Section 2(3) of the Pension Reform Act, 2014 (PRA 2014) provides that employees of organizations with less than three employees as well as self-employed persons shall be entitled to participate in the Contributory Pension Scheme in accordance with Guidelines issued by the National Pensions Commission.
The Micro Pension Plan (MPP) is voluntary and solely funded by the contributor who must not be below 18 years of age with legitimate source of income as contained under Section 2 (3) of the PRA 2014.
According to the Nigeria Bureau of Statistics (NBS), about 80% of Nigerian workers operate in the informal sector contributing about 48% of the national GDP.
Consequently, to accelerate the drive in attracting informal sector workers to the Micro Pension Plan, FCMB Pensions is partnering with Awabah Nigeria. Awabah is Nigeriaâs first digital micro pension platform. Awabah focuses on influencing the participation of Associations and Unions to grow Micro Pension Retirement Savings Accounts (RSAs) by providing support, guidance, adequate information, and also provide ease of registration of customers.
FCMB Pensions Limited is a member of FCMB Group Plc licensed by the National Pension Commission (PenCom) to carry on business as a Pension Fund Administrator (PFA) as defined under the PRA 2014. FCMB Pensions has registered over 700,000 Retirement Savings Accounts in the Private and Public sectors of the economy. Also, FCMB Pensions manages RSAs for workers in the informal sector under the Micro Pension Plan (MPP).
Open a Micro Pension Account Today with FCMB Pensions and enjoy the following Benefits;
- A secured future through steady income at retirement
- Financial independence and elimination of poverty at old age.
- Flexible contribution remittances;. contributions can be made daily, weekly or monthly as convenient and in Nigerian currency
- The Micro Pension contributor shall be eligible to withdraw up to 40% portion of his/her balance 3 months after making the initial contributions.
- Safety of contributions (funds managed by licensed Professionals such as FCMB Pensions).
Take charge of your retirement and avoid old age poverty today; Open your Micro Pension Plan Account with FCMB Pensions as we partner with Awabah to provide the best of customer services ranging from prompt processing and notification on remittances and withdrawals, real-time access to Retirement Savings Account details, on time prompt Benefits payments, collection of contributions, adequate security of contributions and attractive returns on investment.
“The creation of the Micro Pension Plan means that informal workers who make the bulk of Nigeria’s working population will finally have a chance to access regular income upon retirement. At Awabah, we are committed to extending the reach of this plan so no worker is left behind and we’re thrilled to have an organization as grounded as FCMB Pensions partner with us to make this happen“.- Tunji Andrews, Co-founder/CEO Awabah.
“Education is as important as access when trying to drive Micro Pension adoption across the country. As such, we have planned several initiatives alongside FCMB Pensions to ensure that informal workers understand the importance of actively saving for retirement. We look forward to implementing these schemes with FCMB Pensions, and we are positive that this partnership will lead to wider acceptance by workers.â – Yemisi Obitayo, Head of Business, Awabah.
For registration or enquiries regarding the Micro Pension Plan, do not hesitate to contact Awabah on 08064068856, 08025362316 or hello@awabahng.com. You can also contact FCMB Pensions on: 07080633004, 08059580002 and 08032752888 or info@fcmbpensions.com Live Chat:Â www.fcmbpensions.com
Nice one that will go along way