Nigerian Universities' workers get new PFA

THE National Pension Commission, PenCom, has issued licence to the Nigerian University Pension Management Company Ltd, NUPEMCO, to carry out the business of a Pension Fund Administrator, PFA, in universities.

PenCom’s Head of Corporate Communication, Mr Peter Aghahowa in a statement, in Abuja said the approval was based on detailed evaluation of NUPEMCO’s compliance with the requirements stipulated by the Commission.
NUPEMCO was earlier set up to manage the retirement benefits of staff in Nigerian universities.
It has the mandate to improve the post working standards of staff of Nigerian universities.

Meanwhile, the commission has revealed that non fewer than 8.41 million Nigerians are presently contributing into the country’s pension scheme.
The commission said this in its Pension Fund Assets Summary as at December 2018 released to newsmen on Wednesday.

According to the Commission’s Spokesman, Peter Aghowa, more Nigerians would key into the scheme through the soon to be launched “Micro Pension Scheme”.
PenCom said the Micro Pension Scheme was designed to attract self-employed Nigerians with irregular income and the financially uninformed to pension plan.
The Commission posited that the scheme, which would be formally launched in this first quarter, is expected to grow contributors and accumulate N3 trillion by year 2024.
“We have no idea of the number of Nigerians that would key in at the launch of the scheme. However, we intended covering the entire informal sector over time, this is about 60 million citizens,” the Commission said.

PenCom further said that total pension assets soared to N8.50 trillion at the end of 2018.
PenCom said the assets soared as six underwriting and 17 broking firms remitted over N426.36 million for their employees as at the period.