PenCom Urges Nigerians to Embrace Micro Pension Scheme

Gideon Arinze

The National Pension Commission (PenCom) has urged Nigerians to embrace the new micro pension Scheme in order to save for their retirement.

Head of Corporate Communications, National Pension Commission, Abdulqadir Dahiru made this known during the commission’s Special Day at the 33rd edition of the Enugu International Trade Fair.

According to Dahiru, the new pension scheme was an initiative of the commission’s five-year strategic plan, which aims to achieve an inclusive and expanded coverage of the pension industry with an aim to ensure that informal sector participants have an opportunity to save for their retirement.

“With the new scheme, it means that celebrities, accountants, architects, lawyers, artisans, traders, stylists, farmers and more can now contribute for their pension” Dahiru said.

He explained that about 90 per cent of workers in Nigeria are in the informal sector and most of them do not have pension protection for old age, adding that with the increase in people living long, there is a risk of old age and poverty.

He however noted that in addition to improving the standard of living of the self-employed on retirement, the micro pension scheme secures financial autonomy and independence of retirees.

“Contributions are also flexible under the scheme which provides access to other incentives” he said, adding that contributions would be passed to the next of kin in case of contributors’ death.

He maintained that the achievements recorded by the commission since 2004, have been a reflection of its unwavering efforts to build an industry with core values of integrity and transparency while also protecting the rights of contributors and retirees.