Micro pension reaches N435 million with 97,000 more participants

According to information provided by the Nigerian Pension Fund Operators Association, 97,000 people have contributed a total of N435 million to Nigeria’s micro pension plan.

The Pension Correspondents Association of Nigeria held a stakeholders conference on the micro pension system in Abuja, where this information was revealed.

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The Micro Pension Plan was introduced in accordance with the Pension Reform Act (PRA) 2014, which allows people working in organisations with fewer than three employees and self-employed individuals to voluntarily participate in the contributory pension scheme and save for their retirement, according to the Project Management Lead at PenOp, Mayomikun Obadofin, who spoke in place of the Chief Executive Officer, PenOp, Oguche Agudah.

She added, “The MPP presents a significant opportunity for workers in the informal sector to secure their future through retirement savings.

“It offers flexibility in contribution amounts and frequencies, provisions for withdrawing a portion of the savings for unforeseen emergencies, and the option to convert from an informal to a mandatory plan when securing formal employment.”

She also disclosed that the plan would expand coverage to more than 40 million informal sector workers by 2024.