One of the Pension Fund Administrators, Sigma Pensions, has urged the Small and Medium Enterprises to open Retirement Savings Accounts under the Contributory Pension Scheme and embrace voluntary contribution.
A statement by the firm quoted the Vice-President, Business Development (West), Sigma Pensions, Mrs. Mabel George, as giving the advice at the ConnectNigeria SMEs E-business fair 2018. Many representatives of the SMEs attended the event.
George stated, “For the medium and small-scale enterprises, we are very aware that it is important that they are able to contribute to the scheme. As long as you have a registered business, even if it is not a limited liability company or an enterprise, once it is registered with the CAC, you are able to come into pensions and do a voluntary contribution.
“Because what the law states for paid employment is that you must have a minimum of three workers; but if you are an SME, you are coming in under the micro pensions which is just at the boarding stage and you will be able to make contributions at a voluntary rate to suit your income,” she added.
In her presentation, she explained issues affecting the SMEs from growth and proffered solutions to enhance their development.
She stated, “What should be important to you is starting a business, have a health management scheme and most importantly, you must have a pension scheme. At Sigma Pensions, as a PFA for over 12 years, we want to see the SMEs, major firms and start-ups thrive in their businesses.”