Date: 27th September, 2018
Venue: Plot 9, Block A, Gbagada Industrial Scheme, Beside UPS, Gbagada Expressway, Lagos.
About The Event
Nigeria’s pension industry has undergone several stages of transformation since the first legislative act on pension (Pension Ordinance) was introduced in 1951. Over time, series of legislative and labour market reforms have continued to reshape the structure and fortunes of the industry.
The most remarkable change in recent times is the Pension Reform Act of 2004 (PRA 2004) which was reviewed in July 2014.The PRA introduced the Contributory Pension Scheme (CPS) which made it mandatory for employers and employees to contribute towards the retirement benefits of employees in both the public and private sectors.
The CPS was restructured to enhance the effectiveness and impact of the Contributory Pension Scheme, making provision for the establishment of the National Pension Commission and establishing guidelines for the activities of key players within the Pension Industry.
Fourteen years down the line, the CPS has recorded phenomenal success and exponential growth. However, with just 8.8% of the total working population in Nigeria currently contributing 7.52 trillion Naira in pension assets, there exists significantly untapped headroom for growth within the industry.
The phenomenal growth potential within the pension industry is an open secret which has attracted the attention of investors and government alike – so much so that the federal government considered financing budget deficits with pension assets. Industry players and investors (internal and external) are now positioning to tap into the imminent boom of the pension industry to increase their market share and seek higher returns respectively.
Several competitive and dynamic levers will further shape the landscape of the Nigerian Pension Industry in the near future. Notable among them being the entry of foreign players, employment of expatriates to bridge professional skill gaps, adoption of technology, and adoption of cost-effective strategies to providing service to a wider market, developing a broader range of pension products and unique client service propositioning targeted at specific customer segments.
The imminent boom in the industry will naturally place huge demands on HR professionals who will be required to build the workforce’s capacity to embrace change in order to maximise the upsides of the boom. HR professionals will need to adopt creative talent management strategies (for the diverse workforce), design business-focused organisational structures, deploy innovative work and staffing arrangements, address cultural issues and generally manage the change that comes with mergers, acquisition, and organisational restructuring.
This is a unique and novel pension industry-focused conference that seeks to unearth the next wave of HR best practices designed to unleash the growth potential and evolution which abounds within the pension industry.