Micro Pension begins first quarter 2019
Acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar
The Micro Pension plan will commence in Nigeria latest first quarter of 2019, the Acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has revealed.
She made the disclosure in her welcome remark at the 6th Conference for Directors of Pension Operators which held in Lagos Tuesday and Wednesday, September 11 and 12, 2019 respectively.
Micro pension seeks to include the informal sector into the Contributory Pension Scheme (CPS) in order to extend its numerous benefits to them as a social security aimed at eliminating poverty and engendering wealth amongst Nigerian populace as part of the Federal Government’s social empowerment programme.
To this end, she said the Commission is finalizing arrangement for the introduction of Micro pension plan which she said will commence latest first quarter of 2019.
“In the social sphere, the Commission is finalizing arrangements for the introduction of the Micro Pension Plan, which seeks to extend the benefits of the Contributory Pension Scheme to the informal sector. We hope to achieve this latest by the first quarter of 2019 and we believe that the product would be part of the efforts towards ensuring in the long term, the sustainability of the Federal Government’s social empowerment programme,” he added.
On the challenges faced by the Commission, PenCom said 2017 was a difficult year for the commission as they had to contend with challenges including several Bills before the National Assembly seeking to eliminate the Contributory Pension Scheme but commended the critical role played by the Commission’s social partners in this regards.
She noted that one of the lessons learnt from the above experience is the imperative of continuous stakeholders’ collaboration and engagement and called on the Directors of operators of companies to give the issue a deserving attention.
“Indeed, the year 2017 was particularly difficult for the industry as we had to contend with several Bills before the National Assembly seeking to distort or dismantle the Contributory Pension Scheme. Our social partners played a critical role in that struggle which, we finally successfully surmounted.
“However, one of the important lessons learnt from that experience is the imperative of continuous stakeholders’ collaboration and engagement. The Commission therefore, believes that directors of operator companies must appreciate the critical importance of stakeholder collaboration and the need to give it the attention it deserves,” PenCom boss added.
Mrs. Dahir-Umar said “the over N8.5 trillion worth of pension assets, is slowly but surely changing Nigeria’s financial landscape and by extension, the course and pace of our socio-economic development.”
The former Director-General PenCom, Muhammad Ahmad, in his keynote address entitled, ‘Consolidating the Nigerian Pension Industry through Sustainable Investment and Excellence in Corporate Governance Practice’ called on the industry to have diversified portfolios, whilst urging PenCom to begin to consider investments that promote long term measures.
He urged regulators and Operators to build expertise on sustainability, adding that the industry would survive when there are sustainable investment reviews.
