Micro Pension Scheme participants to access 40% in 3 months — PenCom

The National Pension Commission (PenCom) says contributors under its Micro Pension Scheme to be rolled out in 2019 could have access to 40 per cent of the total contributions after three months of commencement.

The Head, Corporate Communications, Mr Peter Aghahowa, made the disclosure on Friday at the corporation’s special day at the ongoing Lagos International Trade Fair.

Aghahowa said the scheme, a voluntary contribution, allowed participants to have the options of saving monthly, weekly and also daily, depending on the types of their businesses.

The spokesman said that the scheme also allowed some flexibilities because of the peculiarities of the informal sector.

He said: “As they save, 60 per cent will be locked and fixed, while 40 per cent will be available at certain time for raining day.

“This is because the commission understands the fact that businesses can’t always be rosy.

“The 40 per cent allows contributors to have access to the contingent aspect of the scheme.”

According to him, the commission and the licensed operators have also reached out to different strata of the public such as different associations, markets and Small and Medium Scale Enterprises.

“It is a continuous effort because as a regulator, PenCom and licensed operators are collectively making efforts in ensuring that the populace are aware of the scheme.

“Collectively, we hope that in the next one month before the commencement of the Micro Pension Scheme in 2019, the intensity of the awareness would have increased.

“This will be, especially through the use of prints and electronic media.

“The scheme is an opportunity for those in the informal sector to have pension arrangement.

“You will agree with me that those in the formal sector have been taken care of, while those in in the informal have to depend on their children and other means after their working life.

“Now that they have this opportunity, what it means is that those in the informal sector can key into the scheme,” Aghahowa said.

Also, the Head, South-West Zonal Office, Mr Babatunde Phillips, said the micro-pension scheme was to increase the scope of pension in the country.

Phillips said: “We all know that old age poverty is a key factor in our environment.

“We will be doing a lot of disservice to those in the informal sector if they are not brought into the scheme. So, we deem it fit to come up with the micro pension plan.

“We have also concluded the framework and guidelines for the scheme.”

He added that the commission was at the fair to sensitise Nigerians on the need to embrace the scheme, bring to the populace the commission’s objectives and address contributors ‘complaints. (NAN)