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PenCom’s proactive regulatory approach safeguarding interests of contributors

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The Director-General, National Pension Commission, Aisha Dahir-Umar, has said PenCom is protecting the interests of contributors as funds rise under the Contributory Pension Scheme.

The director-general, who was represented at the event by the Head, Corporate Communications Department, Abdulqadir Dahiru, spoke during the 2023 Journalists’ Conference in Lagos.

She said, “PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency and accountability and safeguarding the interests of pension contributors.

“Consequently, pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023. Membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.”

She said the theme of this year’s workshop, titled ‘Transforming service delivery in the pension industry: strategies for improving efficiency and customer satisfaction’, was both timely and crucial.

It reflected PenCom’s commitment to continuous service improvement in the pension industry so that contributors and retirees receive the best possible experience, she noted

She noted that the CPS had ensured that public and private sector workers could build retirement savings throughout their working lives, fostering financial security during their golden years.

The director-general also said the creation of the Consumer Protection Department showed PenCom’s determination to prioritize service delivery and provide its Retirement Savings Account holders with the care and attention they rightfully deserved.

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