PenCom Develops Five Year Strategic Plan for Customer Rights Protection

Ebere Nwoji

The National Pension Commission (PenCom), said it has developed a five year corporate strategic initiative that will ensure protection of rights of customers and effective service delivery.

The customers, PenCom stated. are contributors into the Contributory Pension Scheme (CPS) who have opened Retirement Savings Accounts with the various Pension Fund Administrators (PFAs) supervised by the commission.

PenCom said it has done this through the creation of Consumer Protection Department in keeping with its corporate strategy initiative for 2023 to 2027.

The head of the new department Ikenna Chidi-Ebere, who disclosed this at the 2023 journalists conference organised by the commission in Lagos said PenCom’s priority has unfolded itself and consumers were now the focal point.

He said, “This creation of CPD was anchored on the fact that the Commission’s new strategic plan prioritises the quality of services rendered to consumers in the pension industry.”

In his paper titled, “Enhancing Customer Service in the Pension Industry: PenCom New Strategic Plan,” Chidi-Ebere said by adopting a customer-centric approach, the focus of the industry is on understanding the needs and preferences of contributors and retirees.

He said pension services were tailored to meet customers expectations effectively, adding that the CPD would develop and implement a Consumer Protection Framework (CPF) to engender more confidence in the pension industry.

According to him the CPD also has the mandate to develop appropriate industry standards (ISs) to improve service delivery so as to ensure that quality products, services and processes are delivered.

He further said the CPD, which is a replacement for erstwhile Corporate Responsibility and ServiCom Department, would handle complaints from internal and external stakeholders and develop and implement service charter for the pension industry.