8.41m in contributory pension scheme

Pension scheme to attract more contributors


No fewer than 8.41 million people have so far registered in the contributory pension scheme of the National Pension Commission (PenCom).

The commission unveiled the net in its Pension Fund Assets Summary as at December 2018 released on Wednesday.

According to the Commission’s Spokesman Peter Aghowa, more Nigerians would key into the scheme through the soon to be launched “Micro Pension Scheme”.

PenCom said 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, was expected to grow contributors and accumulate N3 trillion by year 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 at the period. (NAN)

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