Wednesday, October 5, 2022

PenCom: Private, government workers’ pension fund hits N12 trillion

Pension fund assets have risen to N12.66 trillion as of June 30, with contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark, says PenCom.

• July 27, 2021

Pension fund assets have risen to N12.66 trillion as of June 30, with contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark, says the National Pension Commission (PenCom).

PenCom’s director-general Aisha Dahir-Umar revealed this at the 2021 Journalists Workshop held on Monday in Lagos, with the theme, ‘Positioning the Pension Industry in the Post COVID-19 Era.’

Ms Dahir-Umar, represented by Peter Aghahowa, PenCom’s head of corporate communication, noted that the consistent growth trajectory justified the commission’s overriding investment philosophy of ensuring the safety of pension fund assets.

She assured pension stakeholders that the implementation of the CPS remained on course, adding that the emergence of the COVID-19 pandemic necessitated a review of business processes across various organisations, making it imperative for PenCOm to deepen technology innovation.

“COVID-19 has engendered socio-economic disruptions of the entire global order, with multifarious challenges in conducting hitherto routine activities,” the PenCom chief stated. “It was, therefore, imperative for the commission to deepen technological innovation to navigate through the challenges imposed by the pandemic.”

She explained that the “most recent technological innovation introduced by the commission is the in-house designed and developed” online enrolment application.

The application can register, verify and enrol prospective retirees of treasury-funded federal ministries, departments, and agencies.

According to her, by deploying the new application, mass gathering of people has been avoided while enhancing convenience for prospective retirees through a seamless enrolment process.

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

Ms Dahir-Umar emphasised that public enlightenment and education were among the five strategic focus areas currently pursued by PenCom.

(NAN)

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