Micro Pension Plan which was before its launch was seen as the upcoming wetland of pension fund has struggled to mark its mark as a pension fund generator, but the National Pension Commission and the operators are not laid back but have hit the road engaging faith associations and informal trade groups to achieve the original goal set at the launch.
Despite the long route to the funds wetland, Pension Fund Administrators are optimistic as they registered 2,179 contributors during Q3 of 2021, while containing the possibility of escalating the number of contributors with individual PFAs efforts and early results of engagements by the regulator and the joint committee of PenCom and operators.
Statistics published by PenCom in the Third-Quarter 2021 Report, indicate that 19 PFAs additional 2,179 contributors raised the micro pension contributors to 71,434 as at 3o September, 2021.
“Similarly, the sum of N24,844,757.61 was credited into the RSA’s of 7,720 MPP contributors in Q3 2021, bringing the total value of the micro pension fund to N196,644,122.96 as at 30 September 2021,” the report stated.
During same period 20 contributors made a stop to access contingent withdrawals which was processed by by six PFAs amounting to N2,681,571.35. The cumulative withdrawn since inception remained at N11,337,651.90.
While PenCom management is building the fort to make MPP formidable, 39 contributors opted out and converted to the mandatory CPS and the sum of N20,219.22 was transferred to their respective RSAs.
However the oars rowing the boat of MPP is not rested, a joint committee on the implementation of the micro pension plan was constituted with members drawn from PenCom and PenOp with a mandate “to develop a pragmatic and sustainable implementation plan to drive the growth of the micro pension plan.”
The new wave of engagement to make MPP bubble with funds, led the Commission to engage the leadership of the Catholic Secretariat of Nigeria and Nigerian Supreme Council for Islamic Affairs (NSCIA) to secure the buy-in of their members in the micro pension plan.
Still on the road to widen the MPP base and more funds following, PenCom welcomed the executive management of Independent Marketers Association of Nigeria to its office, the courtesy meeting discussed the Association activities towards implementing the MPP for its employees and members of the Nigeria Union of Petroleum and Natural Gas Workers (tanker drivers).