The National Pension Commission says effort is in top gear to provide incentives to contributors under the Micro Pension Plan to encourage more enrolments.
The Director-General, PenCom, Aisha Dahir-Umar, who disclosed this at a one day workshop for journalists in Abuja said the Revised Regulation on the Administration of Retirement and Terminal Benefits, which the Commission recently issued to Pension Fund Administrators (PFAs) for immediate implementation will guide the process of accessing retirement and terminal benefits by pension contributors and retirees under the CPS.
Represented by the Head, Corporate Communications Department, Abdulqadir Dahiru, the PenCom boss said the revised regulation also introduced administrative sanctions on PFAs who disregard the provisions of the regulation, a measure to ensure that they promptly process the payment of retirement benefits to retirees.
The PenCom Director General, further noted that the agency will soon make public a new policy called Minimum Pension Guarantee Guideline which will change the face of pension administration in the country. The theme of the one day workshop is “Increasing Informal Sector Participation in Contributory Pension Scheme: The Case for Micro Pension Plan”.