The tracks of the pension industry since the first, but repealed Pension Reform Act 2004, has by several indicators extended by leaps and bounds, with the combined contributors coming up to 10 million from both the public and private sectors on the Contributory Pension Scheme. Both pooling assets of over N11tr.
But this achievement is not the bull’s eye the Pension Fund Operators Association of Nigeria aims at; the President, Mr. Wale Odutola, says PenOp aims to grow the registration and assets of the CPS much further and larger.
Mr Odutola who also is the managing director/ chief executive, ARM Pension, said the operators and the regulator, National Pension Commission, are committed to improve greatly on what has been achieved in the past 14 years. He said all options to improve the size of the CPS will be followed by way of increased enlightenment campaigns directed at the current and potential contributors, engagement with all stakeholders and making optimum use of approved investment options for optimum returns.
PenOp helmsman still streaming his vision for his tenure, which he said is a continuum of the past executive programme at the media retreat for pension reporters yesterday in Lagos, via webinar, said the relationship with PenCom is a broad and strategic and same applies to other relevant agencies and same will be extended to the members of National Association of Insurance and Pension Correspondents. To underline this, he disclosed that, “our corporate and branding committee has mapped out various plans and activities and we intend to engage our media partners more in the coming years to drive our objectives and ensure the fulfilment of our goals aimed at ensuring improved service delivery capacity of our members.”
In her welcome address at the virtual meeting, the chairman, brand and communications committee, Mrs. Amaka Andy-Azike, who also is the managing director, Fidelity Pensions, ticked the mutual benefit relationship between PenOp and NAIPCO, and implored the journalists to be objective in the reports to keep the pension industry stakeholders focused.
Andy-Azike said the association and PenCom, are rolling out several awareness campaigns to enlighten the public on the Retirement Savings Account Transfer System, how it works and the benefits for the contributors who want to exercise the right to do so.
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