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Published On: Wed, Jan 30th, 2019

PenCom anticipates more contributors after launch of Micro-Pension

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From Ngozi Onyeakusi, Lagos

As number of participants to the contributory Pension Scheme (CPS) grow to about 8.41 million, the National Pension Commission (PenCom) said more Nigerians will buy into the scheme via soon to be launched micro-pension scheme.
The commission said this in its Pension Fund Assets Summary as at December 2018 released to newsmen.
According to the Commission’s Spokesman, Peter Aghowa,the Micro Pension Scheme was designed to attract self-employed Nigerians with irregular income and the financially uninformed to pension plan.
The Commission posited that the scheme, which would be formally launched in this first quarter, is expected to grow contributors and accumulate about N3 trillion by 2024.
We have no idea of the number of Nigerians that would key in at the launch of the scheme.
“However, we intended covering the entire informal sector over time, this is about 60 million citizens,” the Commission said.
PenCom further said that total pension assets soared to N8.50 trillion at the end of 2018.
PenCom said the assets soared as six underwriting and 17 broking firms remitted over N426.36 million for their employees as of the period.accumulate about N3 trillion by 2024.
We have no idea of the number of Nigerians that would key in at the launch of the scheme.
“However, we intended covering the entire informal sector over time, this is about 60 million citizens,” the Commission said.
PenCom further said that total pension assets soared to N8.50 trillion at the end of 2018.
PenCom said the assets soared as six underwriting and 17 broking firms remitted over N426.36 million for their employees as of the period.

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