Yemisi Izuora
The National Pension Commission (PenCom)
said it is developing the necessary infrastructure in readiness for the launch of its Micro Pension Scheme.
Oriental News Nigeria reports that this is in line with the commission’s strategic objective of expanding coverage of Contributory Pension Scheme (CPS) to the under-served sector.
Meanwhile, the Commission said that the net pension asset value of the Contributory Pension fund has increased from N7.52 trillion to N7.779 trillion as at Feb.28, 2018.
The information was disclosed by the Director General Of PenCom Mrs Aisha Dahir- Umar at a workshop organised for journalists by the commission at Le Meridien Ibom Hotel and Resort, Uyo, with the theme “Contributory Pension Sheme:Achievements and Challenges”.
She said that the figure represented an increase if N270 billion up from N7.52 trillion recorded as at Dec.31, 2017.
The director general who was represented by Mohammed Sanni Mohammed, the commission Secretary and Legal Adviser, attributed the increase to new contributions received, interest or coupon from fixed income securities as well as net realised or unrealised gains on equities and mutual fund investments.
Dahir-Umar also said the commission had recorded a growth in the number of pension contributors.
According to her, the number grew by 390,000 from the 7.50 million as March 31, 2017 to 7.89 million as at Dec. 31, 2017 and then to 7.90 million as at February 28,2018.
In order to enhance the monthly pension of retirees in the CPS, Dahir-Umar said that the commission intiated the Pension Enhancement Programme.
She said, “It was discovered that the returns being generated by the PFAs on the balances of RSAs of majority of retirees could be used to enhance their monthly pension.
“Consequently, the commission sought for approval of the Secretary to the Government of the Federation to implement the pension enhancement, which resulted in increased monthly pensions for most retirees receiving pension under the programmed withdrawal arrangement.”
The PenCom had not relented in its efforts at settling the outstanding pension liabilities of the federal government
She also said that the commissioned had determined the total pension liability owed to the contributory pension retirees due to both 15 per cent and 33 per cent pension increase of 2007 and 2014 respectively.
“In addition, the outstanding accrued rights of the federal government employees who retiree in 2017 as well as the amount due to those retiring in 2018, have been submitted to the federal government for appropriation in the 2018 budget.
Based on the positive. Disposition of the federal government towards settling outstanding pension liabilities, as evidenced by the release if N54 billion in April 2017,it is expected that these liabilities will soon be cleared,” she said.