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Micro pension enrolment rises on increased awareness – PenCom

Pencom

Micro Pension Plan (MPP) targeted at providing a retirement package for larger Nigerians in the informal sector has seen a spike in the last two months in increased awareness.

According to the National Pension Commission (PenCom), no fewer than 84,000 artisans, entrepreneurs and players in the informal sector of the nation’s economy have subscribed to the Micro Pension Plan (MPP).

Micro Pension Plan, which was established through the Provisions of Section 2(3) of the Pension Reform Act (PRA) 2014, aims at ensuring that the informal sector participants save towards their old age, as this category of workers constitutes a large percentage of the working population in the country.

Dauda Ahmed, head of, the Micro Pensions department at PenCom speaking on the scheme during the Lagos International Trade Fair held in Lagos said the commission was at the event to enlighten Nigerians on the benefits of micro pension.


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He also disclosed that, “about 84,000 people have registered for the micro pension plans and in the last two months, we have seen a spike in enrollment basically, because of the increased awareness.”

The Trade fair, he said, is one of the strategies the commission is using to sustain the momentum on micro pension, while also using the media as a partner to reach out and enlighten the masses on its benefits.

On why the commission is at the fair, he said: “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 micro pension. The response has been quite encouraging; we have had interactions with would-be participants, we have enlightened them on what the plan is all about and how they can key into the initiative.”

“Aside these, we have been reaching out to unions, leadership of associations, to have discussions with them, so that they can convince their members on the plan. At 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 steady form of income, you want to sustain it,” he said.