PenCom Partners PenOp, Seeks Media Support To Drive Micro Pension Plan

L-R: Mr. Obiora Ibeziako (Head, Benefits and Insurance Department (PenCom), Mr. Dauda Ahmed (Head, Micro Pensions Department, PenCom), Dr. Babatunde Alayande (Head, South-West Zonal Office, PenCom) and Mr. Abdulqadir Dahiru (Head, Corporate Communications Department, PenCom).

The National Pension Commission (PenCom) in collaboration with the Pension Fund Operators Association of Nigeria is currently championing an Industry Media Campaign in major cities in the country’s six geopolitical zones with the aim of driving Micro Pension Plan in Nigeria

The Commission also solicited the support of the Media to make the plan popular amongst informal sector workers.

The Director General, PenCom, Mrs Aisha Umar-Dahir, said this today in Lagos at a one-day workshop organized by the Commission for Journalists.

The theme of this year’s workshop is “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan.”

The DG who was represented at the occasion by the Head of the Corporate Communications Department, Mr. Abdulqadir Dahiru, emphasized the importance of the media in the scheme of things and the need to educate those in the informal sector to take advantage of the Micro Pension Plan.

“Therefore, it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed,” she added.

Speaking further, she said that the workshop provides the Commission with a platform to interact with the media to discuss developments in the pension industry, adding that it is also an opportunity to present the achievements of PenCom and the challenges faced in implementing the Contributory Pension Scheme.

The DG who said the theme of the workshop aligns with the Commission’s objective of expanding coverage of the CPS, explained the objective of the workshop which she said is to bring into the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP).

PenCom DG expressed the Commission’s readiness to sustain the existing cordial relationship with the media, which, according to her, would translate to the general public being better informed about the pension industry.

“Let me re-affirm the Commission’s commitment to creating awareness and holding social dialogue on the workings of the Contributory Pension Scheme with relevant stakeholders towards the smooth implementation of the Contributory Pension Scheme in Nigeria.

PenCom DG said strategic efforts to drive the Micro Pension Plan (MPP) remain one of the significant areas of focus of the Commission.

“The MPP was conceptualized to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.

“The MPP was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old. To create awareness of the Micro Pension Plan, the Commission,

On recapitalization, she said all Pension Fund Administrators (PFAs) have complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion within the mandatory 12 months period even as she gave the reason for recapitalization.

“The reason for the recapitalization exercise was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets under which I am pleased to inform you stood at 9,795,957million and N14.27 Trillion, respectively, as at June 30, 2022. it is expected that the exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry,” she said.

Papers presented at the workshop included “The Micro Pension Plan: Bringing Financial Security at Old Age to the Doorsteps of the Informal Sector,” “What You Need to Know About the Investment of the Micro Pension Fund (Fund V),” and “The Administration of Retirement Benefits under the Micro Pension Plan.”