Stanbic IBTC Pension Pays N200bn to Retirees


James Emejo in Abuja

The Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin said the bank has till date disbursed over N200billion as monthly pension to retirees under the contributory pension scheme (CPS).

He also said the company has continuously kept to its promise of ensuring that retirees get their benefits as and when due.
Speaking in Abuja at a pre-retirement forum for its customers, he stressed the need to build a relationship with customers as well as guide them in making wise decisions with their benefits.

Represented at the forum by the Executive Director, Investments, Mr. Oladele Sotubo, Fajemisin said: “As people head towards retirement, a decision about the type of life they wish to live in retirement should not be made from the hip, but rather through a well-structured financial planning process. The process, he said, should commence from the day one takes on a first job and involves setting aside part of current income into a retirement savings account.”

According to him, “Relationship is very key and these are our clients and so what this forum is actually tailored to achieve is to prepare our customers that are close to retirement- to prepare them as to what it takes, what they need to do and how they need to live after retirement.

“It’s always very important for us to plan. This money that we are talking about is something they’ve been putting aside right from when they got employed and when they were in service.”
At the forum, the company had outlined steps to help people make a successful transition to the next stage of their lives and have the dream retirement they desire.

It stressed that though people have the freedom to make choices about the kind of life they want to have in retirement, failure to plan for this eventuality will however lead to unpleasant consequences.
The relevance of the meeting became obvious when persons presumed to be retiring sooner showed they really don’t understand basic retirement procedures.