PenCom urges artisans, traders, self-employed to enroll in Micro Pension Plan

market places, public gatherings, associations and trade fair grounds across the country.

Dahiru also urged Nigerians to embrace PenCom acquisition of residential mortgages (residential houses) scheme for Retirement Savings Account (RSA) holders.

He recalled that the Central Bank of Nigeria (CBN) had approved no less than 34 mortgage banks to work with the PenCom and Pension Fund Operators in providing mortgage financing to Contributors into the Contributory Pension Scheme (CPS) with their RSA balance.

The PenCom spokesman said that the commission was determined to implement the scheme for the contributors to ensure that RSA holders have houses of their own at retirement.

Dahiru noted that for contributors under the Contributory Pension Scheme (CPS) to be eligible to use their RSA balance for acquisition of residential mortgages, they must have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.

“The same thing applies to the contributors under the Micro Pension Plan; even married couples, who individually met the eligibility criteria, were also eligible,” he said.

Explaining the limit for equity contribution that qualifies a contributor, he said that the maximum allowed at 25 per cent of the RSA balance, adding that where 25 percent of RSA balance is more than equity contribution, the RSA holder can only access the amount equivalent to equity contribution required.

“Where 25 per cent was not sufficient for equity contribution, RSA holders may utilise Voluntary Contribution (VC) in line with the Voluntary Contribution guidelines,” he said.

He said that it is hoped that the mortgage financing incentive would help to grow the number of contributors into the CPS scheme.

Dahiru further explained that the commission is at the ongoing Enugu International Trade Fair ground to promote her new plan product, give clarification to questions on pension and make its presence felt among others.

Editor

Jude Ossai (JP) a veteran journalist is a National Diploma holder in Mass Communication from Ogwashi-Uku Polytechnic Ogwashi-Uku, Delta State. He also studied at Enugu State University of Science and Technology (ESUT) Enugu and Imo State University, Owerri for his first and second degrees in Mass Communication, respectively. He writes extensively on politics, crime, corruption, climate change, healthcare, human rights, social justice, among others.