The Acting Director General (ADG) of the National Pension Commission, Aisha Dahir-Umar has said the pension regulator will use its new micro pension plan to grow the economy of the country as well as increase pension assets.
The ADG said this at a conference in Lagos, where she noted that the plan will not only yield positive results for the industry but will also offer great deliverables to Nigerians as a whole.
“It would also assist greatly in the reduction of old-age poverty in Nigeria. The contributions from the MPP would further boost the pension fund assets towards improved economic development.”
“It is the PFA’s duty to communicate the Retirement Savings Account, Personal Identification Number to the MPP contributor after registration,” she added.
Dahir-Umar further said the newly deployed Enhanced Contribution Registration System has so far aided the operations of the pension plan.
In terms of eligibility, she explained that the MPP was designed to cover persons who should not be less than 18 years of age with legitimate source of income: self-employed persons that belonged to a trade, profession, cooperative or business association; self-employed persons with a business registration as a company, partnership or enterprise; employees operating in the informal sector who work with or without formal written employment contract and other self-employed individuals.