• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, July 6, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Pension

Micro Pension Sets 2022 As Base Year To Herald Sustained Growth

Nwanne Ikemefune by Nwanne Ikemefune
January 11, 2022
in Pension
0 0
0
Micro Pension Sets 2022 As Base Year To Herald Sustained Growth
0
SHARES
22
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Not satisfied with the emerging numbers of subscribers to the micro pension plan MPP, the regulator, National Pension Commission and the Pension Operators of Nigeria PenOp, returned to the drawing board to critique the plan that was with fanfare assigned the pension growth turning point but fell below projections to the dismay of PenCom and PenOp.

It was clear to the Joint Committee of PenCom/PenOp that they cannot afford to fail after several years of careful study and eventual launch of the MPP by President Mohammadu Buhari in 2020. They resolved that they must be dedicated to make the plan work and all possible requirements are being explored and fitted to the plan that will be ready to earn subscribers acceptance

Early in the month of December 2021, PenOp unveiled ongoing discussions within the pension industry and the insurance industry to establish solutions to the plan and the strong take home from the media briefing was that micro pension was set to venture into areas not sighted before the launch that could be the link to the required rejuvenation.

According to coordinated multi-stakeholders, they are fundamental in a new approach to avoid another negative playback that is attached to micro pension, this avoidance approach is what underlines why all hands are on deck exploring new add-ons to attract subscribers in large numbers that was initially expected.

Officials of both PenCom and PenOp committed to put behind them the predominantly pessimistic result, unveiled details so far undertaken to hedge the low numbers that were at variance with the projections, well off the mark stated in the concluded micro pension study.

As a follow up on the line up to make it work again, we sought answers to several questions from a strong force in the joint venture of the operator regulator team. She is Mrs. Idu Okwuosa, the managing director at Access Pension Fund Custodian. The interview:

idu okwuosa

What were the propellers for the add-ons (life policies etc)?

We realised the need for incentives to grow the micro pension scheme. We are currently engaging insurance companies to provide micro insurance products for subscribers to the scheme.

It took several years of work before the MPP was launched and it still fell off the mark in term of contributors sign in, what’s the guarantee that what has been done so far to revamp MPP will make a difference?

A lot of research went into the micro pension scheme. As you correctly noted, it fell off mark based on projections. We have recently critiqued the MPP and noted shortcomings and working to remedy them. We have listened to the complaints and working on solutions. We are engaging differently and the industry is ready to go on a nation wide massive sensitisation. We are hopeful that we will get it right this time. The Joint Committee of PenCom/PenOp are dedicated to making this work.

The growth of pension contributions is organic, as can be seen in the normal CPS. It took several years to get to where it is today.

If the momentum is maintained the desired objective of having contributory members will be achieved.

How is it going to work, who pays the premium, because no premium no cover?

Premiums will be borne wholly by PFAs or in fractions between the PFA and subscribers.

Before the rollout of the new face of MPP, has there been a pilot phase to test its acceptability?

There was no pilot test, which could have contributed to the inability to grow the scheme.

Previous Post

George Onekhena Passes On

Next Post

AIO President Says 2022 Marks Africa’s Gap Bridging

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
Image Spin: Smart Ascends The Throne Of African Insurance As AIO 47th President

AIO President Says 2022 Marks Africa's Gap Bridging

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

June 30, 2022
Africa And Asia Lead Emerging World On Climate Commitments

Africa And Asia Lead Emerging World On Climate Commitments

June 28, 2022

Recent News

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

June 30, 2022
Africa And Asia Lead Emerging World On Climate Commitments

Africa And Asia Lead Emerging World On Climate Commitments

June 28, 2022
AIO President Says Africa Low Insurance Penetration Is A Challenge To Overcome

AIO President Says Africa Low Insurance Penetration Is A Challenge To Overcome

June 28, 2022
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

National Insurance Commission Decommissions Standard Alliance Plc And Niger Insurance Plc

July 1, 2022
AM Best Upticks AIOs Strategic Initiatives

AM Best Upticks AIOs Strategic Initiatives

June 27, 2022
STI Pools Sport Laurels At NCRIB Maiden Lawn Tennis Tournament

STI Pools Sport Laurels At NCRIB Maiden Lawn Tennis Tournament

June 27, 2022
M&A

Merger & Acquisition Transactions Exceed £815bn In 2021

June 24, 2022
Enforcement Of Compulsory Insurances: Abuja Leads States Follow

Enforcement Of Compulsory Insurances: Abuja Leads States Follow

June 27, 2022
Preferred PenCom Logo

Q1 2022: RSA Transfer System Dips, Improving PFA operations Make Early Call

June 22, 2022
Universal Insurance Clinches 2022 Excellence In General Insurance Leadership Award

Universal Insurance Clinches 2022 Excellence In General Insurance Leadership Award

June 22, 2022
Ag PenCom DG

Capacity Building: PenCom X-rays CPS To States With Varied Low Dimensions On Start-Up

June 20, 2022
Image Spin: Financial Inclusion Engaged On All Fronts

NAICOM, Other Regulators Tell Nigeria’s Financially Excluded That Micro Policies Are Lifters And Soft Landing For Their Risks

June 19, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In