Economy

PenCom deploys technological innovations for efficient service delivery

Access Bank

The National Pension Commission (PenCom) said it has deepened technological innovation as it seeks to tackle the challenges thrown up by the Covid-19 pandemic.

This was disclosed by the Director General of the Commission, Mrs. Aisha Dahir-Umar, in her address at a one-day Workshop it organized on Tuesday in Lagos to sensitize Journalists on its activities.

She revealed that most recent technological innovation introduced by the Commission is the in-house designed and developed online Enrolment Application, which has capabilities to register, verify and enroll prospective retirees of Treasury-Funded Federal Ministries, Departments and Agencies (MDAs).

“By the deployment of this new application, mass gathering of people has been avoided while enhancing convenience for the prospective retirees through a seamless enrolment process,” she said.

“Another notable technological innovation by the Commission was the design and deployment of the Retirement Savings Account (RSA) Transfer System (RTS), which was launched in November 2020.

“The RTS is a Computer Application developed by the Commission, through which RSA holders transfer their RSAs from one Pension Fund Administrator (PFA) to another. Indeed, the activation of the RSA transfer provision, which deepens individual choices, is a major milestone in the implementation of the CPS.”

The PenCom boss, whose keynote address was delivered by the Commission’s Director of Communications, Mr. Peter Aghahowa, noted that the number of registered contributors under the CPS has grown to 9.38 million while pension fund assets have accumulated to N12.66 trillion as at June 30, 2021.

“The maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophy of ensuring the safety of pension fund assets,” she added.

 

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