PenCom Urges Workers to Update RSA

The National Pension Commission (PenCom) has urged contributors into the Contributory Pension Scheme(CPS) to go to their Pension Fund Administrators (PFAs) and update their Retirement Savings Account (RSA) details.

The commission also warned that RSA holders who ignore the directive would have themselves to blame in the event of difficulty in assessing their retirement benefits.

PenCom’s Head, Corporate Communications, Mr. Peter Aghahowa, said this while speaking at the ongoing Lagos International Trade Fair.

He said the commission was at the fair to spread the good news of the CPS and the micro-pension scheme, as he urged Nigerian workers at all ages to key into the scheme.

He said the CPS, has made pension savings and benefit payment at old age cease to be the exclusive of only civil servants, especially the micro pension scheme which has provided the self-employed and even traders opportunity to save for the rainy day.

He described the micropension scheme as a pension arrangement under the contributory pension scheme which allows self-employed persons and those working for an organisation which does not have up to three employees, to key into the scheme.

He assured that the commission has made everything about the micro pension scheme very easy from registeration to benefit collection.

According to him, about 28000 contributors had been registered into the scheme as at end of October 2019, by 19 PFAs which operate the micro pension scheme.

At the commission’s stand at the trade fair, visitors were seen thronging in to enquire about the contributory pension scheme. Employees of the commission were also on ground explaining the workings of the scheme to them.