17 years after pension reform, there still exists a knowledge gap on the CPS-PenCom DG

….Pension fund hits N12.66trn

By allcitynews.ng

The National Pension Commision (PenCom), on Monday disclosed that pension fund assets had risen to N12.66 trillion as at June 30, 2021.

Just as it said contributors under the Contributory Pension Scheme (CPS) has reached 9.38 million mark. 

Speaking at the 2021 Journalist Workshop in Lagos on Monday, the Director General, PenCom , Mrs Aisha Dahir-Umar explained that the consistent growth trajectory justified the commission’s overriding investment philosophy of ensuring the safety of pension fund assets. 

Represented by Mr Peter Aghahowa, Head,  Corporate Communication, PenCom, Dahir-Umar assured pension stakeholders that the implementation of the CPS remained on course. 

Dahir-Umar stated that the emergence of the COVID-19 pandemic necessitated a review of business processes across various organisations, which made it imperative for the commision to deepen technology innovation. 

“COVID-19 has engendered socio-economic disruptions of the entire global order, with multifarious challenges in conducting hitherto routine activities. 

“It was, therefore, imperative for the commission to deepen technological innovation to navigate through the challenges imposed by the pandemic. 

“The most recent technological innovation introduced by the commission is the in-house designed and developed online enrolment application.”

According to her, application has capabilities to register, verify and enroll prospective retirees of Treasury-Funded Federal Ministries, Departments and Agencies (MDAs).

In addition she said the deployment of this new application, mass gathering of people has been avoided while enhancing convenience for the prospective retirees through a seamless enrolment process. 

The DG said that another notable technological innovation by the commission was the design and deployment of the Retirement Savings Account (RSA) Transfer System (RTS), which was launched in November 2020. 

She emphasised that public enlightenment and education was one of the five strategic focus areas currently pursued by the commission. 

“This is considered germane considering that 17 years after the pension reform in Nigeria, there still exists a knowledge gap on the CPS. 

“Consequently, the commission is committed to reinvigorating its public enlightenment and education drive in order to address this challenge,” she said. 

According to her, other strategic focus areas of PenCom include the resolution of outstanding pension liabilities of the Federal Government; portfolio diversification of pension fund investments. 

She also mentioned improvement in customer service delivery across the pension industry and unrelenting pursuit of sustainable growth of the pension industry by expanding the coverage of the CPS.