In a bid to further enlighten the public on the Contributory Pension Scheme, the National Pension Commission (PenCom) unveiled a radio programme titled “Retirement Mata” at the weekend.
The ‘Retirement Mata’ according to a statement signed by Mr. Peter Aghahowa, Head, Corporate Communications, is a weekly 30-minutes pidgin programme aired every Friday on NAIJA 102.7FM, Lagos at 5:00pm.
“The public is therefore, invited to listen to this interesting programme that would educate, enlighten and address so many issues pertaining to the Contributory Pension Scheme”, it said.
It would be recalled that the Commission in furtherance of carrying out its mandate of regulating the pension industry recently issued new Guidelines to regulate the operation of voluntary pension contributions (VC).
According to the issued guidelines, voluntary contributions shall be non-obligatory contributions made by any employee in the formal sector through the employer.
The objectives, the Commission noted are: “To establish of uniform set of rules for the operation of Voluntary Contributions and eligibility criteria for participation in the Contributions.
“To provide the procedure for making Voluntary Contributions as well as necessary safeguards and modalities for its withdrawals
“To utilise voluntary contributions for the purpose of enhancing future retirement benefits for active or mandatory contributors
“To encourage retirees under CPS to utilise part or all of the Voluntary Contributions to augment their existing pension, and to also assist retirees under defunct defined benefit scheme, exempted persons from the CPS and foreigners to save in order to cater for their livelihood during old age”.
The Commission however, said: “It is pertinent to note that the Pension Reform Act (PRA) 2014 allows employees to make Voluntary Contributions into their Retirement Savings Account (RSA) in addition to their mandatory pension contributions, with the sole aim of enhancing their retirement benefits”.