PFA drives ‘RetireWell’ campaign for micro pension penetration
Following the formal launch of the micro pension plan by President Muhammadu Buhari on March 28, 2019, one of Nigeria’s Pension Fund Administrator (PFA), Stanbic IBTC Pension Managers Limited, has taken the lead nationwide by initiating a campaign tagged: “Game Plan – Retire Well.”
The move, according to the PFA, is aimed at sensitising the informal sector not covered by the current Contributory Pension Scheme (CPS) to secure their buy-in into the pension scheme.The micro pension scheme is in furtherance of the policy direction and ongoing reforms of Nigeria’s pension industry to extend the coverage of CPS to the informal sector.
It is among other initiatives geared towards building on the achievements recorded with the pension reforms over the past few years and capable of putting the industry on stronger footing going forward.The Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin, at a media parley to unveil the campaign in Lagos, reiterated the firm’s support for the ongoing reforms and other PenCom initiatives, which he said were necessary to maintain the strength and depth of the country’s CPS.
He also disclosed the company’s readiness and commitment to contributing its quota by putting in place strategic industry stakeholder engagements on ways to boost wider participation by Nigerians.“Game Plan – Retire Well’ is our callout to stakeholders to secure their future and reinforce the need to save and plan for retirement, irrespective of the nature of their jobs or the profession they may find themselves in. It is all about taking a decision today by signing up for a retirement plan, making the right move now towards a secure future or simply put having a game plan,” he said.
Fajemisin noted that the campaign is targeted at the various tiers of demography in the informal sector- the upper class/skilled workers; the middle class/semi skilled; and the lower class/unskilled.He said it is meant to insulate those not covered in the formal sector of the economy as well as income earners in every category against old-age poverty and would help in deepening asset accumulation in the country.
According to him, the scheme will also help provide the crucial capital required for investment in critical sectors of the economy.“As an initiative designed to cover an estimated 70 percent of Nigeria’s working population, currently in the informal sector, the scheme offers enormous benefits to the society, regardless of challenges associated with its seamless implementation.
“Among its other benefits is improved standard of living for the elderly, safety of funds and access to other incentives, flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion in the country,” he added.
The Executive Director, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, said the company intends to create awareness across the country about ‘Game Plan – Retire Well’ – micro pension scheme to drive adoption, even as the PFA continues to engage various stakeholders on developments in the industry to ensure that the provisions of the CPS are fully harnessed to the benefit of all.
Such platforms as Town Hall meetings, stakeholders fora, associations’ meetings, public awareness programmes and exhibitions on TV, radio and digital media, among other initiatives, will be organised yearly to ensure regular engagement.