Updates on Micro Pension Plan contained in the recent second quarter (2021) publication of the National Pension Commission show that nineteen Pension Fund Administrators (PFA) registered 3,555 contributors during the quarter under review.
The inclusive pension plan that is yet to match the anticipated high registration work plan before the launch of MPP, recorded contingent withdrawals amounting to N1.99bn that was processed on requests by six PFAs from nine MPP contributors during the quarter. Data from PenCom outlined that the cumulative fund from inception to June 30, 2021 is N8.65bn.
PenCom also indicated that conversion from MPP to Contributory Pension Scheme (CPS) is gaining strength as it recorded that 27 micro pension participants converted to the mandatory CPS and the sum of N834,172.19 was transferred to their respective RSAs.
It was also stated that 17 micro pension contributors converted the contingent portions of their RSAs amounting to N703,922.90 to retirement benefits.