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PenCom unveils a five-point strategic agenda to grow the pension industry Post-COVID

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The National Pension Commission (PenCom) has unveiled five strategic focus areas with the mandate of ensuring measurable impact on the economy and positioning the industry for sustainable growth in the post-COVID-19 era, in line with its objectives to regulate, supervise, and ensure effective administration of pension matters and retirement benefits in Nigeria.

According to the Commission, the five strategic focus areas aimed at maintaining momentum on initiatives are as follows:

  • Increased portfolio diversification of pension fund investments.
  • Sustainable growth of the pension industry through the expansion of coverage of the Contributory Pension Scheme with special emphasis on States and the informal sector.
  • Eenhanced pursuit of the resolution of the pension liabilities of the Federal Government under the Contributory Pension Scheme.
  • Public awareness campaign efforts.
  • Vigorous improvement of customer service delivery.

The Director-General of PenCom, Aisha Dahir-Umar, explained that the strategic focus plan was born following the termination of the corporate strategy in December 2020 and the need to provide strategic guidance for the Commission in the 2021 fiscal year, while speaking at the 2021 PenCom Seminar for Journalists in Lagos on Monday.

According to Dahir-Umar, the plan’s highlighted focus areas will vigorously and steadily pursue the Commission’s objectives.

She stated that the emergence of the COVID-19 pandemic required a review of business processes throughout various organizations, including the Commission.

“The COVID-19 pandemic did, in fact, cause socioeconomic disruptions throughout the global order, with numerous challenges in carrying out previously routine activities.” As a result, it was critical for the Commission to deepen technological innovation as it sought to navigate the challenges posed by the pandemic. This workshop’s theme emphasizes the Commission’s commendable response to the pandemic through technology and engagement with relevant stakeholders.

“The Commission’s most recent technological innovation is the in-house designed and developed online Enrolment Application, which has the capability of registering, verifying, and enrolling prospective retirees of Treasury-Funded Federal Ministries, Departments, and Agencies (MDAs).”

Dahir-Umar stated that the deployment of this new application has avoided mass gatherings of people while improving convenience for prospective retirees through a seamless enrolment process.

“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 added. The RTS is a computer program created by the Commission that allows RSA holders to transfer their RSAs from one Pension Fund Administrator (PFA) to another. Indeed, the activation of the RSA transfer provision, which expands individual options, is a significant step forward in the implementation of the Contributory Pension Scheme (CPS).”

Source: The Sun News

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