The tremendous growth in pension assets, which now stands at over N6trillion and the successes recorded in the Contributory Pension Scheme (CPS) in less than one and half decades, have been attributed to the vibrant role played by Information Communication Technology (ICT) in pension service delivery.
Managing Director Future Unity Glanvils Pension, Ltd, Usman Suleiman, who stated this at the 2017 edition of e-Governance Conference organised by the Covenant University, Ota, Ogun State recently, stated that the tripartite arrangement between the National Pension Commission (PenCom), the Pension Fund Custodians (PFCs) and Pension Fund Administrators (PFAs) guarantees the security of the over N6 trillion pension funds. This, he said, is a major and unique characteristic that differentiates it from the old pension scheme, where several frauds cases were recorded.
“IT plays an integral role in prompt service delivery in pension industry and itâ€™s responsible for why pension operators are able to manage over N6 trillion Retirement Savings Account (RSA) holders without having a single fraud record since the inception of CPS in 2004,” he said.
Suleiman, whose company FUG sponsored the conference as part of its usual Social Responsibility gesture to the university charged other sectors of the economy, including federal and state government parastatals to take a clue from the pension industry by automating all their processes, saying, this, if done, would checkmate excesses in the governance system.
Speaking on ‘The Role of Information Technology (IT) in Pension Industry’ at the conference, which took place at the African Leadership Development Centre of the University recently, Suleiman, said his firm values good governance, especially when such governance is driven by IT; saying, the conference is coming at a time the country needs change in governance to, not only exit the current recession, but to also eradicate all manner of sharp practices in civil service.
He urged other sectors of the economy to automate all their processes, adding, this, if done, will checkmate excesses in the governance system.
Also speaking at the event, the Executive Secretary, Jigawa (State & Local Governments) CPS Board, Comrade Suleiman Adamu Kiyawa, said that the success recorded by his board, was due to the manner the state drove its pension system which according to him was based on thorough and proper adoption of IT.
He said through this process, the state has been able to eradicate ghost workers and pensioners, thus, saving cost for Jigawa State Government.
He described FUG Pension, as a strong PFA with outstanding service delivery adding that it is one of the accredited PFAs that are providing services to Jigawa State CPS Board.
Speaking on FUG Pensions, the Conference Facilitator, Professor Patience Akpan-Obong, said that FUG Pensions, has been on the frontline in ensuring the success of the annual conference for three years running.