PenOp Intensifies Moves To Accommodate Over 70M Uncovered Workers

Determined to accommodate the over 70 million workers that are presently outside the Contributory Pension Scheme (CPS), the Pension Fund Operators Association of Nigeria (PenOp) amongst other strategies has commenced training operators for the enrollment of workers from the informal, private and public sectors.

A statement by the Executive Secretary PenOp, Ms Susan Oranye, noted that executive of the National Pension Commission (PenCom), who were at the events, trained the operators on key procedures such as, basic calculation of fund pricing, differences between Programmed Withdrawals and Annuity, death benefit requirements and new initiatives in the sector.

She said the training which held in Lagos; Abuja and PortHarcourt, provided opportunities for the workers to share knowledge and initiate measures to tackle challenges affecting their operations.

She maintained that the training and other measures adopted by the association are geared toward making adequate provisions for workers that are presently covered in the scheme and those that will be integrated through recent initiatives taken by PenCom and the association.

"We are aware that there are approximately 176 million in this country and about 70 million people in the workforce and currently we have about 6.4 million in the contributory pension scheme.

"The Pension Fund Operators Association of Nigeria (PenOp) recently concluded its customers service training that held in PortHarcourt, Abuja and Lagos and was attended by key staff of all the operators in these three regions.

"It was extremely exciting and interactive. The focus of the training was to build the capacity, knowledge base and confidence of the staff, especially those who are at the front line in the organisation they work for.

"The pension industry has seen changes, especially in the Pension Reform Act 2014, which came with changes in procedures, required documentation and different issues.

"We felt that it was important that all the representatives, staff who have face to face contacts with customers and the general public on a daily bases are brought up to date regarding all the changes, processes, and documentations required. We do not want any of them to offer sub-standard customers service, hence the need for the training."

She said the training was designed to prepare the operators on how to offer excellent services to their clients.

"The pension industry is still growing and we know that now is the time to inculcate into the system the need for operators to treat their clients well, keep them informed and ensure that all their enquiries and needs are met. That was the the essence of the training.

"To make the training more in-depth, for the first year ever, the National Pension Commission (PenCom) was invited to attend the trainings in the three locations. PenCom was there to training the attendees on how to provide excellent customers service in retirement benefits administration. This is because, that is the high point of the pension system - what people get when they retire," she said.

Oranye stressed that the knowledge obtained from key procedures such as basic calculation of fund pricing, differences between Programmed Withdrawals and Annuity, death benefit requirements and more, will impact the industry positively, adding that there was robust question and answer sections, where challenges were raised and discussed in a spirited environment.

Oranye said the attendees were pleased with benefits they derived from the training, stressing that the effort goes to show that PenOp is not resting on its oars.

She said PenOp recognizes the fact that there is a lot of grounds to cover, and so, it is preparing her people for times such as the opening of the doors of the the informal sector.

She maintained that prior to when the gates would be opened, the operators want to be ensure that they are prepared, knowledgeable to meet whatever enquiry and provide the services that are required.