Retirement plans are usually a big deal for low income earners or self employed persons. But the micro pension plan policy introduced by the Federal Government in March 2019 has made pension savings and retirement plan available to all classes of workers.
Besides, the National Pension Commission in its Micro Pension Plan guidelines says that “section 2 (3) of the Pension Reform Act 2014. (PRA 2014) provides that employees of organisations with less than three employees as well as the self-employed persons shall be entitled to participate in the artributory pension scheme in accordance with guidelines issued by the commission.”
But with the micro pension plan introduced by Stanbic IBTC Pension Managers Limited, employees of small firms, structured or unstructured; self employed persons who may even be artisans, traders and young people with regular or irregular income, can plan for their future.
According to Stanbic, unique benefits of Micro Pension Plans are as follows:
- Your money is safe
- You develop the habit of saving
- You earn returns on your savings
- Flexible withdrawal plan
- Excellent customer service
- Access to other incentives which include reward and loyalty programs( subject to terms and conditions)
- Retire well
How to registers for Stanbic IBTC Micro Pension Plan
All that is needed to register is a Retirement Saving Account (RSA) that can be acquired physically at the bank branches or on their website.
Other requirements include Bank Verification Number (BVN), means of registration such as National Identification Number, Permanent Voters Card, International Passport; evidence of membership of a registered association, union or cooperative society; Certification of business registration; Certificate of incorporation and Letter of employment.