PenCom develops new strategy to protect customers’ rights
By Patience Ikpeme
The National Pension Commission (PenCom) has announced the development of a five-year corporate strategic initiative aimed at protecting the rights of customers and enhancing service delivery.
This initiative focuses on contributors to the Contributory Pension Scheme (CPS) who have opened Retirement Savings Accounts with Pension Fund Administrators (PFAs) supervised by PenCom.
As part of its 2023-2027 corporate strategy, PenCom has established a Consumer Protection Department.
The head of this new department, Ikenna Chidi-Ebere, revealed this development at a journalists conference held by the commission in Lagos. Chidi-Ebere emphasized that PenCom’s new strategic plan places customers at the forefront, and the creation of the CPD is a reflection of this priority.
Chidi-Ebere’s presentation, titled “Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan,” highlighted the industry’s commitment to adopting a customer-centric approach.
He stressed the importance of understanding the needs and preferences of contributors and retirees, and tailoring pension services to meet their expectations effectively. To build confidence in the pension industry, the CPD will develop and implement a Consumer Protection Framework (CPF).
In addition, the CPD is responsible for establishing industry standards (ISs) to improve service delivery and ensure the delivery of quality products, services, and processes. The department will also address complaints from both internal and external stakeholders, and develop and implement a service charter for the pension industry.
