The much-anticipated Axis Pension Open Forum 2023 has taken place, where the leading private pension firm used the opportunity to relate its stellar performance to its stakeholders. The event brought together various stakeholders in the Axis Pension ecosystem, such as trustees, scheme members and custodians.
It is an initiative of Axis Pension, a leading name in pension and retirement savings solutions in Ghana, in line with its commitment to promoting transparency, accountability and active member participation.
The forum
Axis Pension Trust, one of the largest private pension administrators and the market leader in personal pension service provision in Ghana, has consistently utilised the Annual Open Forum to foster accountability and member engagement. The importance of client engagements of this nature is underscored by the increasing relevance of private pension schemes to the retirement prospects of the Ghanaian worker. Mr. Afriyie Oware, Chief Executive Officer of Axis Pension Trust, stated that “the private pensions industry today manages over GH¢40billion in assets, approximately three times the size of the net assets of the Social Security Scheme (SSNIT)”.
In this year’s edition of the open forum, sessions were held for the sponsored Master Trust and Personal Pension schemes of Axis Pension Trust; namely: Cedar Pension Scheme, Cedar Provident Fund, and Axis Pension Plan. The carefully-curated sessions delved into a range of pertinent topics, including Audited Accounts, Scheme Performance, and other related matters specific to each scheme. These discussions provided attendees with comprehensive insights into the financial health and operational efficiency of their respective pension plans. Moreover, the sessions empowered participants with the knowledge needed to make informed decisions regarding their pension investments.
Long-term investment thinking
The Annual Open Forum serves as a testament to Axis Pension Trust’s mission to be more than a financial service provider – to be a catalyst for financial literacy and empowerment. In addition to its various educational interventions, Axis uses the forum each year as an opportunity to extol the virtue of long-term thinking as it relates to investing for retirement. Mr. Robert Bennin, Chairman of the Board of Trustees, highlighted the often-neglected subject of ‘risk’ as it relates to investing.
He emphasised the exposure of investments to certain risks, such as market, credit and interest rate risk that can cause both upward and downward movements of clients’ balances in the short term. “Overall, in the long term, we do expect the up periods to outnumber the down periods and ultimately deliver growth to you, our most cherished clients.” He indicated that “Legitimate and genuine investment programmes are characterised with bouts of up and down movements. In investing, there will be periods of pain and many moments of glory. It is the disciplined investor with long-term perspective who will live to see the glory days”.
Digital channels
Key to the excellent service delivery at Axis was the aggressive digitisation campaign the business embarked on consistently over the better part of the last decade. In his presentation which focused on a number of the business’ innovations, the General Manager of Axis Pension Trust, Mr. Paa Kofi Ankomah, outlined the various digital channels launched to allow clients to conveniently and securely transact with Axis. He mentioned: “Despite having branches across the country, digital channels have been provided to ensure that members have round-the-clock access to their pension accounts, regardless of location or type of phone – smartphone or feature phone”.
The digital channels at the disposal of clients include Axis Mobile App available on the App Store and Play Store, the Client Web Portal, and *1860# USSD short code – the first dedicated USSD platform for a pension scheme in Ghana. By using these channels, clients are able to access their account statements, update account details, pay pension contributions, submit withdrawal requests, and enjoy advisory services. With their features, the Axis digital channels place a world of limitless possibilities at your fingertip as far as pension service support is concerned.
Looking ahead
The Axis Pension Open Forum 2023 concluded on a high note, leaving participants with a sense of empowerment and a renewed commitment to securing their financial futures. The success of the Axis Pension Open Forum 2023 serves as a testament to the growing importance of transparency and member involvement in the pension industry. Over the years, the event has not only enabled Axis Pension Trust to showcase its commitment to these principles, but has also inspired other institutions to prioritise open dialogue and engagement within their own spheres.
Axis Pension Trust’s unwavering dedication to its members remains a guiding light as the institution continues to lead the way in shaping a more secure and financially prosperous future for all Ghanaian workers. The organisation is committed to continuing its tradition of hosting impactful member engagements, ensuring that every member’s journey toward a dignified retirement is paved with informed choices, strategic investments, and world-class service support.
