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Our Strategy

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​

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

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

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

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

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

Initiatives

Strategic objectives will be realized by implementing 26 initiatives
across the different sectors​

Pension Administration

4

Initiatives

Information Technology

5

Initiatives

Investments & Operations

5

Initiatives

Finance & Administration

5

Initiatives

General Administration

7

Initiatives

KPI's

Overall success of the transformation will be measured through 4 institutional KPI's​