pencom), has revealed plans to extend the Contributory Pension Scheme (CPS), to underserved sectors of the economy through the creation of a Micro Pension Scheme.

Speaking at a workshop in Uyo, the Akwa Ibom State capital,‎ the Acting Director General of PENCOM, Aisha Dahir Umar, represented by the Commission’s Secretary and Legal Adviser, Ibrahim Sani, said PenCom is increasing efforts to ensure the provision of necessary infrastructure for the unveiling of the Micro Pension Scheme.

She said the initiative is in line with the Commission’s strategic objective to extend the coverage of the CPS to underserved sectors and the continuous increase in the number of persons joining the scheme.

Umar disclosed that the number of contributors on the pension platform rose from 7.5 million as at March 31, 2017, to 7.9 million as at February 28, 2018.

Consequently, the net asset of the fund also increased from N7.52trillion to N7.79trillion during the period in review.

According to the PenCom boss, Pension Fund Administrators (PFAs), have also increased their yield on investments from the Retirement Savings Accounts (RSA), leading to the formation of the Pension Enhancement Programme.

The current minimum pension stands at N14,400, even as the Federal Government has not been able to implement it in two years.

The Commission said it has been working with the government to ensure all outstanding allowances are settled.

She said PenCom also serves as a member of an Inter-Ministerial Committee headed by the Finance Minister, Kemi Adeosun, set up by the President to ascertain the total government pension liabilities under both the CPS and the Defined Benefits Scheme (DBS).

The Committee advises the government on the amount required to be provided in the budget to cover the pension obligation.

She also said all retirement benefits of federal government officials who retired in 2017, and those who are quitting service this year have been added into the 2018 budget, which the National Assembly said it will pass next week.


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