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Pension administrators hinge economic prosperity on reforms

By Bankole Orimisan
30 September 2019   |   4:13 am
Experts in the nation’s pension industry have urged governments and private sector operators to adopt the Contributory Pension Scheme (CPS) for their workers.

Want states’ compliance to CPS rules
Experts in the nation’s pension industry have urged governments and private sector operators to adopt the Contributory Pension Scheme (CPS) for their workers.

As a move that would spur the growth of the economy, presently, some states are already operating a Pension Bureau, while some registered the states’ workers into the CPS led by the national Pension Commission and others are yet to comply fully or begin the process.

CPS is described as a means to a “better end”, especially as only states that subscribed to the scheme and issue a bond could access the more than N9trillion already accumulated.

The Chief Executive Officer, Premium Pension Limited, Umar Sanda Mairami, who spoke to The Guardian at a conference to launch new corporate identity in Lagos, said the new look final step in a transformation includes a revamped technology infrastructure designed to provide a “premium experience” for customers across Nigerian market.

While lauding the Federal Government for remaining steadfast in its commitment to improve the conditions of retirees by supporting the scheme, he called on the state governments to follow suit by setting up Pension Bureau.

“The CPS enables workers to retire better. It is, however, regrettable that some states are yet to establish the necessary legislative framework that would enable them to key into the system.

“We urge them to establish the administrative structure that will drive the implementation of CPS in the states to enable them to access the available funds and enable workers retire well.

Mairami, stressed that the occasion afforded the audience a sneak on the multi-stakeholder app, which is set to revolutionise the pensions industry.

Guests at the event were also updated on the recently introduced micro pension product, aimed at small business owners and the blue collar sector.

According to him, the renewed and refreshed Premium Pension is a delicate blend of the old and the new.

“While we will continue to provide premium returns to our customers who have been with us over the years, we are conscious of the needs of the new generation and have designed products specifically for their lifestyle, to ensure what they can look forward to and then enjoy their golden years,” Mairami said.

Speaking on the development in the pension industry, the Executive Director, Business Development South and Strategy, Mrs. Kemi Oluwashina, said the company has raised the bar in the pension industry with the unveiling of the app and other giants strides, stressing that the app would give full access to customers of the company, who she referred as members.

She implored the public to download the app and use it to interact with the firm, stressing that the app also has features that would help the firm’s retirement savings accounts holders update their data in line with the ongoing pension industry’s data recapturing exercise.