The Nation Newspaper

Category: Pension

  • Benefits of wealth creation through pension, by Leadway Pensure boss

    Benefits of wealth creation through pension, by Leadway Pensure boss

    The global financial landscape is shifting with individuals increasingly recognising the importance of controlling their economic wellbeing for a financially secured future more than ever, the Managing Director/CEO, Leadway Pensure Olusakin Labeodan has said.

    Yet, according to Labeodan in a statement, the traditional approach remains largely passive and must be more involved in intelligent financial planning and investment decisions.

    He said this attitude must change  by being less passive and more involved in how their pension savings are invested, especially given the flexibility Nigeria’s Retirement Savings Account (RSA) structure provides.

    He noted that with an improving life expectancy on one hand and the rising cost of living on the other, pension holders must actively shape their future by opting for funds that align with their financial goals and risk appetite.

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    He spoke further: “The case for increased involvement has never been more apparent. A shift from default to deliberate, navigating RSA fund options. The RSA fund structure offers flexibility based on age and risk tolerance, enabling contributors to align their pension investments with their financial objectives. It categorises pension savings into four distinct funds: Fund I is an optional fund designed for individuals willing to take on higher risks for potentially greater rewards. It requires contributors to opt in, emphasising the proactive approach it demands formally.

    “Fund II is the default option for contributors aged 49 years and below. It provides a balanced portfolio and is the default for younger contributors who have not opted for a different fund.  Fund III on the other hand, is the default for contributors aged 50 years and above, focusing on capital preservation, reflecting the reduced risk tolerance of those nearing retirement while Fund IV is exclusively for retirees as it prioritises stability and a lower-risk strategy to safeguard accumulated wealth.

    “The current structure appears sound, offering different investment strategies depending on one’s life stage. However, many contributors are placed into these funds by default, raising a fundamental question: Is the default option always the best for every individual? I have enumerated the options available to Pension fund contributors and how they influence investment decisions.

    Speaking on the untapped Potential of Fund I, he said that we live in an era of personalisation of everything, from lifestyle to consumer spending, is tailored to our preferences.

    “Should the same not apply to how we manage our pensions? Fund I stand out as a compelling choice for those with a higher risk tolerance and a longer investment horizon.

    It caters to individuals seeking more than the moderate growth offered by Funds II and III, those willing to take greater risks to maximise their retirement outcomes.

    “For younger contributors, particularly those in their 30s and 40s, Fund I presents an investment opportunity to benefit from market volatility and leverage time in their favour. Yet, because it is voluntary, too few contributors opt into it—not due to unsuitability, but often because they are unaware of its benefits or reluctance to engage in their pension planning actively. This insight does not make Fund I an investment for everyone’s appetite. It’s one to be made after carefully considering one’s financial position, investment experience, and risk tolerance.

    However, pension fund administrators (PFAs) have a duty to raise awareness of this option and its possibilities. The key lies in informed decision-making, in which many contributors need more awareness or engagement”, he added.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    PAUL: It is pertinent to note that all retired police officers in the PTAD, were notified of “I AM ALIVE” programme through website in 2023. I was among those PTAD had text to do “I am Alive” confirmation in October, 2024. To this end, I was mandated to do it on October 20,2024. I got a text again to do my “I’m Alive” confirmation before February 10, 2024. When I contacted some of my colleagues to know whether PTAD had sent such information to them, they said no. With this, I became worried. I revisited the last “I’m ALIVE” confirmation website I did and I was informed that the last done on October 20,2023 will expire on April 20, 2024. So, I want to know from PTAD what is the time limit for the confirmation.When  will it be done instead of someone or a member of the staff calling indiscriminately and sending text message.

    PTAD: Please disregard any text message asking you to verify, that you are still alive before the six-month period expires.

    AKINMUSAYO: Good day, my complaint bothers on my father who retired 19 years ago. He is yet is be paid gratuity. His name is and he retired in May 2004 from the Ministry Defence.

    PTAD: Good day, your father’s gratuity has been computed and audited

    ODUNTAN: Good day, I am sending this message on behalf of my dad. His pension monthly is over N51,000 but he was paid N37,000 for the month of October. We want to know what went wrong.

    PTAD: The Parastatals Pension Department (PaPD) of the Directorate will respond soon.      

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    BASSEY: I am Sgt Bassey, I have not received my pension for the month of October. Kindly help me.

    PTAD: The Police Pension Department (PPD) has represented all failed payment.

    ANNONYMOUS: Good day, I am one of the pensioners that did verification six months ago. I am surprised some people have done the second time. Please I am alive but up till now no message has sent to me for the second verification as others have done. Please advise me on what to do.

    PTAD: The pensioner is not reachable through phone.

  • PTAD renews website for vibrancy, user-friendly for pensioners

    PTAD renews website for vibrancy, user-friendly for pensioners

    The Pension Transitional Arrangement Directorate (PTAD) has transited its website into a more user friendly site where pensioners can be better informed.

    The website expresses the directorate’s core values of learning, innovation and growth; empathy; accountability and transparency; and professionalism

    The directorate stated that its mission and vision is to achieve stakeholders’ satisfaction through the delivery of exceptional pension services while it also be a model organisation delivering innovative, efficient and sustainable pension services.

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    In a statement to pensioners across the country on twitter handle, the Executive Director, PTAD, Dr. Chioma Ejikeme stated: “Dear pensioner, we would like to inform you that there will be a planned outage of the directorate’s website on Monday October 21, 2024 to effect change to a new and more vibrant website.

    “This new website which has been designed using the wordpress Content Management System (CMS) is to better serve our pensioners and other related stakeholders.

    “During this period, our primary website will be unavailable. All other essential services, including email and the “I Am Alive” service through the url:https://iamalive.ptad.gov.ng/ remains fully operational. We apologise for any inconvenience this may cause and appreciate your understanding as we diligently work to complete the transition to the new website as quickly as possible”, she noted.

    Meanwhile, checks by the newspaper on the website as at press time been renewed and operational.

  • 300 delegates from 11 African countries for insurance women conference in Lagos

    300 delegates from 11 African countries for insurance women conference in Lagos

    Three Hundred delegates from 11 African countries are set for the International Conference for Women in Insurance under the umbrella body of Africa Insurance Women Association (AIWA) from November 2 to 6, 2024 in Lagos.

    AIWA President, Lady Nkechi Moore who made this known during a press conference in Lagos, said the event will hold at Lagos Continental Hotel, Victoria Island.

    She disclosed that the event will parade experts like, Chairperson AVON Healthcare Limited, Dr. Awele Elumelu, who is the Keynote Speaker; Founder/Managing Director, The Strategist Consortium, Dr. Abba Zakariah and African Insurance Organisation (AIO) President/ Chief Executive Officer NamibRe Mrs. Patty Karuaihe-Martin.

    Others are; Chief of Programmes Trade-Mark Africa Allen Sophia Asiimwe; Managing Director Continental Reinsurance Lawrence Nazare; Executive Chairman, ACTIVA Finances & ACTIVA International Ghana Lowe Richard; Author Consultant Transformer Wale Akinyemi; President Chartered Insurance Institute of Nigeria (CIIN) Mrs. Yetunde Ilori, amongst others.

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    She stated that the event with the  theme: The Future of Insurance: Trends, Challenges and Opportunities”, would bring together leading minds across the continent, including policymakers, industry experts and trailblazers, to chart a new course for African insurance.

    She noted that insurance regulators would also be in attendance, adding that resolutions from the conference, which would be unified into a communique, would be adopted by the regulators and implemented in their jurisdictions.

    Lady Moore stated that the Africa Insurance Women Association was born out of a profound desire to create a platform that amplifies the voices of women across the insurance industry, stressing that AIWA is committed to promoting gender diversity, equal representation and equal opportunities for women in the industry.

    She said: “AIWA is open to all professional Insurance Ladies Associations and insurance ladies in countries with no association in Africa. As an association, AIWA is committed to driving positive change, fostering leadership, and promoting inclusive growth at a time when gender equality is a topical issue following the Millennium Development Goals (MDGs). Today, we celebrate the realization of that vision.

    “This gathering, from November 2nd to 6th, will delve into crucial issues such as the role of innovation and technology, Cyber and Credit risk protection, the opportunities presented by the African Continental Free Trade Area (AfCFTA) and gender diversity. This conference is not just about celebrating women in insurance; it is about shaping the future of insurance in Africa,” she posited.

    She stressed that the discussions, insights, and partnerships formed at the event would help define the strategies for making insurance more accessible, innovative and inclusive across the continent. The Chairperson of the event’s Local Organising Committee Mrs. Ebelechukwu Nwachukwu, said the conference would help position the women folk in the insurance space and also help motivate younger women in pursuit of their career.

    She maintained that they are fully set for the conference, whilst imploring those that are yet to register should do so.

    She expressed excitement about the event, noting that it will have a positive impact on the insurance industry in Africa.

  • AXA Mansard is ‘Best MSME Insurance Company’

    AXA Mansard is ‘Best MSME Insurance Company’

    AXA Mansard Insurance Plc has been named  the ‘Best MSME Insurance Company of the Year’ by leading business publications, Nairametrics and the Economic Forum Series (EFS).

     This announcement was made at the  Annual MSME Finance Awards 2024, in Lagos.

     The recognition, which is endorsed by the office of the Vice President on MSMEs & Job Creation, underscores AXA Mansard’s continued dedication and innovations to strengthen MSMEs in the country.

     According to the organisers, the decision for AXA Mansard nominations was reached based on its preliminary scores on an initial assessment as well as extensive deliberations by the Editorial Board of Nairametrics Financial Advocates and the Editorial Advisory Board of Economic Forum Media.

    Chief Marketing Officer, AXA Mansard Insurance Plc, Adebola Surakat, said the award is another testament to the continued commitment of AXA to provide the right level of support for MSMEs in Nigeria.

     She explained that the company recognises the power of MSMEs and continues to innovate to support them through solutions that can mitigate the impact of the volatile business environment.

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      “We are all aware that MSMEs are the backbone of the economy especially, an emerging economy like Nigeria.

    ]As a company, we are aware of the different risks that threaten these businesses and their potentials to create jobs and improve our economic indices.

    So at AXA, we have committed ourselves to ensuring that we design solutions that can mitigate those risks, so these business can grow and scale in a sustainable manner”.

     “We are extremely happy that today, these solutions that we create in the corners of our offices is generating so much impact, so much that we were shortlisted and after going through the rigorous process, we are pronounced winner of the award tonight.

    We take this honour very seriously. It signals the trust that the market has in us and will serve as another reminder that we must not rest on our oars”, Surakat noted.

     Annual MSME Finance Awards 2024 celebrates innovative financial services and regulatory support for Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.

    This initiative is part of The Economic Forum Series® (EFS) in collaboration with Nairametrics Financial Advocates Limited, a leading financial and business news platform.

     As a major player in Nigeria’s insurance landscape, AXA Mansard continuously strives to support MSMEs and startups with innovative solutions tailored to their unique challenges, and contributing to the broader economic growth of the nation.

    One of AXA Mansard’s flagship initiatives is its Annual Innovation Exchange Program, a 15-week accelerator designed to support technology innovators addressing challenges within the insurance sector. This program connects startups with industry experts, mentors, and experiential learning opportunities through masterclasses and collaborative sessions.

    Successful participants may also benefit from AXA’s support as early customers.

  • AIICO Insurance drives ESG with climate smart initiatives

    AIICO Insurance drives ESG with climate smart initiatives

    AIICO Insurance Plc., one of Nigeria’s leading insurance companies has reiterated its commitment to the Environmental, Social and Governance (ESG) adoption towards the achievement of the 17 Sustainable Development Goals (SDGs) by year 2030.

    ESG is a framework used to assess various sustainability and ethical issues. While Environmental (E) focuses on a company’s impact on the planet including how businesses manage energy use, waste, pollution, and compliance with environmental regulations; Social (S) refers to a company’s relationship with employees, suppliers, customers, and communities including issues like human rights, diversity, equity, and employee safety.

    Governance concerns leadership, executive pay, audits, internal controls, shareholder rights, and strong governance that ensures a company operates ethically and transparently.

    On the other hand, SGDs are a set of 17 global goals established by the United Nations in 2015, designed to address pressing global challenges by 2030.

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    These goals cover a wide range of areas, including poverty, inequality, climate change, environmental degradation, peace, and justice. They are part of the UN’s 2030 Agenda for Sustainable Development and provide a blueprint for achieving a better and more sustainable future for all.

    In her presentation recently at a one-day training workshop organised by the underwriting company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE), in Lagos, Mrs. Abimbola Shobanjo, Head, Corporate Responsibility, and Sustainability, highlighted the Company’s commitment to ESG and contribution to SDGs.

    She said AIICO has introduced Climate-smart initiatives, Green office practices and sustainable resource management e.g. calculating baseline emissions, reducing paper consumption as well as adopting hybrid work arrangements aimed at protecting the environment.

    On the Social side, she said Company is ensuring diversity and inclusion focus, taking into consideration employee engagement, and gender diversity, and fostering a supportive work culture.

    She hinted at the Company’s upcoming employee engagement survey to include a diversity and Inclusion section, community programmes and outreach (CSR initiatives like health, education, financial inclusion).

    On Governance, she reiterated the firm’s commitment to ethical business practices and transparency, strong leadership and internal governance frameworks with regular audits and compliance checks, complying with local and global regulations.

    She said the insurer is contributing to SDGs through its various initiatives namely: Pink by AIICO, ActionAid Nigeria, AIICO Revive, AIICO Blood Drive, World Malaria Day, Health & Safety at AIICO, Global Money Week, Girls in Tech, Academic Support, School Children Outreach Programmes.

    Others are AIICO Graduate Trainee Programme, Diversity & Inclusion, International Women’s Day, Tree Planting, Agric Support, AIICO Farming Club, Work from Home (WFH), and Centralised Printing.

    The Company’s upcoming programmes, according to her include strengthening environmental programmes (More climate action – GHG emission calculations, waste reduction – process digitalization, recycling); Expanding social impact programmess  (Community outreach, employee well-being); Enhancing corporate governance (More training for leadership, continuous assessment and improvement on internal controls) and ESG Integration (ESG integration into business operations – ISO 26000 SRMS).

    She listed three key areas that ESG matters including Investor interest, Long-term business value and Regulatory pressure.

  • Heirs Insurance Group records 60% growth in premium

    Heirs Insurance Group records 60% growth in premium

    Heirs Insurance Group (HIG) has announced a significant growth in its financial performance for last year.

    It stated that the Group’s Gross Written Premium (GWP) grew by 60 per cent from N19.9billion to N31.7 billion.

     Managing Director, Heirs Life Assurance Limited, Mr. Niyi Onifade, announced this during a “Documentary Screening and Media Parley Themed 3 Years of Impact” at the Group’s Headquarters in Lagos.

    He said: “The Group’s Gross Written Premium (GWP) grew by 60 per cent from N19.9billion to N31.7 billion. Earned insurance revenue increased by 80 per cent from N11.3 billion in 2022 to N20.5 billion in 2023.

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    “The Group also paid N4.1 billion in 2023 from N1.6 billion in 2022 claims, representing 161 per cent growth demonstrating its reliability and commitment to upholding customer’s trust.’’

    In the same vein, he said the insurance group has within three years entrenched remarkable results by recording over 90 per cent of life premium from retail operations; promoting Corporate Social Responsibility (CSR) activities with over N100 million and plans to expand operations to West Africa.

    Onifade, who outlined the progress attained by the Group since inception, said the insurance outfit is living up to its promises to transform insurance practice.

    He stated that the performance indicates their dedication to democratising access to insurance and delivering value to our stakeholders.

    He noted that over the past three years, they had achieved year-on-year growth, reflecting their Group’s mission of driving financial inclusion across Nigeria through simple, accessible and affordable insurance solutions.

    He submitted that the firm is the game-changer in the industry, stressing that with robust financial capacity, the group has continued to provide succour to policyholders with payment of N5.7 billion in claims.

    He also said Heirs Assurance Insurance settles claims payments within 24 hours, while expressing hope of settling claims within five minutes very soon.

    Onifade added that the group has over 200 employees of which 53 per cent are below 35 years. According to him, the entity underwrites over 4,000 policies in a month, a feat that is uncommon in the industry.

  • PTAD reassures of efficient service delivery

    PTAD reassures of efficient service delivery

    The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to pensioners’ welfare through efficient service delivery.

    Its Executive Secretary, Dr Chioma Ejikeme, spoke during the Customer Service Week in Abuja.

    Ejikeme, who was represented by the Director of the Civil Service Pension Department, Mr Kabir Yusuf, emphasised the importance of the Week, highlighting its relevance to the PTAD.

    She stated that the Directorate prioritises pensioners’ welfare and is working towards provide quality service by simplifying pensioners’ verification, especially those who are unable to do it themselves, adding that their work spans Abuja to Kaduna, Abia, Osun, Delta and beyond.’

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    She said: “One of PTAD’s latest innovations, the ‘I Am Alive’ initiative, was designed to ensure that pensioners who are too elderly or physically incapacitated can verify their status without hassle. This groundbreaking initiative leverages technology to ascertain the livelihood of pensioners, making it the first of its kind by any government agency in Africa.

    “We have a dedicated team that is tasked with going round to confirm the livelihood of pensioners who cannot do so themselves, either due to age or health challenges. Our goal is to make the process as easy as possible for our pensioners. We have been committed to going above and beyond in our service delivery.’’

    She praised the founding fathers of the directorate, stating that they ensured PTAD operates more efficiently than the previous managers of the Defined Benefit Scheme (DBS).

    She emphasised that the recruitment of competent and dedicated personnel has been central to PTAD’s success in delivering exceptional services that bring smiles to the faces of our pensioners.

     “Customer service in today’s world is about the experience customers have in their engagement with service providers. Pensioners are our customers and we are committed to exceeding their expectations. If we fail to do so, we could easily be told to pack our bags and go home, just like our predecessors. Staff members are trained to possess a deep understanding of their roles, demonstrate empathy towards senior citizens and ensure that services are delivered in the shortest time possible. Waiting can be burdensome, especially for our elderly pensioners. We must ensure we minimise the time they spend seeking services.

    “We need to stay abreast of modern trends in customer service delivery. She commended the directorate for its proactive steps in introducing the ‘I Am Alive’ initiative, which uses cutting-edge technology to streamline the pensioners’ verification process. Proactiveness is essential in delivering services to pensioners. We must not only improve but also be forward-thinking to meet their needs swiftly,” Ejikeme added.

    She, however, urged PTAD staff members to adopt modern approaches and continuously enhance service delivery, noting that empathy and respect, combined with the latest innovations, would ensure that PTAD remains at the forefront of pension service delivery.

  • Pension complaints and solutions

    Pension complaints and solutions

    MRS MATTHEW: Good day, I would like The Nation newspaper to help me receive my late husband’s benefit. The aviation authority where he worked has sent me out of the quarters since April 3, 2020. My husband died on October 5, 2019. The money is with First Guaranty Pension Ltd. I am really suffering with my children. We are only surviving by God’s Grace. I appeal to you for help as you are my last hope.  May God continue to bless you for your kindness. Thank you.

    CHRISTOPHER:  Hello, my name is Christopher. I have been following up with my late wife’s gratuity since 2019. I have submitted all necessary documents i was asked to submit. But till date, I have not received anything. The last time I went to Access Pension in Lagos, I was told that they were waiting for the money to be released to them from Abuja. She served with Ministry of Defense. Thank you.

    FEMI: My name is Femi; I am an annuitant with African Alliance Insurance Plc. I have not received my stipend for May, June, July and August and September 2024. What is the way out? Seems the company is distressed. Didn’t I tell you that the company is playing Games with us? I wonder how they want us to survive these harsh economic times. What’s the next step that we can take? Both PENCOM and NAICOM are not coming to our assistance. What happens to our money with them? Can I migrate back to Stanbic-IBTC?

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    MICAH: Good day, my name is Micah. While thanking you for your good work, I wish to still appeal to you to look into my complaint of non-implementation of my level 13 salaries with FRCN where I retired on April 20, 2019 on level 12. The level 13 promotion was after my retirement in April 2019 and was back-dated to January 2019. I have sent you the details which you replied in The Nation Newspaper of January 2018 till date. I also sent you my PIN Number. My PFA is Premium Pension. I have sent all details to you since on January 18, 2023. Kindly assist me.

    ANNONYMOUS: Good day, what document do I need to provide in case of death. I mean the next of kin for the person to have access to the pension.

    IYAV: Hello, My name is Iyav. I retired from the Nigeria police force in 2011. My PFA is African Alliance Insurance Plc. I have not being paid my pension salary from the month of MAY to AUGUST 2024. This is without any explanation from my PFA. We were informed to check The Nation newspaper of September 18, 2024 on page 8 wherein, African Alliance promised to pay at the end of September 2024. It is disappointing that they have still not paid as at today. Please is there any explanation or solution to this problem.

    KANGIWA: I am Kangiwa, serving with Civil Defense since 2005. My complaint is on short payment in my RSA account with Stanbic Ibtc Pension. Kindly help me

    ENON:  My name is Enon. I worked in Auchi Polytechnic from April 1985 to March 2023. I retired as Chief Lecturer on 20/03/2023 under CPS retirees. My complaint is that my accrued pension right has not been released to my PFA, Stanbic IBTC.

    UCHARA: Hello, I want to start Voluntary Contribution (VC). I spoke with my PFA but they are unable to help me out. What am I to do to start the Voluntary Contribution?

    OGU: My name is Ogu. I completed my tenure as Executive Director Engineering last year March 31, 2023. But up till now, I am yet to receive my pension and gratuity. Kindly help me. My PFA is Premium Pension.

    MRS NIFEIPIRI: Good day, I called on behalf of my mum. She is a retiree but she hasn’t been paid by African Alliance her stipend for the past four months. Is there any explanation to this?

    AKINTOYE:  Kindly look Late Akintoye’s matter.

    All documents have been submitted to pension office and her PFA, Crusader Pension.

    TSEAVE: Good day, my name is Tseave. African Alliance has not paid my monthly pension for 5 months now. I am calling on you to use your office to prevail on African Alliance to do the needful. Thank you.

    THE NATION: The Newspaper will intervene by sending your complaint to PENCOM. Therefore, MRS MATTHEW, CHRISTOPHER, FEMI, MICAH, IYAV, KANGIWA, ENON, UCHARA, OGU, MRS NIFEIPIRI, AKINTOYE and TSEAVE should watch out for the pension page on Wednesdays for response from PENCOM and subsequently every Wednesday for pension news.

  • Customer Service Week: PenCom launches revised service charter, consumer protection framework

    Customer Service Week: PenCom launches revised service charter, consumer protection framework

    National Pension Commission (PenCom) has unveiled its Revised Service Charter and Consumer Protection Framework to enhance the quality of service under the Contributory Pension Scheme (CPS).

    Acting Director-General of PenCom, Ms. Omolola Oloworaran said during the launch of the documents at its Customer Service Week,  it signified a renewed commitment towards enhancing transparency, efficiency, and excellent service delivery.

    Welcoming guests that included Licensed Pension Fund Operators (LPFOs), Nigeria Union of Pensioners Contributory Pension Scheme (NUPCPS), and key stakeholders in the industry, Oloworaran stated that the Charter and Framework are aimed at transforming service delivery, reinforcing trust, and ensuring long-term sustainability.She lauded the documents, saying they are important to the industry.

    Need for enhanced standards

    According to Ms Oloworaran,both booklets are coming at a crucial time when the CPS is experiencing rapid growth.

    She said: “As at August 2024, the total pension assets under the CPS had grown to over N21.14 trillion, covering more than 10.46 million RSA holders. However, with this growth, comes the need to continuously improve service delivery.’’

     The Acting PenCom DG told participants that the Revised Service Charter was part of a broader strategy to render efficient and effective service to pension customers.

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    “The Service Charter we are presenting is designed to define clear service delivery expectations, both for us at PenCom and the PFAs and other operators we oversee. It sets the benchmarks that will govern our interactions and ensure that the trust placed in us by the Nigerian public is maintained and continually enhanced.”

    Key features of Revised Charter

    “The newly unveiled Revised Service Charter is one of the provisions of the Service Compact with Nigerians (SERVICOM) and ease of doing business initiative of the Presidential Enabling Business Environment Council (PEBEC). The Charter represents and expresses PenCom’s commitment towards its stakeholders in respect of standard of services, information dissemination, availability of choice and consultation, non-discrimination and accessibility of service, grievance redress mechanism and expectations of the Commission from its stakeholders.

    “The Charter affirms PenCom’s resolve in ensuring effective and prompt service delivery and seeks to remove bureaucratic constraints to enhance the ease of doing business. It further highlights the various services expected to be provided by PenCom as well as providing feedback on the services rendered.The Charter also explains the redress procedures to be followed in the event of service failures, and the modalities for obtaining information from PenCom.”

    She emphasised the ongoing responsibility of stakeholders in upholding the standards set by the Revised Service Charter.

    “As we roll out these initiatives, I want to emphasise that excellent service delivery is not just a regulatory requirement but a key driver of confidence in the pension system. The security of retirement savings depends heavily on the trust and confidence that contributors and retirees have in the institutions managing their pensions. PenCom views this initiative as a collaborative effort.The Charter is not only a set of guidelines but a “living document” designed to evolve in response to the needs of contributors and the operational realities of PFAs.

    She urged stakeholders of the CPS to consider the Service Charter and Framework as tools that will guide the industry’s journey toward continuous improvement in excellent service delivery.

    The public presentation of the Service Charter and Framework has been met with optimism from experts and stakeholders. Participants, in their goodwill messages, extolled the Revised Service Charter and Consumer Protection Framework.