Informal Sector Adoption of Micro Pension Scheme Not Yet Impressive – PensionNigeria

Informal Sector Adoption of Micro Pension Scheme Not Yet Impressive

President of the Association of Pension Fund Operators of Nigeria (PenOp) Mrs. Aderonke Adedeji, has disclosed that there is low response to the Micro Pension Scheme from operators of the informal sector of the economy.

Adedeji, who is the Managing Director, Leadway Pensure Limited, however, expressed optimism that with education and awareness, the scheme would progress with time.

According to her, the pace of registration for the scheme is slow compared to the Contributory Pension Scheme (CPS), noting that by the nature of Micro Pension Scheme which is voluntary, the pace of growth would be slower to CPS which is mandatory by law.

Though the operators envisaged this, but as time progresses and more people are aware of its immense benefits through increased awareness, the number of contributors will continue to grow on a regular basis.

Pension operators, she pointed out, had already invested heavily in micro pension scheme, by getting the needed information technology infrastructure, as well as manpower to mobilise new pension contributors through the grassroots, noting that, the approach of marketing and persuading Nigerians to join the scheme differs from other schemes.

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