Pension

Premium Pension pays N113bn to retirees

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Retirees

By Gregory Mmaduakolam

The management of Premium Pension Limited says it holds more than 744,000 contributory Retirement Savings Account (RSA) of retirees and has paid N112.9 billion as pension.

Mr Wilson Ideva, the company’s Managing Director, announced this in a statement by Paddy Ezeala, Head, Corporate Communications of the company on Friday.

He said since the enactment of the Pension Reform Act of 2004, the company had recorded some successes and had assets in excess of N400 million.

Ideva added that the company was one of the pioneer and leading pension Funds Administrators (PFAs) in the country.

According to him, the company has marked its Compliance and Ethics Week in line with the Global Compliance and Ethics with the theme: “Provide, Protect and Prevent”.

“We have declared the week as our Compliance and Ethics Week in conformity with global trend.

“Also in line with our vision of being the leading PFA in Nigeria and a global player,’’ the managing director said.

The week was accompanied by chains of events to underscore its importance.

“This week will afford us the opportunity to review our compliance status in terms of mirroring the company’s set policies and meeting targets, especially in the areas of investment, funds management and benefits.

Ideva advised the staff on the need to make compliance an enduring culture of the company, to sustain and surpass the “already enviable status of the company”.

He said the company recently won awards on corporate governance and for driving inclusive coverage of pension at the last Africa Pension Awards during World Pension Summit- Africa Special.

“We are leaving no stone unturned to ensure that we maintain our highly respectable position.”

“The level at which these awards were given is quite significant and our continued identification with global best practice represented by Global Compliance and Ethics Week, would further project company’s integrity and credibility.

“Our goal is to highlight the importance of compliance and to focus specifically on the supporting role that compliance plays in various aspects of our business.

“By extension, we wish to increase awareness in ways that reinforce not just specific rules and regulations, but an overall culture of compliance and ethics and commitment to good corporate citizenship,’’ Ideva said.

According to him, the Nigerian pension industry operates under necessary safeguards and conscious of the rising global concern about compliance.

He stated that the liquidation of several big organisations around the world and some distressed financial institutions in Nigeria over the years revealed the importance of compliance in any successful enterprise.

The main objective of compliance in the Nigerian Pension Industry is to make sure that the system is effective and efficient.

Others are ensuring adherence to rules and regulations aimed at providing sustainable pension to the deserving retired employees.

NAN

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