The National Pension Commission (NPC) has said it will be willing to provide incentives to contributors under the Micro Pension Plan to encourage more enrollments.
Director General of the Commission, Aisha Dahir-Umar disclosed this in Abuja during a workshop for journalists with the theme “Increasing Informal Sector Participation in Contributory Pension Scheme (CPS): The Case for Micro Pension Plan.
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Dahir-Umar said the Micro Pension Plan was developed to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.
She further noted that the Revised Regulation on the Administration of Retirement and Terminal Benefits, which the commission recently issued to Pension Fund Administrators (PFAs) for immediate implementation will further guide the process of accessing retirement and terminal benefits by pension contributors and retirees under the CPS.
The key highlights of the Revised Regulation include clarifications and simplification of documentation processes, (RSA) consolidation before payments of retirement benefits, accrued pension benefits for private sector contributors, and additional lump sum payments.
The Revised Regulation also contains several new provisions on Pension Enhancement, Voluntary Contributions, payment under the Micro Pension Plan (MPP), payment of benefits of missing persons, and payment of Nigeria Social Insurance Trust Fund (NSITF) benefits.
Dahir-Umar said the Revised Regulation also introduced administrative sanctions on PFAs who disregard the provisions of the regulation, a measure to ensure that PFAs promptly process the payment of retirement benefits to retirees.
( Editor: Omor Bazuaye)
