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Chuks Udo Okonta
Stanbic IBTC Pension Managers Limited, the leading Pension Fund Administrator (PFA) in Nigeria, has organised the fifth edition of its 2017 employers’ forum, entitled Partnering to Deliver Excellent Pension Administration Services, in Ibadan the capital of Oyo State. At the session, which held yesterday, the PFA was emphatic about its resolve to partner with other stakeholders in the industry to help ensure Nigerians retire well.
The forum is part of Stanbic IBTC Pension Managers Limited’s strategic approach to engage industry stakeholders on ways to strengthen the Nigerian pension industry as well as boost participation in the Contributory Pension Scheme (CPS). Similar sessions had held across four cities earlier in the year and the last in the series for 2017 will hold in Lagos later in the year. In all, seven cities, Benin, Port Harcourt, Abuja, Enugu, Ibadan, Kaduna, and Lagos, were picked to benefit from the forum.
Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, said employers hold the key to unlock the sustainability of the pension scheme. Thus, it becomes necessary to engage them on how their role will impact the pension scheme. He added that employers must demonstrate commitment in terms of ensuring their employees have retirement savings accounts and funding of those accounts through regular remittances.
“There is a clear need to ensure the rapid growth of the Contributory Pension Scheme by increasing its uptake by Nigerians. Employers remain critical stakeholders in the successful implementation of the CPS in the country, especially in ensuring enrolment and compliance. Without these two elements, the entirety of the pension scheme would lack purpose,” Fajemisin said.
Fajemisin, who was represented at the event by Executive Director, Investments, Mr. Oladele Sotubo, stated that the PFA’s engagement with stakeholders is based on a conviction that the country’s fledging pension system holds enough promise and benefits which the people should tap into while still in active service.
Through awareness and engagement, which are the key objectives of the forum, people are equipped with the tools and information for a better understanding of retirement planning as well as availed the opportunity to resolve many of the issues around pension management. Awareness initiatives such as the employers’ forum will help Nigerians become better informed about the benefits of retirement planning, which will subsequently impact positively on the pension scheme, he added.
Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, said the PFA, backed by the experience and expertise of Stanbic IBTC Group, a member of the over 154-year-old Standard Bank Group, will not relent in providing excellent services to its RSA holders and Nigerians. Bajomo said as the market leader, Stanbic IBTC Pension Managers Limited, has over 1.5 million retirement savings account holders nationwide, with assets under management in excess of N2.19 trillion. It pays approximately N2.73 billion to over 45,000 retirees monthly and over N279 billion has been paid to retirees since the PFA commenced operations in 2006, Bajomo added.
Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets.
It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.