The National Pension Commission (PenCom) has emerged winner of double awards at the 2016 Africa Pension Awards (APA) of World Pension Summit ‘Africa Special’.
The Commission was awarded best performed pension institution on Corporate Governance, and also one of the best performed in coverage and social economic impact in Africa.
The award was organised as part of activities at the just concluded 2016 World Pension Summit ‘Africa Special’ held in Abuja,
The Director-General of the Commission, Mrs. Chinelo Anohu-Amazu, said the emergence of PenCom as one of the best in coverage and social economic benefits was based on its ability to enforce compliance on operators in the industry and the introduction of reforms that led to 2014 Pension Reform Act.
She added that the 2014 Pension Reform Act in Nigeria had made provision for Retirement Savings Account holders to access part of their contribution for mortgage financing.
She also stated that PenCom had introduced innovative ways in the discharge of its fiduciary responsibilities.
The 2016 African Pension Award was structured into five categories namely Innovation in Corporate Governance; Deployment of Innovative Practices to Facilitate Wide Coverage and Inclusion; Socio -Economic Impact of Pension or Social Security System; Innovation in Risk Management and innovation on Information, Communication and Technology Platforms for Improved Customer Service Delivery.
The Africa Pensions Awards were introduced to stimulate innovative practices in the administration of pension and social security amongst African countries by recognising excellence, achievements and commitment to the development of pensions and social security in Africa.
The awards are also intended to create the much needed setting for African countries to showcase innovations and developments in the African pension and social security space. It is indeed, an opportunity for African countries to benchmark their achievements and also foster positive local and global perception of the African continent.
Contest for the Africa Pension Awards 2016 was open to both regulators and operators who have deployed innovative ideas to record significant achievements in their delivery of pension and or social benefits.