The National Pension Commission (PenCom) has urged Nigerians to take advantage of the new mini pension scheme to save for retirement. Abdulqadir Dahiru, the National Pension Commission’s Head of Corporate Communications, stated this during the commission’s Special Day at the 33rd edition of the Enugu International Trade Fair.
According to Dahiru, the new pension system is part of the commission’s five-year strategic plan, which aims to produce a more inclusive and extended coverage of the pension industry, allowing informal sector participants to save for their retirement.
He added that 90% of Nigerian employees are in the informal sector, and the majority of them do not have pension security for old age, adding that as people live longer, there is a risk of old age and poverty.
He did point out, however, that in addition to raising the standard of life for self-employed retirees, the mini pension program ensures their financial autonomy and independence.
“With the new scheme, it means that celebrities, accountants, architects, lawyers, artisans, traders, stylists, farmers, and more can now contribute to their pension
“Contributions are also flexible under the scheme which provides access to other incentives.” he said, adding that contributions can also be passed to the next of kin (NOK) even in case of the death of the contributor.
