Distinguished Guests,
Industry Stakeholders,
Dear Colleagues,
Let me start by expressing my appreciation for the invitation extended to me to exchange views with this section of the media that should share in the credit for the tremendous success the Contributory Pension Scheme (CPS) has been. The media has been central to highlighting the defects of the old defined benefit scheme and also celebrating the remarkable successes recorded in the CPS. I feel highly elated as I have always been whenever I have the opportunity to talk about the CPS in Nigeria. This is quite understandable. The new pension scheme has gone through the teething stages and has come to stay. It is working but there is still enormous work to be done to address some observed challenges and ensure that all intended objectives are achieved.
As it stands today, the CPS is arguably the most conspicuous and indelible legacy of the Federal Government in the past decade. This is largely because of the positive impact it has had on retirees since the scheme became fully operational. Let’s spare ourselves the boredom of talking about the old defined benefit scheme and what came with it. In the same vein we are also not going to put you through the tedium of recounting in detail the successes of the CPS. It is very important that we know what Premium Pensions’ contribution has been and highlight the need for greater role for the media in the consolidation and improvement of industry gains.
THE GIANT STRIDES OF PREMIUM PENSION LIMITED
Premium Pension is a pioneer Pension Fund Administrator (PFA) which is ranked top among the market leaders in the Nigerian pension industry. The Company currently maintains well over 600,000 Retirement Savings Accounts (RSAs) and has paid out over 87 billion naira to over 33,000 retirees or their next-of-kin as entitlements since 2007. With pension assets under its management in excess of 370 billion naira and pension enrollees under the company’s management spread in over 1000 organizations across the country, Premium Pension has already been firmly established as a key player in the new Contributory Pension Scheme. Professionalism in pension service rendition at Premium Pension is complemented by the Company’s adoption of the robust Canadian Pension Administration Software (CPAS). We are partnering with this organization to ensure continued cutting –edge service delivery. All the relevant staff operating this software have been adequately trained in Canada by CPAS. It is also important to note that Premium Pension has consistently posted Return on Investment of pension asset well above industry average and above inflation. The company is run by young Nigerian professionals and a wholly Nigerian board of diverse background and competencies.
With a view to facilitating its operations and enhancing customer service and interaction, Premium Pension Limited recently introduced a mobile application known as The Premium Pension Mobile. This is in response to the evident need for devices that would further close the gap between the company’s operations and its customers on the one hand and the customers and their Retirement Savings Accounts (RSA) on the other. The Premium Pension Mobile is a mobile application that is downloadable from the app-stores of Androids, Blackberry, Apple Store and Windows phones. The mobile application is loaded with exciting features which include a dashboard view that shows summary of a customer’s account/fund while incorporating a pie chart for the purpose of clarity. It also includes the history of unit prices and a graphical representation of movements in this regard. The mobile application also offers investment overview, contribution history, customer service information and contact layout as well as information on the company’s branches. Frequently asked questions are answered while balances and detail investment historical figures are included as well as a feedback form.
The features inherent in this application are reflective of professionalism and transparency in our operations and relationship with our customers. These are the necessary ingredients that would shore up public confidence not just in our company but in the industry at large.
It is important to note that Premium Pension Limited has been paying out monthly pension to retirees on the 19th of every month. Our retirees have attested to the fact that even when they were in active service they never received their monthly salaries on that date. While we continue to pay monthly pension, our return on investment has continued to outstrip the amounts paid. This has led to agitations for payment of additional lump sum and/or increase in monthly withdrawal. There lies the evidence of the huge success that the CPS has been.
In line with its mission to achieve superior customer satisfaction in active and retirement life, Premium Pension Limited has been organizing Retirees’ forums across the country. These forums have been used to gauge the impact of the new pension scheme on retirees. It has provided opportunity for us to evaluate our services. We also carry out medical checks on the retirees and offer counseling for proper psychological and mental conditioning for life in retirement.
PREMIUM PENSION LIMITED AND THE MEDIA
The major challenge facing the Contributory Pension Scheme in Nigeria is lack of adequate public awareness. This lack of awareness is even noticeable among the supposedly enlightened in the society. This situation is an offshoot of the initial skepticism that greeted the pension reform in 2004. The old scheme had virtually collapsed; accumulating a deficit of more than two trillion Naira and cases of corruption were rampant. The word ‘Pension’ as a consequence acquired a pejorative connotation.
It is against this backdrop that pension operators are now saddled with the responsibility of clearing this cobweb of ignorance about the workings of the new scheme. Premium Pension Limited has been consistent in the call for increased public awareness on the scheme. The Company prioritizes media relations and has issued countless media releases on the successes of the new pension scheme and its guiding rules. The media have not only been quite responsive but have been championing this campaign. I can state without contradiction that there has been no success recorded individually or collectively in the pension industry that does not have an imprint of the media.
Encouraged by this, Premium Pension Limited is fully prepared to collaborate with the media in the following areas:
➢ Beaming searchlight on the State Governments that have not yet signed the Contributory Pension Scheme into Law thereby inhibiting the domestication of the scheme the States.
➢ Partnering with the media to further promote the workings and numerous advantages of the CPS especially now that it has been extended to the informal sector.
➢ Highlighting the companies, local or foreign and even multinationals that have failed to adopt the scheme, thereby endangering the future of the mostly Nigerian staff.
➢ Educating intending retirees on the procedures and requirements for a seamless transition to retirement.
CONCLUSION
The media is central to the success of the Contributory Pension Scheme. Premium Pension Limited is poised to continue with its collaboration with the media in the advancement of its objectives and those of the pension industry. The CPS requires increased public awareness drive to be able to further extend the gains of the industry.
Thank you.
MR. WILSON NDIDI IDEVA
MANAGING DIRECTOR
PREMIUM PENSION LIMITED
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