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Micro Pension Scheme
The Micro Pension Scheme (MPS) is designed to help traders, artisans, professionals and other self employed people who do not qualify for the Contributory pension scheme (CPS), save conveniently for retirement.
benefits
Why Choose Our Micro Pension Scheme?
1.
Stability
Provides a reliable source of income during retirement, ensuring a stable financial future.
2.
Flexibility
You can contribute small amounts, making it accessible to everyone, regardless of income level.
3.
Security
It helps individuals save for retirement, providing a safety net for old age and reducing dependence on family members.
4.
Convenience
Allows you choose your level of commitment, making it easier to incorporate into your financial planning.
The National Pension Commission operating under the Pension Reform Act 2014 already has the Contributory Pension Scheme running actively for individuals in corporate organizations with at least three (3) 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 in retirement.
This sector constitutes the larger percentage of Nigeria’s working population and are perceived to generally have irregular stream of income.
Guidelines
The Micro Pension Plan is part of the Contributory Pension Scheme (CPS) for self-employed individuals and employees of organizations with fewer than three workers. It allows participants to contribute toward their pension for retirement or in case of incapacitation.
This plan offers a secure income during retirement, helping to reduce poverty among the elderly. It is simple, flexible, and open to all associations, unions, cooperatives, trades, and professionals. Participation is voluntary and funded entirely by the contributor, who must be at least 18 years old with a legitimate source of income.
- Must be self-employed or employed.
- Valid means of identification
- A completed RSA form
- Bank Verification Number (BVN)
- A passport photograph against a white background.
- Begin the sign-up process by downloading and completing an RSA account form, scan it and email it to us.
- Complete the form with your personal information, including your BVN, and ensure it matches the details on your BVN. Upload valid KYC documents, such as identification, proof of address, and a passport photograph, as part of the account verification
- Once you have submitted the form, you will receive an email with your user ID and default password. Use this information to log into your account and set up a strong, personal password
- After activation, you can start saving as little as ₦500, with the option to withdraw up to 40% of your savings for emergencies
- Regularly review your account for performance updates to ensure your investments remain in line with your financial objectives
- If you have any questions or face any challenges, don’t hesitate to contact CardinalStone’s customer support for help.
Every contribution received is split into two portions: The Contingent portion (40%) and the Retirement Benefit portion (60%). They can be accessed as stated below:
Contingent Withdrawal
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. Thereafter, subsequent withdrawals can be accessed once in a week. Contributors have the option of converting their contingent portion to retirement benefit portion totally or partially at the end of each year.
Retirement Benefit Withdrawal
Contributors upon retirement and having attained the mandatory age of 50 years can access their 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.