PenCom showcases success of pension scheme at world summit

The Acting Director General of the National Pension Commission (PenCom), Chinelo Anohu-Amazu, has showcased the huge success of the Contributory Pension Scheme in Nigeria which was introduced in 2004. She told delegates from 40 countries who attended the 2013 World Pension Summit in Amsterdam, Netherlands that pension assets had shifted from a growing deficit of N2.6 trillion prior to its inception to an accumulation of N3.73 trillion pension assets within the nine years of the existence of the Scheme.

Anohu-Amazu further informed the delegates that the Contributory Pension Scheme is sustainable, fully funded and privately managed by operators licensed by PenCom. The legal and institutional frameworks established by the Commission, she stated, have led to the registration of over 5.8 million members and the pool of pension assets generated has aided the deepening of Nigeria’s financial sector. They have also provided a platform for the provision of infrastructure and the development of the real sector, thereby reinforcing the transformation agenda of President Goodluck Ebele Jonathan.

The Acting Director-General led a delegation comprising Grace Usoro, the General Manager/Head Public Sector Pensions Department and Olusola Odufuwa, head, Corporate Counseling Unit of the National Pension Commission (PenCom) to the Summit.

The World Pension Summit is an annual event dedicated to ongoing and advanced learning for senior pension professionals and it also offers comparative analysis of pension experiences in participating countries, insight into the impact of emerging trends on pension arrangements and ample room for peer-to-peer discussion among delegates.

The Summit  brought together, over 350 pension professionals, experts and key authorities in the field of retirement solutions management with specific focus on pension fund strategies, social security and employee benefits.

The theme of the 2013 Summit was centered around pension investment, risk management, pillars for pension scheme administration, communication/information management and strategies for stimulating growth in pension portfolios.

By: Modestus  Anaesoronye