By LOVETH AZODO, Lagos
The cumulative pension assets have increased to N16.76 trillion at the end of June 2023, according to data provided by the National Pension Commission (PenCom).
This is just as the Contributory Pension Scheme membership increased by 146,920 new contributors, from 9.86 million members as of the end of 2022 to over 10 million members as of June 2023.
The DG, PenCom, Aisha Dahir-Umar revealed the commission’s financial record Today at the 2023 Journalist Conference with theme “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” held in Lagos.
Pension assets rose 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
According to her, the commission’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors
She insisted that the CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.
Speaking on the theme of the conference, she explained that it is both timely and crucial. “It reflects PenCom’s commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience.” She said.
On PenCom’s New Strategic Plan, she explained that it will highlight the Commission’s latest initiatives to elevate customer service.
“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.”
On Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry, she said it 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.
“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). The 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.” She explained.
