The acting director-general, National Pension Commission (PENCOM), Mrs Aisha Dahir-Umar, said that the Commission had released framework and guidelines for Micro-Pension Scheme to take off in first quarter of next year.
Dahir-Umar, who was represented by Mr Datti Yola, Head of Surveillance Department, PENCOM, said this at the Compliance Officers Forum held in Uyo on Monday.
She said that the micro-pension scheme was aimed at capturing the informal sector such as artisans, tailors and other self-employed to plan and save for their retirement. “It is also important to mention that the commission recently released the framework and guidelines for the implementation of Micro-Pension Scheme, which is targeted at increased participation of employees in the informal sector. PenCom recovers over N465m from defaulting employers in Q2’18 “Multi fund structure and revised guidelines for Fund Accounting as well as revised Circular for Branch opening and Service for PFNs,” she said. She said that to promote a stable and sustainable pension industry, the commission adopted zero tolerance for non-compliance and consultative supervisory philosophy in issuance of guidelines. She advised operators of the National Pension Schemes to guard against any form of threat in an attempt to swindle those in the industry.
She said to promote better risk management in licensed pension operators, the commission had moved to a more risk based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee (FSRCC).