FG seeks inclusion of elected officials in micro pension plans

The Federal Government has called on the pension fund administration (PFAs) to strengthen efforts in extending micro pension plans (MPP) to elected officials of the government as they are excluded from the Contributory Pension Scheme (CPS) in the country.

The Chairman of the Senate Committee on Establishment and Public Service, Fasuyi Oluwole advised a forum organised by the Pension Fund Operators Association of Nigeria (PenOp), saying that integrating politicians in the MPP would enable them to plan for retirement.

He also condemned the slow acceptance of the plan by the informal sector and called on pension operators to intensify awareness and marketing plans that would make the scheme remain one of the best means the workers to plan for retirement and avert old age poverty.

Oluwole urged pension operators to move from their comfort zones to reach people who are working daily, but may not be saving for the future.

According to him, politicians would be happy to join the MPP as they are not catered for by the CPS.

The National Pension Commission (PenCom), in its fourth quarter 2023 report, said a total number of 8,927 MPCs were registered in the fourth quarter by 17 pension fund administrators, bringing the total number of registered MPCs to 114,382 as of December 2023.

The total pension contributions received from MPCs in Q4 of 2023 was ₦150.83 million.