Tuesday 5 February 2013
Pension operators target 20m contributors by 2017
Chuks Udo Okonta
Operators in the pension industry would leverage the integration of businesses in the informal sector to increase the numbers of contributors from 5.5 million to 20 million by 2017, the President Pension Fund Operators Association of Nigeria (PenOp) Dave Udeanu, has said.
Udeanu, who disclosed this on Tuesday at a media parley in Lagos, said several additional incentives are being proposed to make the pension scheme more beneficial to persons working in the informal sector, who accounts for over 60 per cent of the working population in the country.
He noted that the National Pension Commission (PenCom) has released an exposure draft of the framework for the participation of persons operating in the informal sector, stressing that the draft is currently being finalised.
He said the framework once released, would ensure the participation of persons working in the informal sector and effectively increase the coverage of the scheme.
Udeanu said PenCom will also before the end of the first quarter of this year, incorporate a multi-fund structure for Retirement Saving Accounts (RSA) funds, into the amended investment guidelines.
He said: "The decision to introduce the multi-fund structure in the first quarter 2013, is to allow enough time for public education and sensitisation by the commission and also allow operators enough time to be ready to impliment the structure.
"The multi-fund would be primarily differentiated by their overall exposure to variable income instruments and a contributor's choice of funds may be limited based on the age of the contributor. Also the multi-fund structure would likely also allow for the introduction of a non - interest or ethical fund."
Managing Director ARM Pension Managers Limited Sadiq Mohammed, on pension contributory recovery agents, said the agents have visited over 5,584 firms out of 15,750 firms identified as non-complaint, adding that over N2.5 billion is expected to be recovered from the identified defaulters.
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