|
Getting your Trinity Audio player ready...
|
The National Pension Commission (PenCom) says it has intensified investment in infrastructure to enable the industry unlock growth potentials in the micro pension scheme.
Consequently, it has released the draft guidelines for micro pension scheme for public inputs, expected to herald a new era in the Contributory Pension Scheme in Nigeria.
Aisha Dahir-Umar, acting director general of the PenCom made the disclosure at a one-day workshop for insurance and finance journalists organised by the Commission held in Uyo, Akwa Ibom State.
Dahir-Umar, represented by Mohammed Sani, secretary and legal adviser to the Commission said PenCom was intensifying efforts at ensuring the provision of necessary infrastructure for the launching of the Micro Pension Scheme in line with the Commission’s strategic objective of expanding coverage of the CPS to the under-served sectors.
She stated that this is a major kernel of the strategy for expanding coverage of the Contributory Pension Scheme, while informing that the guidelines for the scheme are being finalized preparatory to the commencement of the scheme.”
She said the pension industry has continued to make progress as pension assets as at 28th February 2018 rose to N7.779 trillion.
“This represents an increase of N270 billion up from the value of N7.52 trillion as at 31st December, 2017. This increase is attributed to new contributions received, interest/coupon from fixed income securities and net realised/unrealised gains on equities and mutual fund investments.”
She also said that the number of contributors had grown by 390,000 as it increased from7.50 million as at 31st March, 2017 to 7.89 million as at 31st December, 2017 and then to 7.90 million as at 28th February, 2018.
On the Pension Enhancement Programme recently approved by the Federal Government, she stated that Pension Fund Administrators (PFAs) have commenced the enhancement of pensions of all retirees under Programmed Withdrawal with effect from December 2017.
“The implementation of the pension enhancement is one of the significant milestones attained since the commencement of the CPS. It confirms that the CPS has workable internal mechanisms to respond to legitimate demands of retirees as they seek a reasonable retirement income.
She stated further that the Commission intends to sustain this periodic review exercise in line with relevant provisions of the law.
Modestus Anaesoronye and Joshua Bassey in Uyo
