NPRA PRESS RELEASES ON INFORMAL SECTOR PENSIONS: MATTERS ARISING
INTRODUCTION There are two press releases circulating on Informal Sector Pensions dated 26/08/2024 and 30/08/2024 issued by the National Pensions Regulatory Authority (NPRA), bringing to the attention of the general public that informal sector pensions already exist. In the 30/08/2024 press release, the NPRA directly linked informal sector workers to self-employed persons, stating: "...the new Pensions law has offered opportunities for self-employed persons (informal sector workers) to voluntarily contribute towards their pensions." Additionally, the NPRA associated Personal Pension Schemes with the informal sector, highlighting that: "as at the end of the second quarter of 2024, a total of twenty-six (26) Tier 3 Group Personal Pension Schemes and Personal Pension Schemes have been registered by the NPRA, targeted mainly at informal sector workers and are managed by licensed trustees." Furthermore, the NPRA linked the SSNIT Self-Employed Enrolmen...