Pension fund hits N12.66trn

The National Pensions Commission (PenCom) has said pension fund assets reached N12.66 trillion as of June 30, with contributory pension scheme (CPS) contributors reaching 9.38 million.

PenCom Chief Executive Officer Ms Aisha Dahir-Umar said this during the 2021 Journalists’ Workshop held in Lagos on Monday, on the topic: Positioning the pension sector in the post-COVID-19 era.

Dahir-Umar, represented by Mr Peter Aghahowa, Head of Corporate Communications, PenCom, noted that the steady growth trajectory justified the commission’s overriding investment philosophy of ensuring the security of pension fund assets. .

She assured pension stakeholders that the implementation of CPS was on track.

Dahir-Umar said the emergence of the COVID-19 pandemic required a review of business processes in various organizations, which made it imperative for the commission to deepen technological innovation.

“COVID-19 has caused socio-economic disruption throughout the world order, with multiple challenges in carrying out previously 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 committee is the online registration application designed and developed in-house.

“The app has the ability to register, verify and enrol future retirees from federal government departments, departments and agencies (MDAs) funded by the Treasury,” she said.

According to her, with the rollout of this new app, the mass gathering of people has been avoided while improving convenience for future retirees through a seamless registration process.

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

She underlined that public information and education was one of the five areas of strategic intervention currently pursued by the commission.

“This is considered relevant given that 17 years after the pension reform in Nigeria there is still a lack of knowledge about CPS.

“Therefore, the commission is committed to reinvigorating its public information and education campaign to meet this challenge,” she said.

According to her, other strategic areas of PenCom include resolving overdue federal government pension commitments; diversification of the investment portfolio of pension funds.

She also mentioned improving customer service delivery in the pension industry and the relentless pursuit of sustainable growth in the pension industry by expanding CPS coverage. (NAN)