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PenCom to provide health insurance for micro pension contributors

PenCom to provide health insurance for micro pension contributors
August 29
10:47 2022

The National Pension Commission (PenCom) says it is planning to provide incentives to contributors under the micro pension plan (MPP).

The commission said incentives such as health insurance would increase participation in the scheme.

Aisha Dahir-Umar, director-general of PenCom, said this at a recent workshop for journalists in Abuja.

Dahir-Umar said the MPP was implemented to curb old-age poverty by assisting informal sector workers, including small-scale businesses, entertainers, professionals, petty traders, and others.

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“It is of utmost importance to educate the media on the MPP and enlist your support to make the plan popular amongst informal sector workers and the self-employed,” Dahir-Umar said.

“The commission is mindful of your critical role in disseminating factual information to its stakeholders.

“So, it is imperative to constantly interact and inform you of recent developments in the pension industry and some of the commission’s significant activities.

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“Strategic efforts to drive the micro pension plan remain one of the important areas of focus of the commission.

“To boost confidence in the participation of the MPP, the commission is strategising to provide incentives such as health insurance.”

Dahir-Umar said that the revised regulation on the administration of retirement and terminal benefits, which the commission recently issued to pension fund administrators (PFAs) for immediate implementation, would ensure prompt payment of benefits to retirees.

“The key highlights of the revised regulation include clarifications and simplification of documentation processes, RSA consolidation before payments of retirement benefits, accrued pension benefits for private sector contributors, and additional lump sum payments,” she explained.

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The PenCom DG added that the revised regulation introduced administrative sanctions on PFAs who disregard the provisions of the regulation.

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