The National Pension Commission (PenCom) has reported that the assets of the Contributory Pension Scheme (CPS) have risen to N16.76 trillion due to the addition of 146,920 employees who joined between January and June this year. This increase in assets follows a growth from N14.99 trillion in December 2022. The total number of contributors has also risen from 9.86 million to over 10 million members during this six-month period.
The Director-General of PenCom, Mrs. Aisha Dahir-Imar, disclosed these figures at a workshop focused on enhancing service delivery in the pension industry. The workshop aimed to explore strategies for improving efficiency and customer satisfaction.
Dahir-Imar highlighted the Commission’s proactive regulatory approach, which has contributed to strengthening the oversight and governance of pension funds. This approach promotes transparency, accountability, and safeguards the interests of pension contributors.
During the workshop, three papers were presented, addressing key aspects of service delivery in the pension system:
- Enhancing Customer Service: The first paper, titled ‘Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan,’ discussed the Commission’s initiatives to elevate customer service. The creation of the Consumer Protection Department was emphasized as a way to prioritize service delivery and provide better care for Retirement Savings Account holders.
- Regulatory Oversight: The second paper, ‘Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry,’ explored the regulatory measures that can enhance the quality of services within the pension sector.
- RSA Mortgage Financing: The third paper, presented by the CEO of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah, focused on ‘Improving Accessibility and Service Delivery in RSA Mortgage Financing.’ This paper addressed ways to enhance accessibility and service delivery for eligible retirement savings account holders, particularly in the context of mortgage financing.
The workshop underscored the commitment of PenCom to continuously improve service delivery and ensure that pension contributors receive the attention and support they deserve.