MPP mewsletter

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MPP

MICRO PENSION PLAN

EVERYBODY
DESERVES THE
BETTER LIFE!

MPP

MICRO PENSION PLAN

Micro Pension Plan (MPP) is a scheme
under the Contributory Pension
Scheme (CPS) which allows self-
employed and persons working in
organization with less than three employees to
make their contribution towards retirement.

The scheme was launched on the 28th of
March 2019 by President Muhammadu Buhari
in Abuja and it is meant to guarantee a secured
future of the contributor through steady
income at retirement.

Micro Pension and Contributory
Pension Scheme

The MPP and the CPS are arrangements under
the Contributory Pension Scheme (CPS) but
the only difference between them is the nature
of participation. The CPS is mandatory for all
eligible employees and both the
employer/employee contribute towards the
payment of the employee's pension at
retirement. While the MPP on the other hand
is voluntary and solely funded by the
contributor.

Eligibility

Individuals eligible under the plan must be:
Ÿ Self-employed or employees of an

organization with less than three employees
or a member of an association (informal
sector).
Ÿ A Nigerian not below 18 years
Ÿ Have a legitimate source of income
Ÿ Belongs to trade/association/profession

In addition to above eligibility, one cannot
have more than one Retirement savings
account

MPP

MICRO PENSION PLAN

Enrollment Retirement benefit withdrawal. A
contributor shall be eligible to access
An eligible contributor enroll/register contingent balance after three months of
through a Pension Fund Administrator (PFA) initial contribution and subsequently
of their choice after which a unique personal withdraw once in a week from this balance.
identification number would be issued to In Contingent withdrawal, contributors can
them. withdraw a portion of the RSA balance made
available to ease their financial pressures
Contribution Under MPP before retirement.
In retirement withdrawal, contributors can
There is no minimum amount of contribution access a monthly pension upon retirement.
under MPP. The contribution is different Payment shall be made within 48 hours of
from commercial bank savings because it application for withdrawal.
can be withdrawn as monthly pension after The retirement age on MPP is 50years or on
retirement. Contributions can be made health grounds but contributor can extend
daily, weekly, monthly or as it may be his retirement age above 50years.
convenient to the contributor. Contribution The Management of the MPP shall be in one
can be made by cash deposit or electronic fund known as they Micro Pension Fund
transfer. while the investment of the fund shall be in
Every contribution shall be split into two line with the regulations on investment of
comprising 40% for contingent withdrawal Pension Fund Asset issued by the
and 60% for retirement benefits commission.

Withdrawals Have any question or enquiries? Please
contact your Relationship Manager here…
Withdrawals can be done through two
means; Contingent Withdrawal and

www.armpension.com

The Better Life

is for everyone

Who said you can’t enjoy life today and enjoy even more when you retire?
With the ARM Micro Pension plan, enjoyment flows into tomorrow.

Open an ARM Micropensions account today!

6, 0708 0535 200 Tomorrow is looking good