The micro pension plan (MPP) was announced in 2019 as the conurbation of pension funds but it has not met the mark anticipated but it has remained steady notching up steadily growing participants every quarter with a total number of 4,715 micro pension contributors (MPC) registered during the 2022 Q4.
National Pension Commission report for the fourth quarter, indicated that participants registered by 18 pension fund administrators (PFA) for that quarter brought the total to 89,327 as at December, 2022.
The pension fund drag net of the MPC pulled in N42.11 million in the period under review, According to PenCom report, this brings the total pension contributions received to N368.03 million from 89,327 MPCs as at 31December 2022.
However, the micro pension fort is not the settle-in place for all contributors, within the same quarter, 58 MPCs decided to move to the macro station of the mandatory contributory pension scheme with N250,504.88 contribution bringing the total conversion amount to N4.82 million from 477 MPCs.
