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PenCom promises safety net on Micro-Pension Plan scheme

By Bankole Orimisan
14 November 2022   |   2:42 am
The National Pension Commission (PenCom) has revealed plans to intensify financial self-sufficiency for Micro Pension Plan (MPP) subscribers as the number of contributors increases to 84,000.

[FILES] Pension. Photo/PIXABAY

As MPP’s subscribers hit 84,000

The National Pension Commission (PenCom) has revealed plans to intensify financial self-sufficiency for Micro Pension Plan (MPP) subscribers as the number of contributors increases to 84,000.

This suggests that the level of awareness of the scheme among artisans, entrepreneurs and participants in the informal sector has increased in the last few months.

The scheme is to encourage participants in the sector, which forms a large percentage of the working population, to save for their retirement.

Speaking to newsmen at the ongoing Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI), the Head of the Micro Pensions Department at PenCom, Dauda Ahmed, said the institution’s objective at the fair was achieved as more Nigerians are now interested in the micro pension plan.

Ahmed said: “About 84,000 contributors have registered for the micro pension plans. The commission has witnessed improvement in terms of enrollment from the informal sector mainly because of the increased awareness in the country.”

According to him, the yearly trade fair is one of the strategies the commission is using to sustain the momentum of micro pension.

“The trade fair is a forum that attracts business people and stakeholders that we feel should be part of the micro pension system and this is a forum for us to interact with those stakeholders to explain to them what benefits they stand to get from the micro pension. The response has been quite encouraging; we have had interactions with would-be participants, and we have enlightened them on what the plan is all about and how they can key into the initiative.

“We have been reaching out to unions, and leadership of associations, to have discussions with them, so that they can convince their members of the plan. In old age, what matters is the cash that you have, not necessarily the assets that you have. So, if you have something that can be giving you a steady form of income, you want to sustain it,” he said.

Also speaking on the progress of the MPP initiative, the Head, of South West zonal office, PenCom, Dr. Tunde Alayande, said Lagosians are much interested in the plan, and that his zonal office has been moving around to raise awareness and education on the micro pension plan.

According to him, a few days ago, we are at the Nigerian Bar Association(NBA), Ikorodu branch to tell them about the workings of the plan, and immediately after our presentation, a lot of them came to us and that they are interested. The commission will provide that enabling environment for PFAs and participants to succeed.”