The impact of customer’s satisfaction in the Pension Industry-Odunze Reginald C

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Napoleon Hill devoted over twenty five years of his life to trying to discover why so few men succeed and so many fail. Le Boeuf (1987:133). He went on to say that he interviewed and studied the lives of numerous great achievers from all walks of life such as Andrew Carnegie, Thomas Edison and Woodrow Wilson and presented the essence of his findings in his classic bestselling “Think and grow Rich”

One of Hill’s best recommendation is to cultivate the idea and habit of rendering more and better service than that for which you are paid” and before you realized it the world is willingly paying you for more than you do” today we call that building perceived value, seventy years ago Napoleon Hill called it “the law of increasing returns” Le Boeuf (op cited)

Pension Fund Administrators are all offering the same service, a homogenous service and the service is basically the following:

Retirement Savings Account

Investment of the contributor’s and retiree’s fund

Customers support services and relationship management

Retirement seminars, pension forums and enlightenment programmes.

Therefore the extra mile the PFAs goes in satisfying the customers will go a long way in enhancing customer’s loyalty. Customer loyalty is essential for the pension fund administrator because it gives the edge they need in the event of the regulatory body National Pension Commission, PenCom, lifting the transfer window.

National Pension Commission ,PenCom has stated that the pension fund is now far in excess of 4.5 Trillion Naira that is good for investment in other sectors of the economy, but analyst are of the view that with the rate of corruption investing such fund may the debar the pensioners from the accessing their fund at the point of retirement.

The desire of the PFAs will be to retain their customers and possibly acquire new ones in the event of the transfer window. But achieving such feat rest squarely on their ability to offer and render more and better services to their customers. Customers are now more sophisticated and their expectations are becoming more and more increasing. They can network and definitely affect the workings of PFAs if not giving their expectations.

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