Give the gift of a lifetime: Gift-a-Pension
Updated: Mar 1
Everyone deserves a pension at retirement but alas not everyone can afford to get one so on Valentine's day we decided to launch an initiative called Gift-a-Pension which is our own little way of increasing the number of individuals in the informal economy that have access to pension at retirement.
Gift-a-Pension is built around the Micro Pension Plan (MPP) which was introduced in 2019 (The Pension Reform Act (PRA) 2014 expanded coverage of the CPS to the self-employed and persons working in organizations with less than 3 employees) to promote inclusive growth by allowing individuals in the informal sector access to open Retirement Savings Accounts (RSAs) which were hitherto an exclusive preserve of the formal sector of the economy by design.
Before the advent of the Micro Pension Plan, retirement savings accounts were only allowed to be co-funded by employers and employees and funds in the accounts can only be accessed at retirement or in the event of unemployment that has lasted at least 4 months due to a job loss but accounts opened under the MPP are individually funded with more flexible options for withdrawal of funds. Unfortunately even though access to pension has been extended to the informal sector, a lot of the players in this sector which accounts for well over 50% of Nigeria's GDP have either not opened RSAs or have accounts that are not funded thereby defeating the purpose of the MPP.
The Gift-a-Pension initiative provides a platform to enable individuals with personal or domestic staff to fund their retirement savings account on their behalf under the micro pension plan thereby giving them a gift that lasts a lifetime. Staff that can fall under the domestic or personal staff categorization include personal assistants, secretaries, security officers, cooks, maids, drivers, gardeners etc. )
Here is how it works. First as a Gift-a-Pension sponsor you need to get your domestic or personal staff to open a Retirement Savings Account with AIICO Pension either online or by downloading and filling an offline form which can be submitted in any of our branches or to any of our representatives. The account holder will be notified of his Personal Identification Number (PIN) by SMS and email.
After this you can then register as a sponsor on our website (https://www.aiicopension.com/giftapension) and using the PIN you will be required to register your Gift-a-Pension beneficiary and make the desired Pension contribution.
Frequency of Gift-a-pension contributions are solely at the discretion of the sponsor and the beneficiary will be notified of every payment into his account via SMS and email. For more information on how to Gift-a-Pension you should call 0700-AIICOPFA or send an email to firstname.lastname@example.org, our customer service advisers will be very willing to walk you through the gifting process.