The
task environment of pension looked at those basic elements that affect and
influence the business of pensions in any environment. These factors are as
follows:
Competitors
Customers
Regulators
Unions.
These
four factors affect business of and they are regarded as the task environment
.Onuoha (1994:142) and relating it to pension , it becomes the task of
environment of pension.
Competition
The
pension business is a competitive one, there about 24 pension administrators
and about 4 pension custodians. These organizations are in the same business, a
homogenous business; they compete in generation of Retirement Savings Account.
What may keep them in business will be the quality and quantity of return on
investment. There are insurance companies competing seriously with PFAS in the
area of Annuity.
Customers
In
his book “How to win customers and keep them for life” Leboeuf noted that” in today’
s service oriented economy excellent service more than a competitive
weapon-it’s a survival skill. And those institutions without it run the risk of
going the way of steam locomotive, the horse and buggy and the slide rule”
continuing he stated that “they alone make it possible for you to earn your
livelihood in the way that you do, treat them well and satisfied customers will
be your best source of advertising and marketing” And according to the former
Managing Director of Xerox, Hitchman, he stated that people are no longer
stressing themselves but in building an enduring relationship. But when
customers are not attended promptly, they tend to feel dissatisfies and
unhappy.
Customers
are becoming increasingly aware of their needs, desires, wants and their
expectations from Pension Fund Administrators. They compare the services
rendered with co workers, their return on investments, these has been on the
low ebb as the transfer window is not yet opened. These service expectations include the
following:
Accessing
of benefit within the shortest possible time,
Good
and adequate return on investment
Prompt
delivery of Retirement Savings Account statements
Being
attended to within few minutes.
Regulators
“Regulators
are units in the task environment that has the potential to actively control,
regulate or influence organizations policies and practices” Onuoha (1994:144)
There
are two main regulators, government agencies and interest groups in the
pensions industry, the major regulator is the National Pension Commission
PenCOM, Central Bank of Nigeria, and the Security and Exchange commission SEC
in the area of Investments.
Union
: Union include the Nigeria Union of Pensioners NUP, The Nigeria Labour
Congress, Trade Union Congress, Nigeria Employers Consultative Association
NECA,
These
unions have large followers and heavily organized, and can definitely mobilize
for or against Pension Fund Administrators.
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