Update on Micro Pension Plan June 2020

October 29, 2020 PensionNigeria

Pension Fund Administrators (PFAs) in Nigeria have registered a total of 51,974 informal sector workers under the Micro Pension Plan (MPP) with N42.1 million remitted into the Retirement Savings Accounts (RSAs) of the Micro pension contributors as at 30 June 2020.

This was disclosed in PenCom report as at 30 June 2020. The report also disclosed that out of the 51,974 Micro Pension registrations 12,288 with N24.21 million pension contributions, were registered between January to June 2020.

PenCom noted that its sensitization efforts were slowed down considerably during the 1st quarter of 2020 due to the outbreak of the COVID 19 pandemic. Nonetheless, it ensured distribution of the translated Frequently Asked Questions (FAQs) in Yoruba, Igbo, Hause and Pidgin on the MPP to various stakeholders across the 6 geo-political zones to further sensitize the public about the Micro Pension Plan. PenCom has also taken further steps to educate the general public on the MPP by releasing a video, The Micro Pension Plan A Stage Play to educate people on MPP.

PenCom further disclosed that six (6) participants converted from MPP to the mandatory Contributory Pension Scheme (CPS) sequel to their employment in the formal sector. This brought the total number of MPP participants who had converted to the mandatory CPS to eighteen (18) as at 30th June 2020.

Micro Pension Plan (MPP) is a pension plan under the Contributory Pension Scheme (CPS) that allows people who are not mandatorily covered by the Pension Reform Act 2014 make financial contributions towards the provision of pension at their retirement or incapacitation.

Micro Pension was introduced in March 2019 and it is voluntary for Persons working in organizations with less than three (3) employees and people working in the informal sector e.g, market women, carpenter, plumbers, mechanic, ride hailing drivers etc, can all open a Micro Pension Account with any Pension Fund Administrator (PFA) of their choice except NUPEMCO and Nigeria Police Force PFA.

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