Micro-pension needs customised features to succeed – PenOp

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The Association of Pension Fund Operators (PenOp) stated that the micro-pension scheme should be backed up by individual functions for the success of this scheme.

Speaking at the event on pension provision organized by the National Association of Insurance and Pension Correspondent Organizations (NAIPCO) in Lagos, PenoP Chairman Ronke Adedeji stated that this is necessary because of the uniqueness of the participants

"This scheme requires a delicate balance between economic viability, the generation of adequate returns and individual functions for participants," she said.

The pension expert said that, taking into account the increase in the incomes of the participants, the National Pension Commission (PenCom) should take into account the viability of the scheme, and also provide adequate incentives for attracting participants.

She said that the refund should be such that the participants were invited to sign up for this scheme.

The head of PenOp said that the structure and sequence of payments should be structured so that workers with low income could pay on a regular basis.

She expressed support for this scheme, and also made a statement about the sensitization of Nigerians under this scheme.

PenCom is going to start implementing a micro-pension plan designed to include the informal sector of the economy in the pension contribution system.

The National Bureau of Statistics (NBS) estimated that the informal sector of the economy accommodates 70 percent of the country's working population.

Over the years, this sector of the economy with its accompanying status of low-income income was without any plan for the people who work there.

Worst of all suffered tailors, mechanics, carpenters, artists, farmers, small traders and other small firms.

When implementing the CPS, the focus was on public servants and the organized private sector, leaving artisans with their gloomy old-age eyes.

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