The Head, Corporate Communications of PenCom, Abdulqadir Dahiru, made the call while addressing journalists at the Enugu Trade Fair complex.
Dahiru explained that the importance of the Micro Pension Plan to Nigerians in the informal sector, and those working in organisations with less than three employees cannot be over emphasised.
According to him, about 90 per cent of workers in Nigeria, are in the informal sector, adding that this category of workers have no pension protection for old age, noting that, there is an increase in people living long, “there is a risk of old age poverty”.
The Micro Pension Plan platform provides workers in this sector, the opportunity to easily register and contribute in a flexible manner, and in a safe and secure environment for their pension at retirement.
Dahiru noted, “The Micro Pension Plan is a flexible plan, where artisans, traders and even a woman that sells fried beans cake (akara), can register with and agree a periodic amount she/he would be contributing according to her/his earnings.
“The contributors, within this flexible Micro Pension Plan for all Nigerians in the informal sector, can even draw out 40 per cent of what they have saved for emergency demand; while the remaining 60 per cent would remain and await for the retirement plan proper.
“So, it is a means of savings also for those in the informal sector and where they could fall back to and get financial assistance to keep their daily engagements going,” he stressed.
He added that PenCom was desirous to ensure Nigerians in the informal sector enroll and register in the plan, adding that, disclosing that it had started sensitisation of the plan to communities, marketplaces, public gatherings, associations and trade fair grounds across the country.
Dahiru also urged Nigerians to embrace PenCom acquisition of residential mortgages (residential houses) scheme for Retirement Savings Account holders.
He recalled that the Central Bank of Nigeria had approved no less than 34 mortgage banks to work with the PenCom and Pension Fund Operators, to provide mortgage financing to contributors into the Contributory Pension Scheme with their RSA balance.
The PenCom spokesman maintained that the commission was determined to implement the scheme for the contributors to ensure that RSA holders have houses of their own at retirement.
He informed that for contributors under the Contributory Pension Scheme to be eligible to use their RSA balance for acquisition of residential mortgages, they must have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.
