CIPN Harps On Awareness, Professionalism To Deepen Pension Growth

The Certified Pension Institute Of Nigeria (CIPN) has harped on increased awareness and professionalism from pension operators to deepen pension growth in the country.

Speaking at the CPIN 2024 Investiture/Induction Ceremony of new Fellows and Associates in  Ikeja, Lagos, yesterday, Lagos, the executive secretary of CPIN, Dr. Samson Akinyemi noted that, despite the progress made so far in the pension sector, low awareness has not allowed the pension scheme to grow at a high speed, disclosing that his institute is already helping out in this regard.

While raising concerns about unethical marketing of pension schemes by some uncertified pension operators, he stated that the institute was established to educate pension practitioners on adherence to ethics and professionalism to excel in the industry.

Calling for cooperation amongst practitioners to properly position the industry, he disclosed that the institute is working assiduously to secure its Chartered status.

On his part, the president of CIPN, Umaru Kwairanga 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 conducts, profession, utterances and in representing the interest of the institute.

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Kwairanga submitted that the institute is extending access to people in employment without university degrees and undergraduates to commence their student registration process that would enable them to take up examinations.

The managing consultant, Motorola Pension Consults, Folashade Onanuga, who delivered the induction lecture entitled: ‘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, notable achievements in 20 years of the Pension reforms include; build up ; ease in pension administration through automation and digitalization; robust regulation and supervision by the National Pension Commission (PenCom); fraud free pension scheme; membership of over 10 million contributors amongst others.

She identified challenges such 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 amongst others.

On the way forward, she canvassed regular strategy sessions by operators and regulators to anticipate needs of retirees and proffer solutions even before the retirees make demand; 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.

At the event, CPIN inducted 23 distinguished professionals as fellows and 9 associates.