ARM Pension Town Hall Feedback Quiz

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| By Catherine Halcomb
Catherine Halcomb
Community Contributor
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ARM Pension Town Hall Feedback Quiz - Quiz

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Corporate Strategy


Questions and Answers
  • 1. 

    ARM Pension’s mission statement is

    • A.

      To be the faster growing, most efficient and customer-friendly PFA in Nigeria, delivering value to our customers

    • B.

      To be the fastest growing, most efficient and customer-friendly PFA in Nigeria, delivering value to our customers

    • C.

      To be the fast growing, most efficient and customer-friendly PFA in Nigeria, consistently delivering value to our customers

    • D.

      To be the fastest growing, most efficient and customer-friendly PFA in Nigeria, consistently delivering value to our customers

    • E.

      All of the above

    Correct Answer
    D. To be the fastest growing, most efficient and customer-friendly PFA in Nigeria, consistently delivering value to our customers
    Explanation
    The correct answer is "To be the fastest growing, most efficient and customer-friendly PFA in Nigeria, consistently delivering value to our customers." This statement encompasses all the qualities that ARM Pension aims to achieve - being the fastest growing, most efficient, and customer-friendly PFA in Nigeria. Additionally, the word "consistently" emphasizes the importance of delivering value to their customers consistently over time.

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  • 2. 

    Our core strategic objectives for FY2015 are 

    • A.

      Brand visibility, customer experience enhancement, FUM growth and improve quality and productivity of people

    • B.

      Brand awareness, customer experience enhancement, FUM growth, operational efficiency and improve quality and productivity of people

    • C.

      Brand visibility, customer experience enhancement, FUM growth, operational efficiency and improve quality and productivity of people

    • D.

      Brand visibility, customer enhancement, FUM growth, operational efficiency and improve quality and productivity of people

    • E.

      All of the above

    Correct Answer
    C. Brand visibility, customer experience enhancement, FUM growth, operational efficiency and improve quality and productivity of people
    Explanation
    The correct answer is all of the above. This is because the statement includes all the core strategic objectives for FY2015, which are brand visibility, customer experience enhancement, FUM growth, operational efficiency, and improving quality and productivity of people.

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  • 3. 

    The 3 support strategies for our core objectives are 

    • A.

      Management, Board and Staff

    • B.

      People, Process and Technology Infrastructure

    • C.

      Manpower, HR and Financial Control

    • D.

      All of the above

    • E.

      None of the above

    Correct Answer
    B. People, Process and Technology Infrastructure
    Explanation
    The correct answer is "People, Process and Technology Infrastructure." These three support strategies are essential for achieving our core objectives. People refer to the individuals within the organization who contribute their skills and expertise. Process refers to the systematic approach and workflows that guide the organization's operations. Technology infrastructure encompasses the tools, systems, and technology used to support and enhance the organization's processes and enable efficient operations. By focusing on these three areas, the organization can ensure it has the right people, effective processes, and appropriate technology to achieve its goals.

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  • 4. 

    To grow our FUM, we are doing all but one of the following in 2015 

    • A.

      ‘EOI’ drive – all non-sales staff to do 100 EOIs p.a. (average 9 per month)

    • B.

      Grow Additional Voluntary Contributions (AVCs) by N1bn

    • C.

      Increase market share of new wholesale businesses to 15%

    • D.

      Leave our ratio of funded to unfunded accounts unchanged

    • E.

      Grow FUM by 35% to N525bn

    Correct Answer
    D. Leave our ratio of funded to unfunded accounts unchanged
    Explanation
    In order to grow the FUM (Funds Under Management), the company is implementing various strategies. These include conducting an 'EOI' drive where all non-sales staff are required to complete 100 EOIs (Expressions of Interest) per year, increasing the market share of new wholesale businesses to 15%, growing Additional Voluntary Contributions (AVCs) by N1bn, and aiming to increase the FUM by 35% to N525bn. However, the one thing they are not planning to do is to leave the ratio of funded to unfunded accounts unchanged. This means they will be making changes to the ratio of accounts that have sufficient funds versus those that do not.

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  • 5. 

    Which of the following is not one of the key elements of PRA 2014 

    • A.

      Provides transitional arrangement for CPFAs to CPS with effect from 2014 for all new employees

    • B.

      Extend coverage of the CPS to include States, LGs & Private organisations with 5 or more employees.

    • C.

      It also provides for tax exemptions for interests, dividend, profits, investments and other income accruable to Pension funds and assets.

    • D.

      Provides for Payment of Group Life claims directly to beneficiary instead of the PFA.

    • E.

      None of the above

    Correct Answer
    B. Extend coverage of the CPS to include States, LGs & Private organisations with 5 or more employees.
    Explanation
    The correct answer is "Extend coverage of the CPS to include States, LGs & Private organisations with 5 or more employees." This is not one of the key elements of PRA 2014 because the key elements mentioned in the other options include providing transitional arrangements for CPFAs to CPS, tax exemptions for pension funds and assets, and changing the payment of group life claims.

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  • 6. 

    I contribute to the overall corporate objective by 

    • A.

      Delivering on my objectives/Key Performance Indicators (KPIs), as agreed with my supervisor

    • B.

      Whistle blowing, using appropriate channels, when I observe things not being done appropriately

    • C.

      Putting the customer first always

    • D.

      All of the above

    • E.

      None of the above

    Correct Answer
    D. All of the above
    Explanation
    The correct answer is "All of the above". This is because all the options mentioned contribute to the overall corporate objective. Delivering on objectives and KPIs ensures individual performance aligns with the organization's goals. Whistleblowing helps maintain ethical standards and ensures things are done appropriately. Putting the customer first is crucial for a company's success as it leads to customer satisfaction and loyalty. Therefore, all these actions contribute to the overall corporate objective.

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  • 7. 

    ‘Customer service’ is the responsibility of 

    • A.

      Customer Service Officers (CSOs)

    • B.

      Relationship Managers (RMs)

    • C.

      Management

    • D.

      Sales Team

    • E.

      All staff

    Correct Answer
    E. All staff
    Explanation
    Customer service is the responsibility of all staff because every employee, regardless of their role or position, has the potential to interact with customers and impact their experience. It is important for all staff members to prioritize customer satisfaction, provide assistance, and address any concerns or issues that customers may have. A positive customer service experience can contribute to customer loyalty and the overall success of the business.

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  • 8. 

    We are implementing all but one of the initiatives below to ensure we are net gainers when the transfer window opens 

    • A.

      Below the line marketing (BTL)

    • B.

      Value Added services

    • C.

      Data update/clean up

    • D.

      EOI drive

    • E.

      Improve service quality

    Correct Answer
    A. Below the line marketing (BTL)
    Explanation
    The correct answer is Below the line marketing (BTL). This initiative is being implemented to ensure that the company gains a net advantage when the transfer window opens. BTL marketing refers to promotional activities that are targeted towards a specific audience and are not mass media advertising. By using BTL marketing, the company can focus on direct communication and engagement with customers, which can lead to increased sales and brand loyalty.

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  • 9. 

    We plan to improve our ratio of funded to unfunded account to 

    • A.

      70:30

    • B.

      75:25

    • C.

      80:20

    • D.

      85:15

    • E.

      90:10

    Correct Answer
    A. 70:30
    Explanation
    The correct answer is 70:30 because the statement mentions the plan to improve the ratio of funded to unfunded accounts. A ratio of 70:30 means that 70% of the accounts will be funded, while 30% will remain unfunded. This ratio indicates a higher proportion of funded accounts compared to the other options, which aligns with the goal of improving the ratio.

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  • 10. 

    Which of the following is not correct with respect to our strategy 

    • A.

      We are committed to enhancing our customer experience so that there will be an improvement in our customer satisfaction index (CPI) and net promoter score (NPS)

    • B.

      In the area of operational efficiency, we plan to drastically reduce or eliminate inefficiencies currently associated with processes, technology and people

    • C.

      For people, we want to attract, engage, develop and retain quality human capital

    • D.

      We want our brand to be synonymous with access, performance and service

    • E.

      None of the above

    Correct Answer
    E. None of the above
    Explanation
    The given answer is "None of the above" because all of the statements mentioned are correct with respect to our strategy. We are committed to enhancing customer experience, improving customer satisfaction and net promoter score. We also plan to reduce inefficiencies in processes, technology, and people. Additionally, we aim to attract, engage, develop, and retain quality human capital. Furthermore, we want our brand to be synonymous with access, performance, and service. Therefore, none of the statements mentioned are incorrect.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 06, 2015
    Quiz Created by
    Catherine Halcomb
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