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PenCom, PFAs to simplify micro pension awareness

By Bankole Orimisan
22 August 2022   |   2:40 am
The National Pension Commission (PenCom) and Pension Fund Operators of Nigeria (PenOP) have revealed plans to achieve the government's target of enrolling 8,000,000 Nigerians in a micro pension scheme in the country.

PenCom. Photo: Nairametrics

The National Pension Commission (PenCom) and Pension Fund Operators of Nigeria (PenOP) have revealed plans to achieve the government’s target of enrolling 8,000,000 Nigerians in a micro pension scheme in the country.

The disclosure was made by the Director-General of PenCom, Aisha Dahir-Umar, at a workshop organised for journalists by the commission in Lagos.

She said an effort to increase the micro pension scheme adoption remained a major focus of the commission.

“The scheme was conceptualised to expand pension coverage to the informal sector of the economy, including small-scale businesses, entertainers, professionals, petty traders, artisans and entrepreneurs.

‘’The scheme was implemented to curb old-age poverty by supporting workers to contribute while working and build long-term savings to fall back to when they become old,” she said.

According to her: “To create awareness about the micro-pension plan, the commission in collaboration with PenOp, is championing an industry campaign in major cities of the country’s six geopolitical zones.’’

Umar clarified that the theme of this year’s workshop, ‘Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS)’ flows with the commission’s objective of expanding coverage of the CPS.