We call on all PFAs to take the “Transparency Path” by disclose the fund prices for their Micro Pension Fund 5 on their websites
Micro Pension Retirement Savings Account (RSA) Fund 5 Return on Investment (ROI) for January to April 2022 for all Pension Fund Administrators (PFAs) in Nigeria.
Only thirteen (13) Pension Fund Administrators (PFAs) disclosed the Fund prices for their Micro Pension RSA Fund 5, on their websites, as at 30 April 2022, as required by the guidelines on the minimum information to be disclosed on PFAs’ website.
Based on reports released by the National Pension Commission (PenCom), the regulator for pension in Nigeria, as at 31 December 2021,stated that nineteen (19) PFAs (out of 22) had registered Micro Pension contributors. We call on all PFAs to take the “Transparency Path” and disclose the fund prices for their Micro Pension Fund 5 on their websites, reiterated.
The thirteen (13) PFAs that disclosed their Micro Pension fund prices on their websites as at 30 April 2022 are;
Stanbic IBTC Pension Managers Limited
Veritas Glanvills Pensions Limited
Guaranty Trust Pension Managers
CrusaderSterling Pensions Limited
NLPC Pension Fund Administrators Limited
APT Pension Fund Managers Limited
FCMB Pensions Limited
Premium Pension Limited
Radix Pension Fund Managers Limited
Pensions Alliance Limited
ARM Pension Managers Limited
Trustfund Pensions Limited
Tangerine Pensions Limited (AXA Mansard)
Though, IEI-Anchor Pension, Leadway Pensure and First Guarantee Pension Limited did not disclose their Micro Pension Fund prices on their website as at 30 April 2022, we were able to get the fund prices easily from the PFAs.
Below chart showed the performance of Micro Pension Fund 5 for January to April 2022 for sixteen (16) PFAs.
Kindly note that Sigma Pensions Limited confirmed to us that they do not have Micro Pension Fund. Nigeria Police Force Pensions Limited and Nigerian University Pension Management Company do not have Micro Pension because they are not PFAs meant for the general public.
We call on Fidelity Pension Managers Limited and OAK Pensions Limited to ensure that their Fund prices are disclosed for the minimum period required by Law on their website and also to ensure they make their fund prices available when requested for.
Micro Pension Plan (MPP) is a pension plan under the Contributory Pension Scheme (CPS) that allows people who are not mandatorily covered by the Pension Reform Act 2014, make financial contributions towards the provision of pension at their retirement or incapacitation.
Micro Pension was introduced in March 2019 and it is voluntary for Persons working in the informal sector, market women, carpenter, plumbers, mechanic, ride hailing drivers etc, can all open a Micro Pension Account with any Pension Fund Administrator (PFA) of their choice except Nigerian University Pension Management Company (NUPEMCO) and Nigeria Police Force Pensions Limited