Remarks by
His Excellency, President GoodluckEbele Jonathan, GCFR
At the Opening of the World Pension Summit ‘Africa Special’
Monday7thJuly, 2014
PROTOCOLS
1. Let me warmly welcome you all to this historic first edition, of the World Pension Summit ‘Africa Special’. I am particularly pleased to address this distinguished gathering, on an issue of overriding importance to people and families; governments and nations.
2. Pension, it is globally recognized, occupies a strategic place in national socio-economic development. It is not only a vital component of social security; it is also a veritable vehicle for nation building.
3. Indeed, investment in pension has profound impact on the well-being of pensioners, society and the economy at large. As such, it is imperative that stakeholders in this life-shaping industry engage constantly in dialogue to bolster management frameworks and practices in their respective jurisdictions.
4. It is therefore heart-warming, that this Summit brings together highly accomplished pension practitioners and experts from Africa, and around the world, in discussion of various aspects of this subject, with emphasis on African perspectives and realities.
5.There is no doubt that the experiences of other countries in pension issues would offer valuable lessons that would assist participants in review and adjustment of their systems and practices, in line with global standards. Indeed, there will be broad lessons that could be drawn from specific history, priorities and dynamics of various pension jurisdictions.
6. For us, here in Nigeria, this meeting is taking place at a time of pronounced transformation in all facets of our national life. In the pension sector, we have also made considerable progress in defining and implementing reforms, and instituting governance structures based on best global practices.
7. In 2004, the Pension Reform Act was enacted by the Olusegun Obasanjo’s administration, to address the recurring challenges experienced in the administration of pension and to enhance efficiency in the system. This reform initiative established the Contributory Pension Scheme, for the public and private sectors.
8. In ten years of sustained policy innovation and meticulous management, these have facilitated confidence and credibility in our pension system and administration. It also strengthened our pension institutions, as we transited from a deficit of about N2 trillion (USD 12.9b) in 2004 to accumulate pension assets of over N4.21 trillion (USD27.2b) by March this year.
9.Furthermore, as provided by the Act, we haverestructured the system of administration of the defunct Defined Benefits Scheme in the public service, by setting-up the Pension Transitional Arrangement Department (PTAD) and appointing its substantive Head, in order to improve the scheme. Our goal is to digitize pension payments and streamline payment procedures to ensure prompt and ease of payment of pension benefits.
10. Six days ago, I signed into law, the new Pension Reform Act 2014, which repealed the 2004 Pension Reform Act. The new law seeks to consolidate the gains of reform, address the identified implementation challenges and provide the enabling legal environment to facilitate the creation of quality instruments through which pension assets could be best invested for infrastructure and real estate development.
11.I am confident that these fresh initiatives will assist us to consolidate the remarkable achievements recorded by the National Pension Commission (PenCom) in the implementation of the Contributory Pension Scheme, over the last ten years, for the benefit of contributors, and the entire economy.
12.It is our expectation that PenCom would put in place the necessary regulatory and supervisory framework to facilitate and accelerate the objectives of the reform. Most especially, ensuring the safety of pension assets and hence, workers' security in retirement.
13. I believe that other African countries share similar experiences, and reform zeal, as Nigeria and it is encouraging that a number of African countries have visited Nigeria, to understudy our pension reform and share ideas which we believe can be useful to the entire continent.
14.As we commit to share experiences and seek growth, let me conclude by emphasizing that the protection of pension assets for the payment of retirement benefits, as and when due, should always be our paramount objective.
15. I am confident that participants will seize the ample opportunity offered by this inaugural World Pension Summit ‘Africa Special’ to reflect and share experiences on how best to fine-tune African pension systems to globally acceptable standards, while retaining tailored and unique adaptations.
16.On this note, it is my honour to declare open the inaugural edition of the World Pension Summit ‘Africa Special’. I wish you very fruitful deliberations.
17. I thank you.
a.k.a EDWIN CHINEDU AZUBUKO said...
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Is gud to read it here first though....
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***CURRENTLY IN JUPITER***
Seen
ReplyDeleteThis man is so clueless.
ReplyDeleteStella. Bring gist naaa... u neva hear say mama peace say her husband hasn't slept wit her since the chibok girls were kidnapped?
ReplyDeleteAbeg I have opened a Google account o. Not sure I know how to do this
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ReplyDeleteGod bless our president God bless nigeria. I av this strong feeling dat our country will be good some day. E go better
ReplyDeleteTerinnerin no tessy kess God bless u n welcome bck. Where is galore?
DeleteAnon galore is not my sister na I where she is o. Tnx anyways
DeleteShame they keep talking about this BS when they don't do shii about it. My dad hasn't been paid for years, they don't care how we survive. I'll shoot all politicians if I had just one opportunity. I'll gun erry mofo down, from the President down to the Local chairmen..Fuck all of em!!!
ReplyDeleteChai! This country eh! Take it easy my dear it will get better,I feel your pain.
DeleteIts more hurtful when folks serve and don't get rewarded hopefully the sun will rise again in your lives soon just believe God
God BLESS you dear President. I know you mean well for Nigeria.
ReplyDeleteThis Pension talk just made me remember someone. Years back at Enugu my pop died. So it was time to claim his Insurance money. The man in charge said we must give him a specified amt for him to help us claim it. My mum said no,that it wasn't meant to be so. Na so the come today come 2moro start. My mum told him ok help us n when the cash is released he shud take from there. He refused. My mum was confused n she had no cash then cos our uncles took everything for d burial. So we borrowed gave him n we were paid.
ReplyDeleteFastforward many years later,I am married n guess what. That wicked Insurance man is my oga's Uncle n comes begging for his sons n daughter to be helped by oga. I've not told anyone I know him bt whenever I see him,I remember my mum in black buba n myself crying in his office n him telling us to go n look for the cash that he can't help us. I will tell my oga I know his uncle soon n I want to forgive d wicked man bt I don't know how to start.
It will take the grace of God to forgive him o, life is funny really! Tell your hubby (how come you refer to him as Oga sef) about his wicked Uncle and remind the Uncle about your case with him any day he comes begging, rubbish! Forgive him anyway so you can have peace too.
DeleteGej on point.. 2015 loading for u
ReplyDelete..please Check my blog post
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Please if you don't know anything about the new Pension scheme please do not bad mouth the president. Initially the Nigeria pension industry was not regulated and government had to source money to pay off hence opportunity for some high level officers to loot. Be informed that the new contributory scheme is highly regulated,we have about 20 Pension fund Manaagers Managed by National Pension Commission. you get monthly alert as your pension is remitted from source..this helps your track your account balance and also see intrest accrued on your retirement savings account. I think passing the bill b Obasanjo and the support from Jonathan to amend the ACT was a brilliant move. I advise everyone to save toward retirement , this scheme is quite different from the old defined benefit scheme you knew of. It has a check and balances system and very tough for money to be stolen. If you are working in the public sector you need to do your verification on time to enable timely payment..also ensure that your name is in the nominal roll sent to PENCOM..tired..lol
ReplyDeleteOk
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