Update on Micro Pension Plan, November 2019 – PensionNigeria

Update on Micro Pension Plan, November 2019

19 Pension Fund Administrators (PFAs) have registered over 28,000 participants for the newly launched Micro Pension Plan (MPP) for the self-employed, as at October 2019.

Mr Peter Aghohowa, Head ,Corporate Communication, PenCom disclosed this in an interview with the News Agency of Nigeria (NAN) on the sidelines of the 2019 media retreat organised by the Pension Operators Association of Nigeria (PENOP).

He said the plan was introduced to have the self-employed inculcated into the pension arrangement in order to capture a large chunk of the working population in Nigeria.

According to him, the MPP has peculiarity in terms of contribution, registration and investment and the guidelines provided for the management of funds is in line with the multi fund structure. He said that the scheme, among other things, was designed to improve the standard of living of the self-employed on retirement, among other benefits.

He also confirmed that the requirement of NIN as prerequisite to register for the Micro Pension Plan has slowed down the process. He, however, disclosed that dialogue was ongoing between National Pension Commission (PenCom) and National Identification Management Commission (NIMC) to collaborate and enable PenCom generate PINs for its clients to register seamlessly for the scheme.

He further said the challenges confronting the MPP included low financial literacy, low NIN registration, low awareness about MPP and inadequate technology platform to support the scheme.

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