Stanbic IBTC Pension Managers Limited has paid over N279 billion to retirees in 11 years, specifically since its inception in 2006.
Between January and June this year, over 5,000 new retirees also received their benefits from the PFA, increasing the number of individual retirement savings account (RSA) holders nationwide with it to over 1,500,000. A total of N16.6bn was paid to retirees from January to June this year.
These figures were reeled out as the company examined its 2017 half year performance with a view to retooling for higher performance in the years ahead. This was also as the PFA continued its national awareness and engagement campaigns across the country. The 2017 employers’ forum organized by the company held in six key cities namely Benin, Port Harcourt, Ibadan, Enugu, Lagos and Abuja.
In a chat, Mr. Eric Fajemisin, Chief Executive of Stanbic IBTC Pension Managers Limited, stated that the company has more than N1.7 trillion in assets under management, a feat that reinforces a strong evidence of its proficiency at ensuring safety and return of value on investment to RSA holders through higher standards of service delivery. The performance also demonstrates the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development
Fajemisin noted that the Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacuna in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme.
“We believe that every able-bodied Nigerian who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to the kith and kin. This is what makes participation in the nascent pension scheme quite imperative,” he said.
Stories Motolani Oseni