Micro Pension Plan (MPP)
The 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. The Micro Pension Plan (MPP) is voluntary and solely funded by the contributor who must not be below 18 years of age with legitimate source of income
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
- Provision of superior customer service to contributors
- How to Register
How to Register
To open a Micro Pension Account, you would need the under listed:
- A Completed RSA Registration Form
- A Passport Photograph against a white background
- Your Means of Identification (National Identification Management Commission (NIMC) Slip or Permanent voters’ card or international passport)
- Bank Verification Number (BVN)
- any of the following
- Evidence of membership of a registered association, union, or cooperative society
- Letter of Employment
Mode of Withdrawal
Every contribution received is split into two portions: The Contingent portion (40%) and the Retirement Benefit portion (60%). They can be accessed as stated below:
- Contingent Withdrawal
The Contingent portion of the contribution can be accessed totally or partially, only after the initial remittance has stayed in the RSA for at least 3 months. Thereafter, subsequent withdrawals can be accessed once in a week. Contributors have the option of converting their contingent portion to retirement benefit portion totally or partially at the end of each year.
At VG Pensions, Contributors in the Micro Pension Plan will enjoy the following:
Contributors upon retirement and having attained the mandatory age of 50 years can access their retirement benefits in line with the Regulation for Administration of Retirement and Terminal benefits. This is also applicable to contributors that retired on medical grounds.
- Prompt processing and notification on remittances and withdrawals
- Provision of superior pension services to contributors
- Access to Retirement Savings Account on the go
- Prompt benefits payments
- Adequate security of contributions
- Superior returns on investment
- Regular industry updates via various platforms
To download our Micro Pension Plan Account Form, click here
For registration or enquiries regarding the Micro Pension Plan, please contact us via email:
contactcenter@vgpensions.com, info@vgpensions.com, enquiries@vgpensions.com, or
call: 01-2803550.
