Nigeria releases guidelines for micro-pension scheme

The National Pension Commission (PENCOM) has said that it had released framework and guidelines for Micro-Pension Scheme to take off in first quarter of next year in Nigeria.
The Acting Director-General of PENCOM, Mrs Aisha Dahir-Umar, said this at the Compliance Officers Forum held in Uyo on Monday that the micro-pension scheme was 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 of guidelines.
She advised operators of the National Pension Schemes to guard against any form of threat in an attempt to swindle those in the industry.
She said to promote better risk management in licensed pension operators, the commission had 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).
She said that the monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remained part of the responsibilities of the compliance officers.
“This forum will therefore focus on reviewing compliance and ethical culture, institutionalisation 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.
Participants were drawn from the 31 licensed operators of national pension scheme across the country.