PenCom embarks on sensitisation of youths on pension matters, financial inclusion

The National Pension Commission says it is taking practical measures to educate and expose Nigerian youths on the economics and workings of pension administrations and management in the country.
PenCom, in a document obtained by the News Agency of Nigeria in Abuja on Wednesday, said the commission had begun to implement a targeted pension education programmes for Nigerian youths.
PenCom said the strategies; designed to inculcate   right knowledge of financial inclusion among Nigerian students had resulted in the introduction of pension administration course into Nigerian universities.
The commission explained that pension course had since been introduced at the Ahmadu Bello University Zaria during the 2017/2018 Academic Session.
He said: “The commission is also conducting pension literacy programmes by hosting students of various tertiary institutions on educational visit to the commission.
“The commission is also collaborating with other financial regulators on financial literacy for development of financial education curriculum for basic and senior secondary schools in Nigeria.
“The commission has also trained 1,300 National Youth Service Corps members in 12 states to educate their peers and primary communities through the national financial inclusion peer group educator programme.”
PenCom said it was also initiating mentoring programmes in secondary in commemoration of the annual world savings day.
The commission explained that it was also utilising the social media platforms like facebook, twitter and other media programmes on television, radio and the print media to educate youths on financial inclusion and pension.
On current state of Contributory Pension Scheme, the commission said 8.46 million contributors had been registered as at March, while the total pension assets grew to N9.03 trillion same month.
It said 280,454 retirees were currently receiving pensions as and when due under the CPS as at March.
On Programmed Withdrawal the commission said  214,538  retirees received N559.48 billion as lump sum and N9.14 billion as average  monthly pensions.
On annuity, PenCom said 65,916 retirees were paid  N86.60 billion as lump sum and N353.69 billion as premium.
This, it said provided an average monthly pension of N3.52 billion.
It said N173.86 billion was paid as death benefits to the beneficiaries and administrators of 55,820 deceased contributors as at March.