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, speaks on a wide range of issues on the pension industry on the third anniversary of her appointment. She wants the federal government to make a categorical pronouncement on stopping further exits from the contributory pension scheme.been three years since the PenCom management team was inaugurated. How would you describe your experience, both the highs and the lows?
The deployment of the ECRS has also enabled the Commission to launch the Retirement Savings Account Transfer Window on 16 November 2020. The RSA Transfer Window provides the platform for RSA holders to seamlessly transfer their RSAs, with the associated balances, from one PFA to another once every year. This development has engendered competition among PFAs, thus promoting quality service delivery and competitive investment returns.
Achieving a comprehensive solution to the challenge of low pensions requires collaboration between employers and employees. PenCom, however, remains resolute in finding a lasting resolution to the challenge. In the final analysis, an improved economy and financial system directly benefit individual pension contributors through improved returns on pension savings and enhanced payouts at retirement.The impression outside is that PenCom is awash with money like NNPC, FIRS and similar institutions. How much of the pensionThe roles and responsibilities of all players in the pension industry are well defined by the PRA 2014.
Firstly, there are notable challenges within the informal sector which are related to accessing financial services, building trust and understanding the pension system. Secondly, the current unavailability of appealing incentives associated with the product has made it less attractive to our target clientele. PenCom is actively exploring the introduction of incentives, such as health insurance coverage for MPP participants, in order to address this challenge.
Many government agencies and senior officials are still trying to exit the CPS. How much danger does this pose to the Pension Industry as a whole?
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