Stanbic IBTC Pension pay over ₦279bn to retirees

Stanbic IBTC Pension Managers Limited said it had paid over ₦279bn to retirees since its inception in 2006.

According to a statement obtained on Sunday, 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 accounts holders nationwide with the firm to over 1.5 million.

It added that a total of ₦16.6bn was paid to retirees from January to June this year.

The firm said the figures were reeled out as it examined its 2017 half year performance with a view to retooling for higher performance in the years ahead.

The Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, stated that the company had more than ₦1.7tn in assets under management, an evidence of its proficiency at ensuring safety and return of value on investment to RSA the holders through higher standards of service delivery.

It added that the performance demonstrated the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development.

“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 will 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.

Fajemisin said it was important to raise the level of awareness about retirement plan, especially among operators in the informal sector, which constituted about 38 million workers and 60 per cent of Nigeria’s Gross Domestic Product, as well as employing over 90 per cent of its workforce.

On service delivery, the Stanbic IBTC chief said the provision of satisfactory services to the informal sector through channels they were conversant with would ensure availability and accessibility, and that adopting the existing ecosystem and using mobile devices to access important information would further engender transparency and trust in the scheme.

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