2019 Lagos Trade Fair: PenCom Engages Youths On Reducing Old Age Poverty With MPP

PenCom officials engaging students at the 2019 Lagos International Trade Fair 

By LOVETH AZODO, Lagos

The National Pension Commission (PENCOM) has announced its presence at the ongoing 2019 International Lagos Trade Fair, engaging the public especially the youths on the mandate to reduce old age poverty with the Micro Pension Plan (MPP) under the Contributory Pension Scheme (CPS).

The Head Corporate Communications, PenCom, Mr. Peter Aghahowa told Newsmen at the Commission’s Stand that the commission’s primary purpose of coming to the fair is to share the good news of the benefits of Micro Pension Plan as well as the Contributory Pension Scheme.

According to him, the commission has the mandate to reduce Old Age Poverty “We are here to share the good news, meet with them face to face, and tell them about the Micro Pension and Contributory Pensions Scheme.”

“Yes, people have been coming for enquiries especially the young people and we have been engaging them,” he said

Also, he urged that contributors under the CPS should endeavor to update records of their Retirement Savings Account (RSA) with their respective Pension Fund Administrators (PFA)s.

He stated “there are some people that has changed their number, address and even Next Of Kin (NOK), they wait until something happens or a day before their retirement before they do it.”

He warned that delay is dangerous especially when it comes to pension “do it while in service,” he urged.

It would be recalled that in a bid to strengthen the post-retirement financial capability of all working Nigerians, PenCom launched the MPP on Thursday, 28 March 2019.

According to PenCom, the MPP will allow employees of organizations with less than three staff as well as self-employed individuals to participate in the Contributory Pension Scheme.