PFAs target 2022 for health insurance to micro-pension contributors

Pension Fund Administrators (PFAs) and stakeholders in the pension industry have revealed plans to provide health insurance packages for micro-pension contributors across the country.

The operators, at the 2021 edition of the media parley organised by the Pension Fund Operators Association of Nigeria (PenOp), said the gesture would lead to insurance for the unemployed and would attract people in the informal sector.

Speaking at the event, the Managing Director/Chief Executive Officer, Access Pension Fund Custodian, as well as the Head of Media Committee of PenOp, Idu Okwuosa, said the industry was working with insurance operators to come up with incentives for micro-pension contributions.

Okwuosa called on operators and the National Pension Commission (PenCom) to design lifestyle products for micro pension contributors and also worked together to see besides benefits of retirement and contingency savings, contributors maximise other robust incentives.

According to her, some pension operators had visited markets such as the Alaba International Market to enlighten traders on the need to save and plan for retirement through the MPP.