The Pension Fund Operators Association of Nigeria has said micro pension plans are national emergency systems to avert increase in poverty rate and dependency on government funds.
PenOp said this during the 7th edition of the National Association of Insurance and Pension Correspondents conference and the unveiling of the association’s new identity to Nigerian Association of Insurance and Pension Editors in Lagos.
Speaking at the conference, the Chief Executive officer, PenOp, Mr Oguche Agudah, said, “If you look at the huge people in the informal sector, cast your mind to 20 to 30 years down the line. If all of these people that were in the informal sector are 60 or 70 years old, they are retired, they don’t have work or any means to make money, what do you think will happen to them?
“Surely, the dependency on government fund will be huge. So we need to act now to be able to save the future.”
According to him, the industry must ensure that it got more informal people into the pension space and redesign pension for them.
On her part, Director-General, National Pension Commission, Aisha Dahir-Umar, said the micro pension space was one of the strategies through which the pension industry had been contributing to the financial issues in Nigeria.