New Pension Scheme to support women: Peoples Pension Trust partner SCBF to offer service

BY: Business Desk Report
New Pension Scheme to support women: Peoples Pension Trust partner SCBF to offer service
New Pension Scheme to support women: Peoples Pension Trust partner SCBF to offer service

Peoples Pension Trust (PPT), in partnership with the Swiss Capacity Building Facility (SCBF), a public-private development platform, has introduced a new programme to commemorate this year’s International Women’s Day.

Known as “Scaling Gender-Focused Financial Resilience (SGFR)”, it will support informal, marginalised, and excluded female workers and entrepreneurs to secure their future through micro-pensions.

In a release issued by the company at the weekend, it said the new programme would catalyse participation in pensions that would allow women to contribute small payments for long-term savings, and have access to 50 per cent of their contributions for immediate needs if necessary.

It said the programme is targeted to reach 100,000 new customers; 60 per cent active female savers would be accomplished through a partnership with women-based organisations to improve outreach and leveraging technology-based solutions to increase financial literacy and understanding of the benefits of long-term savings.

The Chief Executive Officer (CEO) of SCBF, Sitara Merchant, said: "Innovating financial inclusion is at the core of our work. By expanding financial inclusion, we build resilience to protect living standards, advance economic empowerment to increase income and asset building, and improve current and future generations' living standards.”

“The SGFR Programme fully aligns with our ambitions, focusing on our key demographic, women. Furthermore, we know that working with the private sector, specifically innovative technology providers, is critical, and that the work of such partners can be more effective when complemented with public-sector and philanthropic frameworks and partnerships, core to this intervention.”

The CEO of People's Pension Trust, Saqib Nazir, said: "Our business model is based on addressing the main factors for their exclusion by developing innovative, flexible and digitally driven pension products to improve accessibility even to no-internet areas.”

“From a commercial perspective, women are a critical demographic that tends to outperform their male peers on contributions and savings.

However, they represent a lower percentage of our overall client base.”

He said partnership with SBCF would allow PPT to better reach women through the development of gender-focused technology solutions and partnerships that support this year's International Women's Day theme to ‘BreaktheBias’ with a more inclusive approach to reaching women; from a positioning and financial literacy perspective.