Micro Pension
Pension is a regular income received by a person at retirement when he or she stops working because of having reached a certain age or based on health condition in order to cater for his or her needs at old age. Micro Pension Plan refers to an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organizations with less than three (3) employees to make financial contributions towards the provision of pension for their retirement or upon incapacitation. Micro Pension guarantees a secured future through steady income at retirement. It reduces old age poverty and the process is easy, simple and flexible. Under the Micro Pension Plan, all Associations, Unions, Cooperatives and Trades as well as the Professionals are covered and can participate in the scheme.
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Nothwithstanding the provisions of sub section (2) of this section, employees of organisations with less than three employees as well as self-employed persons shall be entitled to participate under the scheme in accordance with guideliness issued by the Commission.
The Micro Pension Plan has several benefits which include;
- Flexible contribution remittances
- Opportunity to make withdrawal prior to retirement (40% of contribution)
- Achievement of economic stability objectives of contributors
- Financial independence in old age
The activities that would be covered under the Micro Pension Plan at FCMB Pensions include;
- Registration of contributors
- Collection of contributions from contributors
- Management and investment of funds accumulated under Micro Pension Plan
- Withdrawal from contingency portion of the RSA
- Benefit payments to contributors
- Provision of financial advisory services
- Provision of superior customer service to contributors
At FCMB Pensions Limited, Contributors in the Micro Pension Plan will enjoy the following;
- Prompt processing and notification on remittances and withdrawals
- Provision of pension services to contributors
- Easy real time access to Retirement Savings Account details
- On time benefits payments
- Adequate security of contributions
- Attractive returns on investment
- Free pension advisory services and regular industry updates via various platforms
Kindly fill the form below to enroll
Micro Pension Contingent Withdrawal Checklist
- Written application
- Two passport photographs
- Bank confirmation of account details letter affixed with Passport and stamped across by the Bank
- Valid means of identification which must be any one of the following(National Identification card, International passport, Driver’s License)
- Copy of Tax Payers Identification Card or Tax clearance Certificate