Micro Pension Scheme Begins In Nigeria In 2019- PENCOM

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PENCOM
PENCOM

The Acting Director-General, National Pension Commission (PENCOM), Mrs Aisha Dahir-Umar, said that the commission has released framework and guidelines for Micro Pension Scheme to take off first quarter of next year in the country.

Dahir-Umar, who was represented by Mr. Datti Yola, Head Surveillance Department, PENCOM, said this at the Compliance Officers forum held in Uyo on Monday.

She said that the micro pension scheme 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.

“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 guidelines.

Dahir-Umar advised operators of the National Pension Schemes to be armed and guard against any form of threat in an attempt to swindle those in the industry in this era of cyber crimes and sophisticated Information Technology.

She said to promote better risk management in licensed pension operators, the Commission has 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).

The acting director-general stressed that the monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remains part of the responsibilities of the Compliance Officers.

“This forum will therefore focus on reviewing compliance and ethical culture, institutionalization of Know Your Customer (KYC) processes in the industry.

“Matters of identity theft in data capturing; emerging risks and its mitigating factors as well as other general industry operational issues.

“It is my expectation that this forum will further enhance the capacity of each Compliance Officer towards the effective discharge of functions,” she said.

Dahir-Umar assured participants at the forum that the commission would continue with its consultative philosophy, transparency and good corporate governance in the implementation of the Contributory Pension Scheme in the country.