How we performed against key metrics to measure performance
Increasing Customer
Satisfaction
Providing world class service to our members
Increase customer satisfaction
Weighting
30%
Reason for decline in
tonality score
Prior to the Covid-19 lockdown period (31st March to July 2020) tonality scores for traditional media averaged at 90%. Since then Online media negative sentiments increased to 53.9%. This led to a drop in positive tonality (ie 83% at 30 June 2021). We believe the main reason for this was because the Fund informed its members and general public that the current legislation, NSSF Act Cap 222 that governs the Fund’s operation does not provide for mid-term access to benefits and regrettably has limited our ability to offer members new benefits that would provide relief. We continue to appeal to Parliament to pass the NSSF Amendment Bill to enable the Fund to provide solutions to its members.
| Objectives | Key Measures | Target | 2019 | 2020 | 2021 | Outlook for the year ahead 2021/2022 Target |
|---|---|---|---|---|---|---|
| Improve customer satisfaction | Customer satisfaction index score | 85% | 84% | 88% | 86% | 85% |
| Improve brand image | Tonality score | 85% | 91% | 88% | 83% | 85% |
| Brand Health Survey Rating | 70% | 71% | 80% | 71% | 70% |
Increase
profitability
Achieving competitive returns.
Increase profitability
Weighting
30%
Reason for decline in
1 month employer compliance rate
In our attempts to provide much needed relief given the knock on effects of the pandemic , the Fund intentionally introduced deferral of contributions’ payments from financially distressed companies and this had a negative impact on the compliance rate.
| Objectives | Key Measures | Target | 2019 | 2020 | 2021 | Outlook for the year ahead 2021/2022 Target |
|---|---|---|---|---|---|---|
| Increase contributions | Average Monthly Contribution Collections | 113 Bn | 102 Bn | 106Bn | 114 Bn | 125 Bn |
| 1 Month Employer Compliance rate | 40% | 62% | 56% | 51% | 52% | |
| Increase income earned | Gross Target return on investment | 13.09% | 13.1% | 13.82% | 15.91% | 12.98% |
| Improve cost efficiency | Expense ratio | 1.23% | 1.28% | 1.19% | 1.06% | 1.15% |
Increase productivity
Increasing efficiencies to improve service delivery
Increase Productivity
Weighting
20%
Reason for decline in
new products and delay in the PAS
With the NSSF Amendment Bill still on the floor of Parliament, the Fund’s ability to innovate is constrained.
Reason for delay in achieving milestones for the new Pensions Administration System
Most of the delays in 2020/2021 have been due to consultants being unable to travel because of the Covid-19 lockdown, however the project is back on track for delivery at the end of September 2021.
| Objectives | Key Measures | Target | 2019 | 2020 | 2021 | Outlook for the year ahead 2021/2022 Target |
|---|---|---|---|---|---|---|
| Improve data quality | Data Quality Index | 100% | 88% | 124% | 98% | 100% |
| Improve service delivery | Benefits processing Turn Around Time, days | 7 days | 8 days | 7 days | 8 days | 7 days |
| Improve governance, compliance & risk mgt | Governance and Compliance Index | 100% | 100% | 104% | 100% | 100% |
| Enhance strategic partnering | % completion of Target Partnerships & Stakeholder milestones (NSSF Act Amendments) | Internal milestones for the NSSF Act were all achieved. The bill is awaiting parliament decision | 100% | 100% | Parliament passed the NSSF Amendment Bill which was sent to the President for assent | Awaiting amendment of the NSSF Law |
| Increase value added products and services | Number of new products and services | 1 | 4 | 1 | 0 | 2 |
| % uptake of new product/ service | 33% | 134% | 33% | 10.5% | 33% (i.e. uptake of newly introduced products and services) | |
| Enhance technology impact | % completion of milestones for the deployment of the new Pensions Administration System | 90% | 92% | 83% | 92% | 100% |
Increase Staff
Satisfaction
Becoming the employer of choice
Increase Staff Satisfaction
Weighting
20%
Reason for decline in talent development
and management index score
With the NSSF Amendment Bill still on the floor of Parliament, the Fund’s ability to innovate is constrained.
Reason for delay in achieving milestones for the new Pensions Administration System.
Most of the delays in 2020/2021 have been due to consultants being unable to travel because of the Covid-19 lockdown, however the project is back on track for delivery at the end of September 2021.
| Objectives | Key Measures | Target | 2019 | 2020 | 2021 | Outlook for the year ahead 2021/2022 Target |
|---|---|---|---|---|---|---|
| Enhance performance culture | Staff satisfaction & engagement index | 85% | 88% | 93% | 94% | 90% |
| Enhance talent management | Talent Development and Management Index Score | 100% | 100% | 85% | 92% | 85% |