Stanbic IBTC Pension pays N279b to retirees

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The 2017 half year result of Stanbic IBTC Pension Managers Limited has shown a payment of over N279 billion to retirees since its inception in 2006, Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin has said.

He made this known in a statement showing the company’s 2017 half year performance and made available to journalists in Lagos.

He 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.

According to him, 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.

Fajemisin who said the result affirms its status as Nigeria’s largest Pension Fund Administrator (PFA) added that a total of N16.6 billion was paid to retirees from January to June this year.

He said: “The performance of the PFA also demonstrates the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development.

“The Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas 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. However, there is more room for further development as the industry operators and the regulator and other stakeholders continue to collaborate to ensure continuous advancement.

“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.

 

The post Stanbic IBTC Pension pays N279b to retirees appeared first on The Nation Nigeria.

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