Pension operators target market expansion, investment opportunities

New leadership of the Pension Fund Operators Association of Nigeria (Penop) said the focus of its tenure in the next two years will be enhanced pension coverage, increased investment opportunities and quality service delivery to contributors and retirees.

The pressure group said these will drive its strategies in the effort to give the Contributory Pension Scheme (CPS) a boost and make social impact on the citizens.

Wale Odutola, president of Penop said the association was also committed to deepening pension penetration in the country through increased awareness and sensitisation of the public, especially employers on the need to join the CPS.

Speaking on the vision and plans of the new executives of Penop, at the 2020 Penop virtual media retreat organised for pension correspondents, Odutola, who is also the managing director/ceo of ARM Pension, said the operators were planning with great optimism to change the narratives of the pension industry.

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While applauding the level of adoption of the CPS in both public and private sectors, he said, the growth in the number of subscribers to about 10 million and asset base of over N11 trillion, were indications of tremendous work being carried out by both the National Pension Commission(pencom) and pension operators in the country.

Within those years, he said, the scheme has not recorded any fraud or mismanagement of funds, promising that operators will continue to improve on this feat.

The association, he added, was also committed to expanding the scope of the sector through increased enlightenment campaigns directed at existing and potential contributors; more engagement with various employer groups and other stakeholders as well as ensuring increased investment opportunities for improved returns on pension assets for stakeholders.

Odutola also assured that Penop would work with the regulator and other relevant agencies on enforcement of CPS in the country, adding that, the transfer window has come to improve the service delivery of the industry.

To ensure ethical compliance, the Penop president said they would continue to subscribe to the tenets and constitution of the association to encourage healthy competition and good relationships amongst members.

On conflict resolution, he said, the association has put in place, a system in this regard, noting that “there are provisions for dispute resolution and a system to deal with perceived or confirmed cases of unhealthy competition.”

Amaka Andy-Azike chairman, brand and communication committee, Penop, who is also the managing director/ CEO, Fidelity Pensions, said the association was embarking on several awareness campaign, in conjunction with Pencom to promote micro pension scheme and also enlighten the public on what the Retirement Savings Account Transfer System (RTS) stands for and how they can leverage on the window to switch to the PFAS of their choice.

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