By Emma Ujah, Abuja Bureau Chief
Premium Pension Ltd’s consolidated portfolio rose to N165. 112 billion in 2011, indicating an increase of 34.16 per cent over its 2010 portfolio which stood at N124.1 billion.
The Chairman of the company, Mr. Aliyu Dikko, who disclosed this at its 2011 Annual General Meeting in Abuja, on Wednesday, also revealed that Premium Pension has risen to become one of the leaders among the Pension Fund.
Administrators in the country, having achieved the N1 billion capitalization target.
Only six PFAs have achieved the target. Premium Growth Fund, according to the chairman also recorded an impressive increase, moving from N60.68 billion in 2010 to N92.70 billion in 2010, while investment income from active Retirement Savings Accounts (RSAs) grew from N3.99 billion in 2010 to N 7.09 billion in the review year.
Similarly, Retiree RSA Fund recorded an increase in income of 89.91 per cent from the figure of N1. 15 billion the previous year to N2.18 billion in 2011, while the company’s gross income rose from N1.54 billion in 2010 to N2. 17 billion in the year under review.
“The above impressive performance is a reflection of the various strategies the company had adopted and the commitment of the board, management and staff for ensuring that new businesses were won and existing customers retained through the delivery of superior customer service”, Mr. Dikko said.
He stated that in spite of the enactment of the law which excised the military and the State Security Services from the Contributory Pension Scheme, thereby depriving the industry of a huge market, the prospect of growth and sustainability of the industry remained very bright in view of the existence of a very wide untapped market.
According to him, “the informal sector which represents the major employer of labour is yet to be incorporated into the scheme.
In addition, out of the 36 states of the federation, only 16 have so far joined the scheme, while compliance with the Pensions Reform Act by the private sector is still partial”.
The Chairman said that PPL and other industry players must undertake an aggressive public enlightenment campaign to sell the scheme among various segments of the Nigerian public, while urging the National Pension Commission, PenCom, to expedite action on the framework for accommodating the informal sector employees.