By Rosemary Onuoha
Stanbic IBTC Pension Managers Limited said it has paid over N279 billion to retirees since its inception in 2006.
The company said that between January and June this year, over 5,000 new retirees received their benefits from the pension fund administrator, PFA, increasing the number of its individual retirement savings account (RSA) holders nationwide to over 1.5 million. A total of N16.6 billion was paid to retirees from January to June this year.
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 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.