PenCom to Bring World Pension Summit to Africa

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May 21, 2014, 10:44 ET

ABUJA, Nigeria, May 21, 2014 /PRNewswire/ --

Annual Pan African Platform on Pensions in Abuja, 7 & 8 July 2014

Nigeria will host the first ever World Pension Summit to be held in Africa in July this year.

The World Pension Summit 'Africa Special' will bring together leading players from Africa's pension industries, as well as key figures from across politics, business and finance to exchange expertise and increase international cooperation on the continent.

The Abuja event will also mark the 10th anniversary of the enactment of the Pension Reform Act 2004, and the formation of the National Pension Commission (PenCom) as the Regulator for pension matters. Since its formation, PenCom has worked to create a more conducive regulatory framework for Nigeria's pension sector, which - with in excess of $23 billion dollars of pension funds under management - will play a key role in Nigeria's economic development.

Chinelo Anohu-Amazu, Acting Director General of PenCom, said: "We are delighted to bring the World Pension Summit to Africa. A number of African nations are experiencing strong economic growth supported by the rising investment in natural resources and robust private consumption. As a result, the role of the pensions industry in providing a stable consumer savings vehicle for Africa's growing middle classes, and the investment of capital from its pension funds, is of increasing significance."

"The Summit will be an opportunity for the continent's pension professionals to share blueprints and practices with the aim of further developing Africa's pension market over the next decade."

Many of Africa's 55 countries will be represented at the Summit, including South Africa, Botswana, Ghana and Kenya. The Summit will focus on key lessons learned amongst African nations and will share global expertise on relevant topics and developments such as pensions administration and investment, risk management, regulatory essentials, technology, communication , and financial literacy.

Eric Eggink, Founder & Chairman of the World Pension Summit, said: "Africa's growth story, particularly Nigeria as its largest economy, has been well documented. But with such growth comes a responsibility, expectation and opportunity to leverage capital growth, using pension funds as an instrument for further economic and social development.

"The Summit represents a strong commitment to ensure sufficient pension provision across the continent, so that African workers reap the benefits of their countries' successes with a future that is safeguarded in retirement."

The World Pension Summit 'Africa Special' will be held annually on the continent.

About the National Pension Commission (PenCom)

The National Pension Commission (PenCom) is a public institution created to regulate, supervise and ensure effective administration of pension matters in Nigeria. PenCom was established following the Pension Reform Act (PRA) 2004 that culminated in a paradigm shift in Nigeria's pension system from the Defined Benefits Scheme to the Defined Contributory Pension Scheme. In its ten years of existence, pension fund investments have contributed significantly to the robust economic growth experienced in Nigeria, as Pension Assets/GDP ratio have increased throughout the review period.

About the World Pension Summit:
World Pension Summit has grown into one of the world's leading platforms for pension professionals. Every year over 400 strategists from more than 45 nations participate and debate relevant innovations in retirement. With the 'Africa Special', World Pension Summit focuses on relevant regional developments and tailored solutions within an important growing continent. World Pension Summit will hold its 5th annual global Summit on 5 & 6 November in Amsterdam. For 2015 also, regional and dedicated "specials" will be introduced in APAC and Middle East