CPS has grown to 8.85m….PFA stands at N9.58tn -PenCom Boss

The Commission and Pension Operators are committed to actualizing the growth potentials of the pension industry.

Speaking during her welcome remarks, Acting Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, at the Journalists’ Workshop Organized by the Commission said as at September 2019, the number of registered contributors under the CPS has grown to 8.85 million while Pension Fund Assets (PFA)have grown to N9.58 trillion.

AmehNews recalled that registered contributors grew to 8.41 million as of December 2018 while now 8.85million for year on year it grew 0.44million and total pension fund assets have grown to N8.63 trillion as at December 2018 and now stood at N9.58 trillion means N0.95trillion different

Dahir-Umar stated that this growth indeed justifies our emphasis on the safety of pension funds as the bedrock of sustaining the CPS and assure all stakeholders that the pension reform remains steadily on course. These modest milestones notwithstanding

 

This year’s workshop with theme: “Expanding Coverage of the Pension Industry” holds today on November 28, 2019 in Benin, Edo.

L-R: Mr Abisola Onigbogi (ED Technical, ARM Pension Managers), Mr Tunde Phillips (Head, States Operations Department, PenCom), Mr Peter Aghahowa (Head, Corporate Communications Department, PenCom), Mrs Carol Alex-Uzomah (AGM, Corporate Communications Department, PenCom), Mr Kunle Odebiyi (Head, Micro Pensions Department, PenCom), Mrs Eniola Adebulehin (SM, National Databank Management Department, PenCom), Mr Sola Adeseun (Acting Head, South-West Zonal Office, PenCom) Mr Elochukwu Nwankwo (Legal Department, PenCom)

“This clearly underscores your commitment to gain and consolidate requisite knowledge of the pension industry thereby promoting a professional reportage of activities relating to pensions in Nigeria.

 

She noted that the Commission and the media have collaborated effectively over the years to advance public awareness on the tenets of the Contributory Pension Scheme (CPS).

 

She pointed out that in recognition of this critical role that the Commission considers it imperative to continually interact and apprise media practitioners with developments in the pension industry while availing them with further insight on some of the Commission’s major activities that are aimed at the overall enhancement of the CPS in Nigeria. According to her, we (Commission) have remained focused on concluding some of the pension industry’s transformational initiatives which the Commission has been pursuing.

 

The PenCom Boss describes the Commission’s current strategic focus, which aims to expand access to pension via the CPS, as a veritable tool for economic development. This aligns with the pension reform objective of old age poverty reduction and improvement in the welfare and general standard of living, she added.

 

“The quest to expand coverage of pension is being pursued through some transformational initiatives especially the Micro Pension Plan.

She recalled that the Micro Pension Plan (MPP), which was launched in March, 2019 by His Excellency, President Muhammadu Buhari, is targeted at the informal sector and self-employed who are not mandatorily covered under the CPS. She further explained that the MPP was designed with significant flexibility in recognition of the peculiarities of the targeted population. “It is our expectation that the media practitioners would utilize the opportunity of this workshop to understand the essence and workings of the Micro Pension Plan and amplify same in their reportage for the overall benefit of Nigerians.

 

“There would also be a presentation on the Enhanced Contributor Registration System (ECRS). The ECRS is an in-house developed ICT application which was deployed in June 2019 to enhance the integrity of the contributors’ database. It has also been integrated with the National Identity Management Commission (NIMC) database to help authenticate the uniqueness of individuals seeking to register under the CPS. The ECRS provides a platform for the registration of Micro Pension Plan Participants and is a major step towards the introduction of the transfer window, which will enable contributors change to the PFAs of their choice, in line with Section 13 of the Pension Reform Act (PRA) 2014.

 

She highlighted the role of social media in business and financial reporting and also given the increasing its role as a tool of mass information dissemination cannot be overemphasis. However, she noted that influence of social media in Nigeria is not without its challenges especially the proliferation of unverified non-factual news platforms that often churn out content which results in untoward consequences.\

 

Dahir-Umar noted that the Commission would continue to provide necessary clarifications to you whenever required in order to ensure that pension matters are factually reported.

 

The acting DG said we are committed to sustaining this worthy collaboration in the overall interest of pension contributors and retirees

 

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