The Micro Pension Scheme
The Micro Pension Plan is designed to ensure that self-employed and persons working in organizations with less than 3 employees are able to have a pension plan under the Contributory Pension Scheme. These category of persons are not mandatorily covered by the Pension Reform Act so they are allowed to participate voluntarily.
Prospective Micro Pension Plan participants may register with a Pension Fund Administrator (PFA) of their choice. The minimum age of a prospective participants under the Micro Pension Plan is 18 years.
Contributions could be made daily, weekly or monthly. Operators have designed ways through which participants can contribute easily.
Every contribution shall be split into two portions.
40% available for contingent withdrawal, i.e you CAN withdraw it anytime – no questions asked.
60% retained and managed exclusively for pension, i.e you CAN NOT access it until you are 50 years old.