The National Pension Commission (PenCom) says the Micro Pension Scheme will begin in earnest in the first quarter of 2019.
The Director-General of PenCom, Mrs Aisha Dahir-Umar, made the disclosure at the sixth conference organised for pension directors by the commission in Lagos state
She said that the scheme was delayed due to hitches encountered in Information and Communication Technology.
The Girector-General, however, affirmed that the hitches would be sorted out latest by the end of September for the scheme to kick off fully in the first quarter of 2019.
“The commission believes that the scheme will be part of the efforts toward ensuring the long term and sustainability of the Federal Government’s social empowerment programme,” she said.
The PenCom chief also said that the guidelines for the scheme had been approved by the office of the Secretary to the Government of the Federation (SGF).
On the pension scheme challenges, the PenCom Director-General said that there was increased clamour by pension contributors to redirect their retirement savings.
She explained that the clamour was redirection of the N8.5 trillion pension assets toward the resolution of other social problems such as health, unemployment and other similar challenges.