PenCom showcases success of cps at world's pension summit

 

From left: Conference Chairman, Harry Smorenberg; Acting Director-General National Pension Commission (PenCom)Mrs Chinelo Anohu- Amazu and Co-Conference Chairman, Erik Eggink at the world  pension summit in Amsterdam, Netherlands.  

 

 

Chuks Udo Okonta

  

The Acting Director-General National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, has showcased the huge success of the Contributory Pension Scheme (CPS) in Nigeria which was introduced in 2004, to the world. .

A statement by Head, Communication Unit, PenCom, Emeka Onuora, said 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 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 Mrs. Grace Usoro, the General Manager/Head Public Sector Pensions Department and Ms. Olusola Odufuwa, Head Corporate Counseling Unit of the National Pension Commission (PenCom) to the Summit which took place between 13 and 14 November 2013.

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 World Pension Summit 2013 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 on pension investment, risk management, pillars for pension scheme administration, communication/information management and strategies for stimulating growth in pension portfolios.

Other speakers at the Summit included Professor Zhen Li, Director of the Institute for Social Security Study, School of Public Administration, China Renmin University, Yves Leterme, Deputy Secretary-General of the OECD, Paris, William De Vijlder, Vice - Chairman of BNP Paribas Investment Partners, Brussels, Gerard Riemen, Managing Director, Federation of the Dutch Pension Funds, the Hague, Gareth Gibbins, Steve Webb, Minister of State for Pensions, United Kingdom, Elsa Fornero, former Minister of Labour, Social Policies and Equal Opportunities, Italy, Nancy Heller, Senior Managing Director, Globalization, TIAA-CREF of the USA and Annamaria Lusardi, Academic Director, Global Financial Literacy Excellence Centre.