Future Unity Glanvills Pensions Limited (FUG Pensions) has sponsored this year’s edition of the e-Governance Conference of Covenant University, Ota, Ogun state as part of its Corporate Social Responsibility (CSR).
The PFA is known for its active roles in CSR by sponsoring good initiatives that can aid the growth and development of the society, thus using the medium to spread the gospel of the new pension scheme in the country.
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 on 7th to 9th June 2017, the Managing Director, FUG Pensions, Usman 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 manners of sharp practices in civil service.
Suleiman stated that the tremendous growth recorded in the Contributory Pension Scheme (CPS) was attributable to the vibrant role of Information Communication Technology (ICT) in pension service delivery, adding 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 the old scheme, where several frauds cases were recorded, to the new scheme.
“IT plays an integral role in prompt service delivery in pension industry and it’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.
Speaking in the same vein, Executive Secretary, Jigawa (State & Local Governments) Contributory Pension Scheme Board, Comrade Suleiman Adamu Kiyawa, said the success recorded by his board was due to the manner the state was able to drive its pension system through proper adoption of IT, noting that through this process, the state is able to eradicate ghost workers and pensioners, thus, saving cost for Jigawa State Government.
He said the state is one of a few states that have no outstanding pension, adding that Jigawa State has paid N12 billion pension benefits to beneficiaries between May 2015 and May 2017.
The state, since automating its pension system, according to him, has and is paying pension benefits on 8th and 9th of every month, a feat he attributed to dedication of the State to embrace IT in its pension system for transparency and accountability.
He applauded FUG Pension, as a strong PFA with outstanding service delivery as it is one of the accredited PFAs that are providing services to Jigawa State CPS Board. He urged the company to keep the good work and improve on its service delivery where necessary.
The conference facilitator, Professor Patience Akpan-Obong commended FUG Pensions for being committed in ensuring the success of the annual conference for three years running. She added that apart from being a very senior conference partner, FUG Pensions has proved its mettle as a reliable pension fund administrator in the pension industry as she urged institutions to also strive to benefit from the quality services offered by the PFA.