Embrace pension scheme to prevent poverty at old age, PENCOM advises Nigerians

PenCom allays fear over management of N8.67trn pension fund
Access Bank Plc

The National Pension Commission (PENCOM) on Monday advised every working-class Nigerian to key into a suitable pension scheme to prevent poverty at old age.

Mr Peter Aghohowa, PENCOM Head of Corporate Communication, said this during the commission’s awareness forum at the ongoing Lagos International Trade Fair at Tafawa Balewa Square (TBS).

Aghohowa said that the mandate of the commission was to reduce poverty at old age by providing a platform for Nigerians to be pensionable.

According to him, the presence of the commission at the Trade Fair is to enable it to spread the good news about the pension scheme and encourage more Nigerians to key into it.

“We are here to sensitise the public on the Contributory Pension Scheme (CPS) and the Micro Pension Plan (MPP) and why Nigerians should key into the scheme for their future benefit.

“We also encourage Nigerians to revert to their Pension Fund Administrators (PFA’s) to update their record for a seamless process in the ongoing data clean up,’’ he said.

Aghahowa said that the major product introduced to the populace at the ongoing fair is the recently launched MPP for self-employed Nigerians.

He said the plan was introduced to bring self-employed populace into the pension arrangement in order to capture a large chunk of working population.

According to him, the scheme is designed to improve the standard of living for the self-employed on retirement, among other benefits.

Our correspondent reports that prospective clients, especially youths, were seen trooping into the commission’s stand to enquire about various pension schemes.