The Pension Reform Act (PRA) 2014 expanded coverage of the Contributory Pension Scheme (CPS) to employees of organizations with less than three employees as well as the self-employed persons.
These categories of persons, mainly in the informal sector, constitute the vast majority of the working population in Nigeria and are not covered by any retirement benefit scheme. Accordingly, the National Pension Commission (PenCom) considers it necessary to develop the Guidelines and Framework that will enable these categories of persons save towards their retirement through a “Micro Pension Scheme”. In addition, due to their widely dispersed nature and generally low and irregular incomes, there is a need to provide a pension plan that would meet their special characteristics.
To this end, the Micro Pension Scheme initiative was conceived to bring this class of workers on board the retirement benefit scheme.
The Micro Pension Scheme would cater for the informal sector which has been segmented into three broad categories namely; (1) the low income earners (Artisans, Mechanics, Tailors, Market Men/Women, and Hairdressers etc.), (2) the high income earners (professionals – Accountants, Architects Engineers, Medical Doctors, Pilots, Lawyers and Consultants etc.) and (3) the Micro, Small and Medium scale enterprises.
Veritas Glanvills Pensions is here to partner with and provide all the necessary supports to persons in these categories towards ensuring their smooth entry into the Micro Pension Scheme (#PensionForAll).
For further enquiries kindly contact our Micro Pension Team on the following numbers: 0818-6837-545, 0706-4974-880, 0805-9994-038 or email: email@example.com.