Nigeria has become a role model in pension scheme development and administration
Nigeria’s Contributory Pension Scheme, CPS, was the focus of leaders and delegates at this year’s World Pension Summit (WPS) Africa Special hosted by the Nigerian Pension Commission, Pencom, the apex industry regulatory body. The Summit ended yesterday in Abuja, Nigeria’s capital.
The organisers, delegates, speakers and other participants at the two-day event paid tribute to Nigerian government and the leadership of Pencom for achieving high level of sustainability.
They also expressed delight that that the scheme has been used to reform the sub-sector after many years of anguish and pains suffered by pensioners across the country who could not access their pension benefits years after retiring from active service, under the old pension system.
The WPS Africa Special is an annual specialised Summit for the continent and was planned jointly by the global headquarters of the World Pension Summit at The Heague, The Netherlands, and thepension regulatory body Pencom. This year’s was the second of the continental edition of the WPS meant for Africa.
The event brought global experts and thought leaders, together with key practitioners for the purpose of debate and exchanging key elements of developing and structuring a sustainable pension system for African nations.
The CPS was introduced over 11 years ago following the enactment of the Pension Reform Act 2004, which replaced the previous Defined Pension Scheme that was riddled with inefficiency, corruption and maladministration.
The theme of this year’s WPS Africa Special edition was “Building Sustainable Pension System in Africa”, and had delegates, speakers and participants from the African continent and other parts of the world in attendance.
The World Pension Summit global Chairman, Mr Eric Eggink, told The UNION in an exclusive interview at the side line of the event held at the Transcorp Hilton, Abuja, that the Nigerian CPS has become a role model for Africa.
He noted that this year’s event would fast-track the required pension penetration needed to achieve sustainability in pension system in Africa where infrastructure development is the focus, adding that other countries should leverage on the success story of Nigeria’s CPS in building their own pension system towards achieving rapid economic development.
He said, “A lot of ideas can be exchanged on how to build sustainable pension, especially on the investment side – how to regulate investment to benefit the ordinary people and how they can reap superior returns. That is from the investment side.
“It is also important to get the region to deliver its promise to the pensioners and contributors towards achieving the desired objective of achieving good standard of living even on retirement.
“We need to fashion out different development schemes that would stand on the right investment pillar so that with government, employer and institutional support, the desired benefits could be achieved.
” According to Eggink, Nigeria has become a role model in terms of sus-
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– Sam Diala