PenOp trains journalists on financial reporting

* Implores more employers to embrace CPS

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Chuks Udo Okonta

The Pension Fund Operators Association of Nigeria (PenOp) today organised a financial reporting training for members of the National Association of Insurance and Pension Correspondents (NAIPCO) to enable them align with realities in the pension sector.

Journalists that participated in the training were schooled on the workings of the pension sector and how they could help the public understand benefits accruable from embracing the contributory pension scheme.

Experts, who facilitated the training also implored employers in both private and public sectors to take seriously, the provision of pension package for their workers.

The experts, who spoke during the virtual training, urged employers to join the Contributory Pension Scheme (CPS) and register their workers under the scheme.

They called on employers to remit their workers’ monthly contributions promptly, adding that, this gesture would ensure employees have a secured life after retirement.

The Chief Executive, Learning Impact Nigeria, Omagbitse Barrow, noted that the key areas in the pension system includes; Compliance, Contributions, Investment, Service support and withdrawal.

He reiterated that the biggest change between the Contributory Pension System and Defined Benefit Scheme ( DBS) is that the employee now contribute as well as the employer.

To him, the higher the contribution, the higher the funds,

Proffering solutions on how to boost retirement benefits for pensioners in the CPS, he stated that, improving productivity and hard work would go along way in boosting ultimate retirement benefit.

On withdrawal, he lamented that, lack of proper understanding on the mode of withdrawal of pension funds poses a big challenge to the growth of the industry.

He urged the public to seek understanding on the withdrawal.modes, during registration process, so that they are better informed on the exit options, which are; Annuity and Programmed Withdrawal.

On his part, the CEO of PenOp, Oguche Agudah, noted that pension is a delicate matter and to that end, needs a proper understanding of the industry.

“People are very emotional when it comes to their pensions. Any chance or story about their pensions getting lost, stolen, embezzled, or loosing value causes a lot of negative emotions amongst contributors.”

He added that pensions and investments are technical issues, “so we have a responsibility to break down salieint aspects of the scheme and pensions in general to the public in simple, easy to read and understandable language” he said.

Chairman of NAIPCO, Chuks Udo Okonta, applauded PenOp for organising the event and pledged on behalf of members NAIPCO to sustain the creation of robust awareness on operations of the pension sector.

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