Transitioning from paid employment to running your own business in Nigeria is a bold and rewarding move. However, many people stop contributing to their pension accounts during this transition, either due to a lack of awareness that the pension scheme accommodates entrepreneurs or by personal choice.
Whichever the case, discontinuing your pension contributions could put your retirement at risk. Whether you are now a small business owner, a start-up founder, or a freelancer, pension planning is still essential for you. It ensures long-term financial stability, provides tax benefits, and keeps you aligned with your financial growth plan.
As a business owner, you can grow your business while continuing your pension contributions, thereby securing a wealthy retirement. The Micro Pension Plan under the Contributory Pension Scheme (CPS) is designed to support entrepreneurs and informal sector workers in maintaining consistent pension savings.
Why you Should Maintain your Pension as a Business Owner
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Financial Security: The Micro Pension plan provides a structured way for you in the informal sector to save for retirement, offering you financial security in your old age.
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Flexibility: You get to enjoy flexibility in contribution amounts, as this plan allows you to save according to your income levels and financial capacity.
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Contingent withdrawal: You can access 40% of your contributions for emergencies.
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Easy and convenient: Make contributions through various channels: Zenith Bank branches, SystemSpecs Remita, PenPay app, CyberPay (*55701#), and CyberPay web.
How to Continue Your Pension Contribution as a Business Owner
The first step is to register your business with a Pension Fund Administrator like CrusaderSterling Pensions by providing the requirements below:
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Your company’s CAC certificate.
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Letter from the Tax office containing the Tax Identification Number (TIN) of your company
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A letterhead letter from your company requesting employer code generation
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Office address and nature of business.
Once the documents above have been submitted, an employer’s code will be generated for your business, which can be used to register you and your employees. You will also need to update your employer details from your former place of employment to your business.
You can make the employer change request on our Mobile App following the steps below:
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Visit the app store on your device.
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Search for ‘Crusader Mobile’.
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Download and sign up on the CPL Mobile App (Available on Google Play and App Store).
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Use the ‘Mandate Change’ option under ‘Self Services’ to request employer change
For more information, call us at 08139856160, 08139856161, or email info@crusaderpensions.com.
