Pension Institute inducts 23 fellows, 9 associates

By Rukayat Adeyemi

The Certified Pension Institute of Nigeria (CPIN) on Thursday inducted 23 professionals as fellows of the institute and 9 others as associates.

The President/Chairman of the institute, Alh. Umaru Kwairanga, on the investiture of the inductees in Lagos, charged the inductees to be good ambassadors of the institute of their varied organisations.

Umaru instructed them to do that via their conduct {and professional} utterances.

According to him, the inductees are distinguished and achieved people in pension observe and related monetary providers within the nation.

Kwairanga said that the institute would lengthen entry to individuals in employment with out college levels and undergraduates to start out their scholar registration course of which might allow them to take up examinations.

Speaking on the theme of the induction, ’20 Years of Pension Reforms In Nigeria’, the institute’s president famous that pension points had grow to be extra distinguished within the final 20 years.

Kwairanga charged the pension professionals to evaluate the journey of the trade up to now, appraise the challenges and be a part of the crew that will work out enchancment.

“We collect to try for professionalism as a physique, whose membership pursuit is scholastic and scientific.

“We will use our professional competence to help our country and achieve its transformation by jointly addressing pension problems in the country,” he mentioned.

In her lecture, Mrs Folashade Onanuga, Managing Consultant, Motodols Pension Consults, mentioned that whereas the pension reforms within the final 20 years had recorded exceptional successes, there have been some challenges that wanted to be addressed to make them simpler.

Onanuga, who’s a former Director General, Lagos State Pension Commission(LASPEC), mentioned the aims of the reforms embrace the institution of a uniform algorithm for pension administration within the nation.

She added that the reform ensured that retirement advantages have been paid as and when due; that it inculcated a saving tradition in staff, and thereby assisted them in saving towards their retirement.

“The 2024 pension reforms made Group Life Assurance scheme for the availability of death-in service advantages obligatory and for premium to be paid by the employer.

“Introduced transparency and accountability by guaranteeing that each worker maintains a Retirement Saving Account(RSA) with a singular Permanent Identity Number.

“It also introduced the concept of private sector management of pension funds, PFAs and PFCs, with the regulatory body, PenCom, being an agency of government, among other reforms,” she mentioned.

According to her, the notable achievements of the reforms within the final 20 years included build-up of over 20 trillion in pension property, ease in pension administration via automation and digitalisation, amongst others.

Onanuga, nevertheless, famous a number of the challenges of the pension reform to incorporate low protection, each in formal and casual sectors, delay in contributions, insufficient or no funding of the accrued pension rights.

She additionally highlighted insufficient advantages, restricted consciousness of the scheme’s advantages, unhealthy competitors, and delays in fee of terminal advantages as a number of the challenges.

In his comment, the Executive Secretary, CPIN, Dr Samson Akinyemi, appreciated the institute’s Board of Directors and the inductees for his or her dedication and involvement within the progress of the institute.

Akinyemi said that the institute was working to safe its Chartered standing.

According to him, this doesn’t, nevertheless, hinder the institute’s operation as a licensed physique.

He referred to as for collaboration amongst practitioners and operators to correctly reposition the trade and create extra consciousness of its operations and mandate.

Responding on behalf of the inductees, Mrs Emem Umoh, lauded the institute for taking a step in the precise route to develop the institute.

Umoh pledged, on behalf of her colleagues, that the inductees would contribute to the expansion of the institute and the trade.

CIPN is knowledgeable physique representing pension professionals within the non-public and public sector