For Micro Pension Plan, its a tale of two cities, while Pension Fund Administrators are grappling with low registration every quarter, far below the mark anticipated in the build up to the launch several years ago, it is witnessing a low volume stream of contributors dumping the plan for preferred mandatory contributory pension scheme.
In the second quarter of 2022, contained in the National Pension Commission, Second-Quarter 2022 Report, a total of 3,831 micro pension contributors were registered during the under review by 17 out of 18 PFAs, bringing the the total number registered to 80,419 as at June 2022.
During the same period, a total of 33 micro pension contributors MPCs converted from MPP to the mandatory CPS with N615,119.11 contribution bringing the total contribution to N4.54m from 361 as at 30 June 2022.
Similarly, the total pension contributions received from MPCs in Q2 2022 was N22,193,664.59. PenCom stats said this brings the total pension contributions received to N280.78 million from 9,586 MPCs as at 30 June 2022.