The scheme covers individuals in the informal sector (e.g artisan, mechanics, drivers, conductors, tailor etc) because they were left out under the Corporate Pensions Scheme.
Retirement is a global and general phenomenon which affects workers irrespective of the sector. It became necessary to assist workers not covered under the formal arrangement to effectively plan towards retirement. IPS is otherwise known as Self Employed Pension Scheme. NLPC PFA is licensed to administer self employed pension scheme upon the release of the guidelines and final approval by the Commission - PenCom.