The National Pension Commission (Pencom), said it has completed plans to extend the Contributory Pension Scheme (CPS), to under served sectors of the economy through the creation of a Micro Pension Scheme.

Speaking at a workshop for reporters in Uyo, the Akwa Ibom state capital,‎ Aisha Dahir Umar, the Acting Director General of PENCOM, represented by the Commission’s Secretary and Legal Adviser, Ibrahim Sani, said the commission is increasing efforts to ensure the provision of necessary infrastructure for the unveiling of the Micro Pension Scheme.

He said the initiative is in line with the Commission’s strategic objective of extending the coverage of the CPS to under-served sectors and the continuous increase in the number of persons joining the scheme. PENCOM

Mrs Umar said the number of people on the pension platform rose from 7.5 million on March 31st 2017, to 7.9 million as at February 28, 2018.

Consequently, the net asset of the fund also increased from N7.52 trillion to N7.79 trillion  on February 28, 2018.

According to the Acting D.G, Pension Fund Administrators (PFAs), have also increased their yield on investments of the balance on the Retirement Savings Accounts (RSA), leading to the formation of the Pension Enhancement Programme. 

The current minimum pension stands at N14,400 and the government has not been able to implement it in 2 years.

The commission says it has been working with the government to ensure all outstanding allowances are settled. She said PenCom served as a member of an Inter-Ministerial Committee that was set up by the President to ascertain the total pension liabilities of the Federal Government under both the CPS and the Defined Benefits Scheme, and advise the government on the amount required to be provided in the budget to cover the pension obligation. 

The Committee was headed by Finance  Minister, Kemi Adeosun. She also said all retirement benefits of federal government officials who retired in 2017 and those who are quitting service this year have been added into the 2018 budget, which the National Assembly said it will pass next week.

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