PenCom RELEASES DRAFT FRAMEWORK FOR MICRO PENSION

The National Pension Commission (PenCom) has released its draft guidelines for micro pension plan.
According to PenCom, micro pension contributors can make contributions daily, weekly, monthly or as may be convinient.
The micro pension plan is open to individuals who are 15 years and above, who have a legitimate source of income and who live in Nigeria.
Under the guidline, PenCom stated that every contribution made shall be divided into two comprising of 25 per cent contingent withdrawal, and 75 per cent for retirement benefits.
Contribution will be made by cash, electronically or any payment platformapproved by the Central Bank of Nigeria (CBN).
Contributors will be eligible to access the portion of their contributions available for withdrawal one month after making the initial contribution, stressing that contingent withdrawal can be made anytime.

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