The much-awaited transfer window for the Contributory Pension Scheme (CPS) is tentatively scheduled to open by June 2020.
The transfer window will empower pension contributors to migrate from one Pension Fund Administrator (PFA) to another if they feel unsatisfied with the services of the current PFA.
Mr. Bayo Yusuf, Managing Director/CEO of UBA Pensions Custodian Limited made the announcement at the 2019 Annual Media Partners Seminar organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos.
Mrs. Aderonke Adedeji, the President of PenOp and Managing Director/CEO of Leadway Pensure PFA said that data verification is on-going to enable seamless transfer window processing.
She lamented that growth has peaked in the pension system and slowing down due to the prevailing economic situation in the country.
Mr. Peter Aghahowa, the Head of Corporate Communications at the National Pension Commission (PenCom) said as at October 31, 2019, a total of 28, 000 participants have been recorded in the micro-pension plan launched earlier this year for Nigerians operating in the informal sector. He said the figure was generated by 19 PFAs in the industry.
Aghahowa listed some of the challenges facing the micro-pension plan as follows:
- Low level of financial literacy
- Low awareness of the micro-pension plan in the country
- Inadequate technology platform to support the plan
Low NIN registration