Nigeria’s pension assets grow by N1.77trn in 1st half 2023 to N16.76trn

Nigeria’s Pension assets has increased by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

In addition, membership to the contributory pension scheme (CPS) also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.

These facts were presented by the Director General of the National Pension Commission (PENCOM), Mrs. Aisha Dahir Umar at this year’s edition of Journalists’ conference hosted by the Commission in Lagos, with the conference theme: “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction.’’

In her presentation during the workshop, the DG acknowledged both the timeliness and crucial nature of the workshop, as it reflects PenCom’s commitment to continuous service improvement in the pension Industry so that contributors and retirees receive the best possible experience.

This year’s workshop featured three enlightening papers addressing essential aspects of the nation’s pension system’s service delivery. The first paper, “Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan,” clearly outlined the Commission’s latest initiatives to elevate customer service.

According the DG, ‘‘the creation of the Consumer Protection Department (CPD) underscores PenCom’s determination to prioritise service delivery and provide our Retirement Savings Account holders with the care and attention they rightfully deserve.

‘‘The second paper, ‘Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry,’ will explore how regulatory measures can effectively bolster the quality of services provided in the pension sector. Regulatory oversight is pivotal in maintaining transparency, fairness, and efficiency, which are the cornerstones of our pension system.

‘‘Lastly, the third paper, ‘Improving Accessibility and Service Delivery in RSA Mortgage Financing,’ will be presented by the Chief Executive Officer (CEO) of the Pension Fund Operators Association of Nigeria (PenOp). This presentation will delve into the crucial area of mortgage financing, addressing ways to enhance accessibility and service delivery for our eligible Retirement Savings Account holders.’’

Mrs. Dahir Umar however, expressed satisfaction over the Commission’s proactive regulatory approach, which according to her, has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

Moreover, she affirmed during the course of speech that ‘‘the CPS has ensured that public and private sector workers can now build retirement savings throughout their working lives, fostering financial security during their golden years.’’

In conclusion, she thanked the executives and members of LAWAN, NAIPE and FICAN for their continuous support and partnership, saying ‘‘your dedication and support are instrumental in advancing PenCom’s mission. Let us embrace the spirit of learning, collaboration, and progress throughout this event and beyond.