Micro pension scheme begins 1st quarter of 2019 - PENCOM

The National Pension Commission has said the micro pension scheme to cater for Nigerians in the informal sector will commence in the first quarter of 2019.

Speaking yesterday in Uyo during the National Pension Commission’s forum for Compliance officers, Acting Director General of the Commission, Mrs Aisha Dahir-Umar said the scheme is aimed at widening the coverage area of the contributory pension scheme.

Umar who was represented by Mr Yola Datti, Head of Surveillance department in the commission said everything about the scheme has been finalised awaiting implementation by the operators.

She said the forum would address the issue of identity theft which is a threat in the industry, so as to guard against it, adding that participants at the forum were drawn from the 31 licensed pension operators, 21 pension fund administrators, 6 CPFAs and 4 PFCs.

She mentioned that in an effort to promote a stable and sustainable pension industry, the commission has adopted zero tolerance for non-compliance.

She added that consultative supervision has also been adopted in the review of existing guidelines and in the issuing of new ones to encourage sound corporate governance, and protect pension assets in the industry.

The DG further said that the commission has aligned its supervisory framework with that of the Financial Services Regulation Coordinating Committee to supervise the activities of pension operators.

According to her, compliance officers have the responsibility to monitor and report cases of non-compliance with regards to the implementation of the guidelines for the micro pension scheme.

“The commission recently released the framework and guidelines for the implementation of the micro pension scheme, which is targeted at increased participation of employees in the informal sector, multi-fund structure and revised guideline for Fund Accounting as well as revised circular for branch opening and service centre by PFAs. “The micro pension scheme has already taken off, everything has been finalised by the issuance of the guidelines, so it is now left to the operators to go back and implement it. “The micro pension scheme is aimed at widening the coverage of the contributory pension scheme and ensure that those in the informal sector are also covered by the contributory pension scheme like tailors, hair dressers, barbers and petty traders so that at the end of their useful life, they would have something to fall back on as pension,” she stated.