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by Chiamaka Ajeamo
In a bid to deepen pension penetration in the country, the Pension Fund Operators Association of Nigeria (PenOp) has said it would be embarking on various public sensitisation and education programmes on pension, especially, go after employers on the need to join the Contributory Pension Scheme (CPS).
The President, PenOp, Mr. Wale Odutola, who disclosed this, noted that the association is committed to growing the pension industry this year through the numerous campaigns on pension.
Odutola, who is also the Managing Director/Chief Executive Officer of ARM Pension, stressed that the operators are planning with great optimism to change the narratives of the pension industry this financial year.
While applauding the level of adoption of the CPS in both public and private sectors, he said the growth in the number of subscribers which is about 10 million and asset base of over N11 trillion is an indication of tremendous work being carried out by both the National Pension Commission (PenCom) and pension operators in the country.
He noted that within those growth years, the scheme has no record of fraud or mismanagement of funds, promising that operators will continue to improve on this feat.
According to him, PenOp is committed to expanding the scope of the sector through increased enlightenment campaigns directed at the current and potential contributors; more engagement with various employer groups and other stakeholders as well as ensuring increased investment opportunities, leading to improved investment returns on pension assets for stakeholders.
He added that the association would continue to work with PenCom and other relevant agencies on enforcement of CPS in the country, noting that the transfer window has come to improve the service delivery of the industry.
He added the association would continue to partner the National Association of Insurance and Pension Correspondents (NAIPCO) to increase awareness and to deepen the knowledge of the scheme and uptake by the younger population as well as encouraging informal sector’s participation.
“Our Corporate and Branding Committee has mapped out various plans and activities and we intend to engage our media partners more in the incoming years in driving our objectives and ensuring the fulfilment of our goals aimed at ensuring improved services delivery capacity of our members.”
On her part, the Head of Media, Communications and Branding Committee, PenOp, Amaka Andy-Azike, emphasized the importance of knowledge sharing and information dissemination to the overall growth of the industry, hence the need to embark on several awareness campaign, in conjunction with PenCom to promote micro-pension scheme, enlighten the public on Retirement Savings Account Transfer System (RTS) and how they can leverage on the window to switch to the PFAs of their choice.
According to Andy-Azike, “although the pandemic distorted a lot of things on our calendar in 2020, we have lined up a lot of programs and are looking forward to more media interactions in 2021.”
She added that, “the media and branding committee of PenOp plans to do much to improve on knowledge advocacy and information sharing provided that the pandemic gives way to more social interaction.
“We plan to have a pension awareness week, like a pension fair where operators attend to individuals on the spot with media partners available for coverage. We also intend to participate in World Saving Day to drive financial inclusion as 11 per cent of the active workforce is enrolled in contributory and micro pension schemes and this number needs to improve”, she said.
PenOp is an independent, non-governmental, non-political and non-profit making body established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.
It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.
