The Micro

Pension Plan

The Micro Pension Scheme (MPS)
was launched on the 28th March
2019 by the president of the Federal
Republic of Nigeria.

It was designed to help traders, artisans
professionals and other self-employed people
working in organizations with less than 3
employees who do not qualify for the
contributory Pension scheme save
conveniently for for retirement.

The National Pensions Commission operating under the Pension Reform Act 2014 already has the Contributory Pension Scheme (CPS) running actively for individuals in corporate organizations with 3 or more employees to help them save enough for retirement. These persons have a unique Personal Identification Number (PIN) with which they are identified.

Now, this opportunity has been extended to help low, middle and high income earners in the informal sector save easily by providing a regular flow of income retirement. This sector constitutes the larger percentage of Nigeria’s working population and is perceived to generally have irregular streams of income. 


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  • No Limits. It may be daily, weekly, monthly or as may be convenient to them.
  • Every contribution received is split into two portions: The Contingent portion (40%) and the Retirement Benefit portion (60%). 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. Also, upon retirement and having attained the mandatory age of 50 years, you can access your 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.
  • No, you can only make contributions in Nigerian currency.
  • No, but he can make VOLUNTARY contributions in his/her CPS which has nothing to do with Micro Pensions Scheme.
  • No, participants in mandatory contribution cannot convert to Micro Pension Plan.