Buhari To Flag-Off PenCom’s Micro Pension Plan

The National Pension Commission (PenCom) has announced that President Muhammadu Buhari will on Thursday, March 28, 2019, flag-off the Micro Pension Plan (MPP) at the State House in Abuja.

The commission confirmed the flag-off in a statement signed by it’s Head, Corporate Communications, Peter Aghahowa, stating that the launch will attest to the vision of President Buhari to provide ample opportunities for financial inclusion and economic stability for more Nigerians in the informal sector.

Micro Pension Plan is an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three employees to make financial contributions towards the provision of pension at their retirement or incapacitation.

The plan gives the self-employed Professionals, Entertainers, lawyers, doctors, entrepreneurs, artisans, casual workers etc, opportunity to save for pension.

According to the commission, the informal sector constitutes an estimated 69 million workforce in the country representing an estimated 88 per cent of Nigerian workers that lack pensions and safety nets for their old age.

Following this, as part of PenCom goal to achieve coverage of 30 million people in the informal sector by 2024 the commission had mandated Pension Fund Administrators (PFAs) to invest all pension contributions under the Micro Pension Plan (MPP).

Meanwhile, PenCom and the pension operator’s promises to continue the education and sensitization of the public through robust campaigns across traditional, social and digital media while Registration of Contributors will follow in subsequent months.