By Chiamaka Ajaemo

As part of measures to boost the growth of the pension industry, provide quality service delivery to pensioners while receiving their benefits and entitlements as well as achieve the objectives of the pension fund scheme, the National Pension Commission (PenCom), on November 16, 2020, launched the pension transfer window. 

The transfer window, which is an initiative under the Contributory Pension Scheme (CPS), is an opportunity for Retirement Savings Account (RSA) holders to switch from one Pension Funds Administrator (PFA) to another when the need arises.

It will be recalled that the CPS decentralised pension administration and set up an institutional structure for the management, safety and custody of pension assets for all workers in the country.

The scheme brought about the existence of PFAs accredited under the Pension Reform Act (PRA) 2014 with the duty to offer customer service support to employees under the scheme, invest pension assets and give a return on investments as well as ensure prompt payment of retirement benefits to pensioners, as stipulated by the Pension Act.

It is in this light that Veritas Glanvills Pensions (VG Pensions) Limited, formerly FUG Pensions, a licensed PFA managing the retirement savings account of individuals and pension assets of institutions in the public and private sectors of the country, has said the commencement of the transfer window is a positive development in the industry because it allows contributors the freedom to decide their choice of pension manager.

According to VG Pensions, for over 13 years, it has remained committed to providing exceptional client services, efficient benefits administration and high investment returns and growth in the pension funds of its clients.

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The PFA offers clients superior value in investment returns, information technology (IT) solutions and operational efficiency.

In terms of investment, VG Pensions gives high returns on investment (ROI) with constant growth in clients’ RSA funds, high rating among peers in investment returns, safety of funds and investment in quality assets.

As a leading pension fund administrator, VG Pensions prides itself as an institution that has a seamless self-service channel through dedicated Unstructured Supplementary Service Data (USSD) platforms such as *1300# and *7737*13#, an ecosystem of customer engagement channels like the multi-lingual contact centre powered by Avaya, mobile app, online portal, online chat and so on.

 The PFA also has one of the world’s leading cyber security software to protect its clients’ data from cyber-attacks and system intrusion. The company has also implemented best practices in Business Continuity and Disaster Recovery Management to ensure that its data is safe. As a leading PFA, it is certified by the Nigerian Information and Data Protection Agency (NITDA).

“Our watchwords in operations are promptness, speed and accuracy.  We have empowered our staff in our various locations to respond swiftly and professionally to benefit payment requests and all other enquiries from clients. There is an effective relationship management system and we do not just collect, invest and manage pension funds, we ensure that our clients’ work smart, live well and retire better,” the company said.

Its range of products and services include retirement savings account, micro pension plan, pension advisory services, retirement benefits administration, additional voluntary contribution and gratuity/legacy fund management.