The Certified Pension Institute of Nigeria has called for improved synergy between operators in the pensions sector and the regulator to meet the needs of retirees and take proactive steps.
This call was made by the Managing Consultant Motodols Pension Consults, Mrs. Folashade Onanuga, who delivered the induction lecture of the CPIN 2024 Investiture/Induction Ceremony on Thursday in Lagos.
CPIN is the pioneer professional body for professionals involved in the management of various forms of retirement benefits in Nigeria. The CPIN is designed to be the morale booster to all stakeholders geared towards the development of the pension industry in Nigeria.
Onanuga, whose lecture was titled,‘20 years of pension reform in Nigeria,’ highlighted the benefits of the pension reforms whilst also identifying some challenges that needed to be addressed to make the reforms effective.
According to her, the notable achievements in 20 years of the pension reforms include; “Ease in pension administration through automation and digitalisation; robust regulation and supervision by the National Pension Commission (PenCom); fraud-free pension scheme and membership of over 10 million contributors amongst others.”
She identified challenges as “low coverage both in formal and informal sectors; delay in contributions; inadequate or no funding of the accrued pension rights; inadequate benefits; limited awareness of the scheme’s benefits; unhealthy competitions; delay in payment of terminal benefits, among others.
On the way forward, Onanuga canvassed regular strategy sessions by operators and regulators to anticipate the needs of retirees and proffer solutions even before the retirees make demands, “greater commitment by government and employers of labour on employees welfare; creation of awareness and provisions of the pension law must be immediately practicable and achievable.”
CPIN inducted 23 professionals as fellows and nine as associates.
The President of the Institute, Umaru Kwairanga, while speaking at the CPIN 2024 Investiture noted that the fellows and associates are distinguished and accomplished individuals in pension practice and associated financial services in Nigeria.
He implored the inductees to be good ambassadors of the institute in their various organisations by their conduct.
Kwairanga submitted that the Institute is extending membership of the institute to people in employment without a university degree and undergraduates to commence their student registration process that would enable them to take the institute’s examinations.
The Executive Secretary of CPIN, Dr Samson Akinyemi, called for cooperation amongst practitioners to properly position them in the industry. He added that the institute was working on securing a chartered status.
