Omobola Tolu-Kusimo
PENSION Fund Operators Association of Nigeria (PenOp) is committed to deepening pension penetration in the country through increased awareness of the public, its President, Mr. Wale Odutola has said.
He spoke during PenOp Virtual Media Retreat organised for reporters in Lagos.
He stated that the association would focus on employers in its drive to join the Contributory Pension Scheme (CPS).
Speaking on the vision and plans of the new executives of PenOp, Odutola, who is also the Managing Director/Chief Executive Officer of ARM Pension, said the operators were planning to change the narratives of the industry.
Applauding the level of adoption of the CPS in public and private sectors, he said the growth in number of subscribers to about 10 million and asset base at N11.56 trillion, was an indication of the work being carried out by the National Pension Commission (PenCom) and operators.
Within those years, he said, the scheme had no record of fraud or mismanagement of funds, promising that operators would continue to improve on this feat.
The association, according to him, is committed to expanding the scope of the sector through increased campaigns directed at the current and potential contributors; more engagement with various employer groups and other stakeholders as well as ensuring increased investment opportunities, hence, leading to improved investment returns on pension assets for stakeholders.
Odutola said PenOp would continue to work with PenCom and other relevant agencies on enforcement of CPS in the country, adding that the transfer window had come to improve the service delivery in the industry.
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He said the association would continue to partner the media to increase awareness and deepen the knowledge of the scheme and uptake by the younger population as well as encourage informal sector’s participation.
He said: “Our Corporate and Branding Committee has mapped out various plans and activities and we intend to engage our media partners more in the incoming years in driving our objectives and ensuring the fulfillment of our goals aimed at ensuring improved services delivery capacity of our members.
“To ensure ethical compliance, we will continue to subscribe to the tenets and constitution of the association to encourage healthy competition and good relationships amongst members.”
On conflict resolution, he said, the association had put, in place, a system in this regard, noting: “There are provisions for dispute resolution and a system to deal with perceived or confirmed cases of unhealthy competition.”
Delivering her welcome address at the virtual media retreat, the Chairman, Brand and Communication Committee, PenOp, Mrs. Amaka Andy-Azike, said PenOp was embarking on campaigns, in conjunction with PenCom, to promote micro pension scheme and also enlighten the public on what the Retirement Savings Account Transfer System (RTS) stands for and how they can leverage the window to switch to the PFAs of their choice.
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