Cheer-up Tailors, Plumbers, Carpenters…You Have A Pension Scheme Coming


The Head, Corporate Strategy and Research Department at The National Pension Commission (PENCOM) Dr Farouk Aminu yesterday said his commission would soon launch a new pension scheme for people under the informal sector of the nation’s economy.

Speaking in Abuja, Dr. Aminu said the objective of the pension scheme is to get the people under the informal sector who do not have a structured workplace to be covered by a pension system.

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Aminu made a list including tailors, mechanics, vulcanisers and other artisans as the category of people the commission would establish the new pension scheme for. He stressed that this would be special scheme designed to help the peculiarity of these people under the informal sector.

Dr Farouk Aminu said:

“When one looks at the people under informal sector, you will notice that their income are irregular and does not come often. So you cannot put them with people whose incomes are regular; example, yesterday the person earned a million naira and today he earned nothing. People that earn regular incomes, their pensions are percentages of their salaries, hence you have to consider these peculiarities.”

“People who earn regular incomes work under the ministries or agencies and are easily to be captured under the pension scheme”.

He added that all the states in the country presently were reforming their pension systems to ensure that they operated a safer and credible pension scheme.

“Now with the new reform pension law, any person that retires under the federal civil service will start to receive his retirement benefits from four months”

Aminu advised employees to always register with a Pension Fund Administrator of their own choice, adding that they should also give correct information for their pension.

He also advised contributors under Integrated Payroll and Personnel Information System (IPPIS) not to hesitate to forward complaints regarding remittance issues to the IPPIS.

Aminu added that pension contributors who were yet to transfer to IPPIS but still under PENCOM should see the commission to correct the challenges.

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He said that if there was any challenge from the PENCOM, it must be from the Nominal Roll of the contributor.

He added that when such challenge arose, PENCOM always ask the retirees to send their nominal roll to the commission for corrections and the pensioners would immediately begin to receive their benefits.