The up and increasing pension fund assets now has a value of N14.27tr as at June 30 2022 and this is contribution of 9.79 registered contributors under the 18 years old contributory pension scheme.
This was disclosed today by the Director General, National Pension Commission, Mrs. Aisha Dabir-Umar at the 2022 Journalists Workshop held in Lagos, where she also stated that all the Pension Fund Administrators have complied with the Commission’s directive to increase the minimum regulatory capital (shareholders’ fund) from N1bn to N5bn.
The DG who was represented by the head corporate communications department Abdulqadir Dahiru said, “The reason for the recapitalisation exercise was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors.”
With the theme of this year’s workshop set on “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan,” the PenCom boss said it aligns with the Commission’s objective of expanding coverage of the CPS. “The objective is to bring in to the CPS, Nigerians working in the informal sector and those who are self employed through the micro pension plan (MPP).”
Spelling out the strategic importance of MPP to PenCom Dahir-Umar said the capturing the small-scale businesses, entertainers, professionals, petty traders, artisans and entrepreneurs will curb old-age poverty by creating the platform for the workers to contribute while working and build long-term savings to fall back on when they become old.