PenCom TO LAUNCH MICRO PENSION SCHEME AS PENSION CONTRIBUTION HITS N7.78TRN

The National Pension Commision (PenCom) said it is developing the necessary platforms in readiness for the launch of its Micro Pensions Scheme.

This is in line with PenCom strategic objective of expanding coverage of the Contributory Pension Scehme (CPS) to the informal sector.
Meanwhile, the commission said that the net pension asset value of the current contributory pension fund has increased from N7.52 trillion to N7.779 trillion as at February 28, 2018.

The Director-General of PenCom Mrs Aisha Dahir-Umar disclosed this to journalists recently in Uyo.

SHe said that the figure represented an increase of N270 billion up from N7.52 trillion recorded as at the end of December 31, 2017.
The DG also said that the commission had recorded growth in the number of pension contributors.

According to her, the number grew by 390,000 from 7.50 million as at March 31, 2017 to 7.89 million as at December 31, 2017 and then 7.90 million as at February 28, 2018.

In order to enhance the monthly pension of retirees especially those doing monthly programmed withdrawal, PenCom has also initiated the Pension Enhancement Programme.

The programme allows PFAs to use the returns generated on RSAs balances to enhance monthly pensions of retirees.

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