Stanbic IBTC to Boost Pension Growth

THE PUNCH

Stanbic IBTC to Boost Pension Growth

Stanbic IBTC Pension Managers Limited has said it will partner other stakeholders in the industry to help Nigerians to retire well. The PFA said this during the fifth edition of its employers’ forum, with the theme, “Partnering to deliver excellent pension administration services,” in Ibadan, Oyo State. According to a statement from the firm, the forum is part of its strategic approach to engage industry stakeholders on ways to strengthen the Nigerian pension industry as well as boost participation in the Contributory Pension Scheme. The firm stated that similar sessions had held across four cities earlier in the year, while there was a plan to hold another in Lagos before the year ends. The Chief Executive Officer, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, said employers had the key to unlock the sustainability of the pension scheme and that it was necessary to engage them on how their role would impact on the pension scheme.

He added that employers must demonstrate commitment in terms of ensuring their employees have retirement savings accounts and funding of the accounts through regular remittances. Fajemisin said, “There is a clear need to ensure 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, who was represented at the event by Executive Director, Investments, Mr. Oladele Sotubo, stated that the PFA’s engagement with stakeholders was based on a conviction that the country’s pension system held enough promise and benefits, which the people should tap into while still in active service. The Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, said the PFA, backed by the experience and expertise of Stanbic IBTC Group, would not relent in providing excellent services to its RSA holders and Nigerians.

Please note that the news items reported herein, as published in Nigerian daily newspapers, do not represent the opinion of SIPML.


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