PenCom approves increase of retirees’ monthly pension

The National Pension Commission (PenCom) has said that 146,920 employees who joined the Contributory Pension Scheme (CPS) between January and June this year have increased the industry’s assets to N16.76 trillion.

The Director-General of the commission, Mrs. Aisha Dahir-Imar, revealed this at a one-day workshop tagged: ‘Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction’ held in Lagos.

She said the assets rose from N14.99 trillion in December 2022 to N16.76 trillion while the total contributors rose from 9.86 million to over 10 million members during the six months.

Dahir-Imar stated that 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.

The seminar featured three papers addressing essential aspects of the pension system’s service delivery.

The first paper, ‘Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan’, highlighted 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”, Dahir-Imar said.

The second paper, ‘Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry”, explored how regulatory measures can effectively bolster the quality of services provided in the pension sector.

The third paper, ‘Improving Accessibility and Service Delivery in RSA Mortgage Financing’, was presented by the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah.

The presentation delved into the crucial area of mortgage financing, addressing ways to enhance accessibility and service delivery for eligible retirement savings account holders.

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