Director-General PenCom, Mrs. Chinelo Anohu-Amazu
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Chuks Udo Okonta
The race to capture large pension subscribers through the proposed transfer window and micro pension, have forced Pension Fund Administrators (PFAs) to reposition their operations, Inspen can report.
Investigations by Inspen revealed that many of the operators are yet to carve an edge for themselves to enable them penetrate the huge market that would be created by the initiatives.
It was gathered that some firms have enhanced their budgetary provisions for deployment of Information and Communications Technology (ICT), whilst others, are investing in staff training and awareness creation.
Confirming this development, the Managing Director, Premium Pension Limited, Mr. Wilson Ideva, disclosed that operators have begun to distinguish themselves, noting that presently, some firms are known for specific business focus.
“The future of the industry looks bright. On a daily basis, awareness is being created. At the start of the pension industry, contributors are not worried about their return in investment. So, there was nothing distinguishing one PFA to the other, but in the last two to three years, operators are beginning to distinguish themselves. Even within the industry, we know those with exceptional service delivery and information and communications technology,” he said.
Ideva
However, Pension Fund Operators Association of Nigeria (PenOp), which the umbrella body of the operators, is also leaving no stone unturned as regards equipping practitioners for the tasks ahead.
According to the Executive Secretary PenOp, Ms Susan Oranye, the association is working with the National Pension Commission (PenCom), to conduct trainings for the operators on key procedures such as; basic calculation of fund pricing, differences between Programmed Withdrawals and Annuity, death benefit requirements and new initiatives in the sector.
She said the trainings which had held in Lagos; Abuja and PortHarcourt, provided opportunities for the workers to share knowledge and initiate measures to tackle challenges affecting their operations.
She maintained that the trainings and other measures adopted by the association are geared toward making adequate provisions for workers that are presently covered in the scheme and those that will be integrated through recent initiatives taken by PenCom and the association.
“We are aware that there are approximately 176 million in this country and about 70 million people in the workforce and currently we have about 6.4 million in the contributory pension scheme.
“The Pension Fund Operators Association of Nigeria (PenOp) recently concluded its customers service training that held in PortHarcourt, Abuja and Lagos and was attended by key staff of all the operators in these three regions,” she added.
The focus of the training, according to her, was to build the capacity, knowledge base and confidence of the staff, especially those who are at the front line in the organisation they work for.
Stating that the pension industry has seen changes, especially in the Pension Reform Act 2014, which came with changes in procedures, required documentation and different issues, she noted that, “We felt that it was important that all the representatives, staff who have face to face contacts with customers and the general public on a daily bases are brought up to date regarding all the changes, processes, and documentations required. We do not want any of them to offer sub-standard customers service, hence the need for the training.”
She said the trainings were designed to prepare the operators on how to offer excellent services to their clients.
She said PenOp recognised the fact that there are a lot of grounds to cover, and so, it is preparing her people for times such as the opening of the doors of the the informal sector.
She maintained that prior to when the transfer window will be opened, the operators want to be ensure that they are prepared, knowledgeable to meet whatever enquiry and provide the services that are required.
