From left: Premium Pension Limited South West Regional Manager, Mr. Fatai Olufeso receiving a copy of NAIPCO Trumpet Magazine from the President of National Insurance and Pension Correspondents( NAIPCO ), Mrs. Omobola Tolu- Kusimo at the event.
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Chuks Udo Okonta
Premium Pension Limited has said its Asset Under Management (AUM) is over N487 billion as at June 2017.
The company disclosed this at the 2016 Annual General Meeting (AGM) of National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.
Speaking on behalf of the firm’s Managing Director, Wilson Ideva, the South West Regional Manager, Fatai Olufeso, said the company’s Retirement Savings Account (RSA) unit price stands at 3.4562 while retiree unit price stood at 2.5735 as at the end of June 2017.
On benefits paid to retirees, he said a total of N128 billion was paid as benefits to 70,374 retirees as at July 2017.
According to him the retirees are inclusive of those that retired under normal retirement, those that lost their jobs, those that died in the service or after retirement and those that retire as a result of illness.
Speaking further on the effectiveness and benefits of the contributory scheme, he said: “Why you have not heard of any case of fraud and will not hear is as a result of the structures put in place. Once there is an effective structure in place, the structure will drive the system effectively.”
He noted that the CPS will go a long way in eradicating corruption and poverty in the system, adding that when retirees are seeing the benefits of the CPS to their lives they will be forced to embrace the system.
He called on the media to sustain support for the pension industry, adding that 10 to 20 years from now the pension industry and the workers will be better for it.