Purpose
PIFSS’s purpose statement balances its role as pension administrator and custodian of sustainable social security
Provide leading and sustainable social security services to guarantee Kuwaitis’ wellbeing
Strategy Priorities
Five strategic priorities are derived from PIFSS’s purpose statement
- Institute diligent investment practices to ensure sustainable returns
- Continue to set the standard for citizen experience to support PIFSS’s social security obligation
- Play an active and transparent role in shaping the agenda for social security services
- Enable digital transformation
- Attract and retain top talent and support a performance-based culture
Strategic Objectives
PIFSS’s strategy further cascades into 19 objectives
Investments & Operations
- Achieve investment returns in line with actuarial target and Strategic Asset Allocation
- Ensure flawless monitoring, reporting and analysis of investments by implementing best-in-class systems
- Ensure long-term independence and success of subsidiaries
Information
Technology
- Boost reliability, speed and efficiency by modernizing technology systems & processes
- Partner with sectors in developing end-to-end digitized journeys
- Enable insight-based decision making through data integrity, availability, and accuracy
- Build and operate a robust information security framework
General
Administration
- Lead execution of overall strategic transformation
- Modernize PIFSS’s image
- Nurture a collaborative and transparent culture
- Drive reduction of actuarial deficit and share insights to provide transparency
- Align policies and procedures with evolving sector priorities and ensure regulatory compliance
- Provide legal support for strategic transformation
Pension
Administration
- Redesign participant journeys by leveraging digital innovation
- Boost migration of participants to digital channels and increase volume of digital transactions
- Drive citizen awareness to shape retirement behavior
Finance & Administration
- Attract, retain, and develop top talent in collaboration with other sectors
- Drive operational efficiency through simplification, digitization, and automation of internal processes
- Enable timely execution of transformation by securing necessary funding and approvals
Initiatives
Strategic objectives will be realized by implementing 26 initiatives
across the different sectors
General Administration
7
Initiatives
Finance & Administration
5
Initiatives
Investments & Operations
5
Initiatives
Information Technology
5
Initiatives
Pension Administration
4
Initiatives
KPI’s
Overall success of the transformation will be measured through 4 institutional KPI’s
