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PenCom embarks on sensitisation  of youths  on pension  matters, financial inclusion

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Pension

Abuja, June 12,2019The National Pension Commission(PenCom)says it is taking practical measures to educate and expose Nigerian youths on the economics and workings  of pension administrations and management  in the country.

PenCom, in a document obtained by the News Agency of Nigeria in Abuja on Wednesday said the commission had begun to implement a targeted pension education programmes for  Nigerian youths.

PenCom said the strategies, designed to inculcate   right knowledge of financial inclusion among Nigerian students had resulted in the introduction of pension administration course  into Nigerian universities.

“The commission is also conducting pension literacy programmes by hosting students of various  tertiary  institutions on  educational visit to the commission.

“The commission is also collaborating with  other financial regulators on financial literacy for development of financial education curriculum for basic and senior secondary schools in Nigeria.

“The commission has also trained 1,300 National Youth Service Corps members (NYSC) in 12 states to educate their peers and primary communities through the national financial inclusion peer group educator programme,’’ it said.

PenCom  said it was also initiating mentoring  programmes in secondary  in  commemoration of the annual world savings day.

The commission explained that it was also  utilising  the social media platforms like facebook, twitter and other media programmes on television,radio and the  print media to educate youths on financial inclusion and pension.

On current state of Contributory Pension Scheme (CPS), the commission said 8.46 million contributors  had  been registered  as at March, while the total pension assets grew to N9.03 trillion same month.

It said 280,454 retirees were currently receiving pensions as and when due under the CPS as at March.

On Programmed Withdrawal, (PW) the commission said  214,538  retirees received N559.48 billion as lump sum and N9.14 billion as average  monthly pensions .

On annuity, PenCom said 65,916 retirees were paid  N86.60 billion as lump sum and N353.69 billion as premium .

This, it said provided an average monthly pension of N3.52 billion

It said N173.86 billion was paid as death benefitz to the beneficiaries and administrators of 55,820 deceased contributors as at March .

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Edited by Julius Toba-Jegede

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