Chief Executive, Stanbic IBTC Pension Managers speech at the Media launch of Retire Well – Informal Sector Pensions Product
From left: Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin; Executive Director, Business Development, Stanbic IBTC Pension Managers Limited, Mrs Nike Bajomo; and Head, Micro Pension and Agency, Abimbola Oladele, at the launch of Stanbic IBTC Pension Managers’ micro pension campaign in Lagos.
Good afternoon ladies and gentlemen and all our partners in progress.
Thank you very much for honoring our invitation. We are very grateful and we do not take your esteemed presencefor granted.
I will like to welcome you on behalf of the board and management of Stanbic IBTC Pension Managers Ltd to the media launch of Retire Well – our Informal Sector Pension product otherwise known as Micro Pension Plan.
As you may be aware, the much talked about micro pension plan (MPP) was launched formally by President Muhammadu Buhari on 28 March, 2019 in Abuja. This represents a major milestone in our desire for more financial inclusion at all levels. Since the launch of the contributory pension scheme (‘’CPS’’) some 16 years ago, only Nigerians in structured employment could own and operate a retirement savings account. This meant that hardworking and enterprising Nigerians, outside structured employment, who contribute a huge part of the steam that fuels the engine of the economy, could not own or operate a retirement savings account.
The launch of the CPS is a turning point in the administration and management of pension savings in the country. Before the CPS, pension administration was cumbersome and riddled with irregularities, with thousands of pensioners not receiving their entitlements.
With this launch, the Micro Pension Plan is aimed at hard working and enterprising Nigerians who do not operate within the formal sector. We believe in the principles behind the creation of this product because it is aligned with what we stand for as an organization – enabling progress, enabling enterprising Nigerians to plan, build and secure their future. Indeed our philosophy is to enable your dreams.
For us, we see this scheme as an opportunity to further our Universal Financial Services offering in the Stanbic group. This product will help strengthen our end-to-end financial services provider proposition. And we will bring with us, the expertise and spirit of excellence that we have applied in the other businesses that we operate under the Stanbic IBTC Holdco structure.
As a leader in the Pensions industry in Nigeria, we owe it to the nation to get this right. Being the largest PFA in volume (number of RSA pins issued) and value (AssetsUnder Management), we understand our role in ensuring that this new product is adopted and that it succeeds.
Our approach to this product will be the same as always – We look beyond the product and ask ourselves critical questions like – What does the client really want? How do we add value to the client? How do we make progress real for them? The answers to these questions form the bedrock of our strategy.
Our Product – Retire Well gives professional and enterprising Nigerians the opportunity to set up a retirement account that will help them build towards a secure Future – Retiring Well to a life of ease.
Ideally, every Nigerian that has had a productive working life deserves a pension plan to fall back on. But the challenges that workers faced before the reformed CPS scheme remain fresh in our minds. This is why it has taken this long for the Micro Pension to come on stream. We have to get it right the first time.
So far, we have 1.7 million RSA holders nationwide on our CPS business. Our assets under management are in excess of N2.8 trillion. We paid N3.26 billion to over 55,809 retirees in March, 2019 and have paid out over N635 billion to retirees since the PFA commenced operations in 2006. We intend to leverage on this positioning and performance to consolidate our position as market leaders.
Retire Well is for anybody and everybody outside the CPS net. We rely on you, our media partners to help spread the word. Help people understand that the net has been widened. Pensions is no longer exclusive to people in structured employment.
We are optimistic that in the near future, subscribers to this product like retirees within the CPS structure, will begin to reap the benefits – Retiring well to a life of comfort and ease.
Ladies and Gentlemen, I would like to say thank you once again for honoring our invitation.
