The initial expectation that micro pension plan will brood over a large pool of pension funds has not come as anticipated yet but the Pension Fund Administrators have not given up hope that the fund station is within reach with a softly softly approach.
Providing an update on the MPP, National Pension Commission in Fourth Quarter 2021 Report, recorded that combative 19 PFAs registered 2,166 contributors during the quarter under review despite the approach and avoidance attitude of potential contributors.
That combative mode was jointly executed by PenCom and PFAs as they engaged with stakeholders at the Lagos International Trade Fair, Alaba International Traders Association and Association of Progressive Traders of Nigeria, and also Kwara State Trade Fair. These events provided opportunities to sensitise the public on workings of MPP and also engage with self-employed individuals and small business owners on MPP.
PenCom report stated that the Q4 additions brought the total number of Micro Pension contributors to 73,600 as at 31 December 2021. The report also disclosed that the sum of N25,094,874.26 was credited into the RSAs of 8,260 MPP contributors in Q4 2021.
The contribution from inception to Q4 2021 brought the total value of the Micro Pension fund to N224,054,874.69 as at end of the quarter under review.
Within the same period, PenCom stated that 10 PFAs processed and approved requests for contingent withdrawals amounting to N7,531,505.51 from 22 MPP contributors during the quarter.