Micro Pension will guarantee future of Nigerians in informal sector — PENCOM

The National Pension Commission (PENCOM) on Friday said development of micro pension would guarantee the future of Nigerians in the informal sector.

Mr Polycarp Anyanwu, Head, Micro Pension Department, PENCOM, stated this at the 2016 edition of Pension Operators (PenOp) seminar for Insurance and Pension Correspondents in Lagos.

PenOp was established in 2009 and presently has 32 pension fund operators.

Anyanwu, who was represented by Mr Chioma Orjiako of Micro Pension department, said that micro pension was developed to alleviate the sufferings of the informal sector and older Nigerians.

“As we speak, over 70 per cent of Nigerians are not covered in pension scheme.

“The scheme inculcates citizens that are traders, artisans, company workers, movie makers, beauticians and lots more,’’ he said.

Anyanwu said that the commission was assiduously working on guidelines that would govern the operations of the scheme.

He said, “Although the guideline is yet to be finalised and released, because the commission is taking input from stakeholders, we assure all that the guideline will give flexible.

“This category of pensioners could draw from the contribution any time, though that does not make it a savings account.”