… Hints on rebranding micro pension scheme
UFOMBA UZUEGBU
Determined to improve the welfare of retirees in the country, the National Pensions Commission (PenCom) said that it is working out new strategies with the Federal Government which will ensure for the timely payment of retirees benefits.
This came on the heels of PenCom’s resolve to grow its assets to N22trn by the end of this year. Pension industry’s assets as st the end of third quarter of this year are N21.9trn. PenCom admitted that the continual growth in pension assets is an indication of the efficacy of the Contributory Pension Scheme (CPS) which came into effect in 2004.
The Director-General of PenCom Ms Omolara Oloworaran who made this admission has gone ahead to restated the Commission’s commitment to putting in place, a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.
Oloworaran gave the assurance in a keynote address, during the 2024 PenCom Media Conference held in Lagos Thursday with theme:”Tech-Driven Transformation: Shaping the Pension Landscape”.
She said PenCom was focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimize returns and expanding coverage to include more Nigerians especially those in the informal sector.
Oloworaran disclosed that PenCom has concluded plans to rebrand the Micro Pension Scheme (MPS), as part of efforts to attract at least, 20 million Nigerians to the scheme.
Hinting further on the rebranding initiative, Ms Oloworaran disclosed that efforts were under way, to give the scheme a new name and structure which will adequately meet the diverse needs of Nigerians.
“We want to rebrand the Micro Pension Plan, to make it more inclusive and relatable, particularly for individuals in the informal sector. Whether you are a farmer, a fashion designer or a trader, we want the plan to speak directly to your needs”, she said.
The DG expressed worry concerning delays in disbursing funds to retirees under the scheme, noting that about 18,000 retirees have been affected since October 2023, even as she reassured stakeholders that discussions with the federal government are ongoing to clear the backlog.
On the uniqueness of a rebranded micro pension scheme, Oloworaran explained that it will feature an umbrella structure to address various sectors of the economy, promising that even the most vulnerable Nigerians have access to financial security.
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