Stanbic IBTC mandates retirement accounts for workers
The Executive Director, Investment, Stanbic IBTC Pension Management Limited, Mr. Oladele Sotubo, has said the law mandates all employers to open temporary Retirement Savings Accounts for their workers who fail to open such accounts.
He said this during an employer/employee forum organised by Stanbic IBTC Pensions in Lagos.
“An employer is mandatorily required to open a temporary RSA for any employer who fails to do so three months after employment,” he said.
According to him, opening and funding of pension account is necessary to avoid issues of workers retiring without getting pension benefits.
Sotubo said that the company had over N2.19tn assets under management, and had paid over N279bn to its retirees since 2006.
He said that similar forums for stakeholders had earlier been conducted in some parts of the country.
An official of the National Pension Commission, Mr. Lanre Ogedengbe, said key players in the industry including the employers, operators and regulator, should know their roles.
“If we know our roles and are committed to them, we will be delivering excellent services,” he said.
For the past 13 years of inception of the Contributory Pension Scheme, he said there had not been any fraud in the sector, a testimony that the regulator was playing its role well.
According to him, the law mandates employers to remit pension deductions in the workers’ RSAs within seven days of payment of salary.
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