August 7, 2023

PenCom steps up customer  satisfaction drive, unveils 5-year strategic plan

PenCom Pension

…establishes Consumer Protection Department

By Victor Ahiuma-Young

As part of its continued drive to ease retirement life for contributors and pensioners under the Contributory Pension Scheme, CPS, the National Pension Commission, PenCom, has unveiled fresh strategies to provide Retirement Savings Account, RSA, holders with better comfort and enhance customer service delivery.

This came as the commission has established Consumer Protection Department, CPD, in its determination to prioritise service delivery and provide our Retirement Savings Account holders with the care and attention they rightfully deserved.

Director-General of PenCom, Mrs Aisha Dahir-Umar disclosed this while speaking at the 2023 journalists’ conference the commission organised in Lagos.

The theme of the conference was “Transforming Service Delivery in the Pension Industry: Strategy for improving Efficiency and Customer Satisfaction.”

Represented by the Head of Corporate Communication, Abdulkadir Dabir, Dahir-Umar, informed that the theme among others, reflects PenCom’s commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience.

She noted that the essence of the new plan was to protect the retirees, contributors rights, quality service delivery, continued safety of pension assets and consistent and effective service delivery.

According to her “PenCom’s new strategic plan would highlight the Commission’s latest initiatives to elevate customer service and engender more confidence in the Pension Industry.

“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 deserved.”

She explained that regulatory oversight for improved service delivery in the Pension Industry would explore how regulatory measures could effectively bolster the quality of services provided in the pension sector.

The Director-General said “Regulatory oversight is pivotal in maintaining transparency, fairness, and efficiency, which are the cornerstones of our pension system.

Dahir-Umar maintained that PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

“Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.

“Membership also increased by 146,920 new contributors, from 9.86 members as at the end of 2022 to over 10 million members as of June 2023. The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.”

She commended the media for their continuous support and partnership, adding “Your dedication and support are instrumental in advancing PenCom’s mission. Let us embrace the spirit of learning, collaboration, and progress throughout this event and beyond.”